Buying Health Insurance - Guide to Pre-Requisites

More than 80% of financial crisis arise due to medical emergencies. Thus, a medical insurance policy is necessary to protect financial health and not merely as a tax saving device. However, here are a number of factors that must be considered before and after purchasing a policy –

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*(In 120+ cities)
  • Relationship manager For every customer
  • 24*7 claims assistance In 30 mins. guaranteed*
  • Instant policy issuance No medical tests*

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
Find affordable plans with up to 25% Discount**
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      valid-mobile-number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium
      • Invest now: The insurance companies are likely to charge higher premiums from the elderly. Since young people are deemed healthier, there are fewer risks involved and they are readily covered. Buying a policy with lifetime renewability makes sense, otherwise, an individual might end up without a cover at old age, even though he/she bought a policy quite early in life. Additionally, younger individuals tend to accrue a no-claims bonus as they are unlikely to seek medical attention.
      • Cashless settlement v Reimbursement: In the case of cashless settlements, the insurance company has a list of approved hospitals where a policyholder can seek treatment. The insured should make sure that these hospitals are nearby or he/she might end up travelling across the town when seriously ill. If it’s a reimbursement policy, then the insured should ideally have a substantial bank balance in order to meet the expenses of the treatment. The expenses are reimbursed after bills are submitted and that takes some time.
      • Waiting period: A pre-existing condition is a disease that existed before the purchase of a policy. In most cases, insurers have a 3-5 year waiting period for a pre-existing disease. If there are two insurance providers and one is charging a higher premium than the other but has a shorter waiting period, then it makes more sense to purchase its policy.
      • Individual cover: These days, most organizations have health insurance policies for its employees. Usually, group policies have no waiting periods for pre-existing conditions. However, that policy might lapse if a person retires or quits or the company might choose to withdraw this benefit. Therefore, it’s prudent to purchase an individual policy. But the insured must always make a full disclosure of all the existing policies (group and/or individual) to the insurer or his/her claims might be dismissed on account of fraud.
      • Ailments not covered: It’s always wise to ask for the list of diseases that are not covered by the policy. For example, a policyholder might submit bills for an expensive dental surgery and then end up discovering that they not eligible for reimbursement under the existing plan. Additionally, it’s important to check out the conditions under which an insured can make claims. In most cases, outpatient treatment does not qualify for payment.
      • Avoid claim loading: In case of a critical illness, that requires treatment over a protracted period of time, claim loading can turn out to be un-affordable.
      • Claim settlement ratio: It’s the ratio of total payments made by insurance companies against the total number of claims received by it. If a company has a low claim settlement ratio, it makes no sense to buy its policy irrespective of how cheap its premium is. However, one must keep in mind that claim settlement ratios are influenced by factors like fraudulent claims.
      • Cooling-off period: During the first 30 days, the insurer will not cover the cost of hospitalization due to illness. This period is called the ‘cooling-off’ period. However, a policyholder must make sure that the expenses of hospitalization due to accident are covered.
      • Review the policy: Once a policy has been purchased, it’s very important to review it from time to time and keep an eye on other providers in the market. Due to the IRDA’s guidelines on insurance portability, a policyholder will not have to sit through a waiting period for pre-existing diseases if he/she decides to switch to another insurer.

      An individual must always be careful before investing in a health insurance policy. It always pays to do a thorough market research and read the fine print carefully before taking a decision.

      book-home-visit
      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Does ICICI Lombard Health Insurance Cover Cataract Surgery?

      21 Jun 2024

      Cataract surgery is an essential procedure for people seeking to
      Read more
      Father’s Day 2024: Gift Your Father Health Insurance This Year

      14 Jun 2024

      Father’s Day is celebrated every year on the third Sunday of
      Read more
      Does SBI Health Insurance Cover Dental Treatments?

      05 Jun 2024

      SBI General Insurance Company provides comprehensive coverage
      Read more
      Does ICICI Lombard Health Insurance Cover Dental Treatments?

      05 Jun 2024

      ICICI Lombard General Insurance Company offers various health
      Read more
      Does Reliance Health Insurance Cover Dental Treatments?

      04 Jun 2024

      Dental insurance is crucial in safeguarding oral health as it pays
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      10 New IRDAI Health Insurance Guidelines in 2024
      Health insurance penetration in India is far lower than it should be. A significant chunk of the Indian population
      Read more
      Best Health Insurance Plans for Senior Citizens
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      10 Major Benefits of Ayushman Bharat Yojana
      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi
      Read more
      Does Health Insurance Provide Coverage for LASIK Eye Surgery?
      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL