The reason to opt for health insurance may differ from person to person. There are a number of insurers providing various insurance policies. However, it can be very difficult to choose from the lot. So how does one choose the right policy as per his or her need? Well, here’s how:
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Individuals should take into account their ability to pay the premium on the insurance. If you are looking to buy a higher sum insured policy with maximum benefits, then the premium paid on the same too increases. You can always go for a limited coverage health insurance policy with affordable premiums and can extend your insurance cover at a later stage.
Your insurer takes a look at your family history to determine the health problems and diseases that are contracted by your family in order to evaluate the risk of the policyholder contracting the same. If you fall under the high-risk category, you should consider getting a comprehensive health insurance policy.
Age is a mitigating factor while purchasing an insurance policy. At a young age, the health risk for the majority will not be big, however, when you get older or above 40, you may be prone to more lifestyle-related ailments like blood pressure and diabetes. Choose a health policy that you can renew at a later stage of your life, around 75 or 80 age. The premium also varies according to age. The policyholder would have to pay a higher premium for the policy if they have crossed the age of 45.
Your health insurance also depends on the hospital that you choose to get treated at as every hospital charges differently for treating the same disease. Thus, the amount of health insurance cover that is needed has to be determined by calculating the expenses that might be incurred from the hospital of your choice.
While many understand the importance of getting medical insurance, it is a tax-saving instrument for several others. If this is one of your several purposes, then you need not go for a comprehensive health insurance cover. You can evaluate the tax deduction amount you wish to avail through the policy and then purchase the insurance which meets your requirements.
Most of the employers provide with a group insurance coverage plan to their employees. However, what do you do if you move to a different job, or in the case of a layoff, or unemployment? These factors are good enough a reason for you to get separate insurance.First Published: May 21, 2019 4:43 PM IST
