A Step by Step Guide To Choosing Your Health Insurance Plan

    health insurance

    The significance of adequate health insurance is beyond explanation. The year 2020 has been challenging for everyone, especially in terms of health and finances. With the beginning of the new year 2021, it is only fair to invest in a health insurance plan that protects you and your family against unforeseen medical contingencies.

    But how do you know which health insurance policy is right for you? To make the process easier for you, we’ve provided a step-by-step guide that will help everyone choose an adequate health insurance plan online. Here, take a look!

    Steps to Choose the Right Health Policy

    1. Evaluate your medical requirements.

    Before you buy a health insurance policy, it is best to evaluate your health concerns and medical needs. List down any pre-existing ailments that you or your family members may be suffering. Based on these requirements, you can proceed to shortlist options that fulfil them. 

    For instance, if you are single, you can consider buying an individual health insurance plan. However, those who are married or planning to start a family can consider buying a family health insurance plan.

    • Determine the coverage you need.

    After evaluating the medical requirements, the next thing you need to do is to calculate the coverage you need. Ideally, your health insurance coverage should be 6-10 times more than your monthly income. So, if you earn Rs. 1 Lakh monthly, your health insurance coverage should be at least Rs. 6 Lakh.

    Besides, you must review your health insurance policy regularly. The reason to do so is that yours and your family’s financial and medical needs are bound to change over time. 

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    Reviewing your policy at least once a year will allow you to reevaluate the coverage amount and opt for add-ons to enhance the scope of the policy. In the end, your health insurance plan should be able to cover yours and your family’s sudden medical expenses (as and when needed).

    • Buy Health Insurance Online

    Now that you know the type of health insurance and coverage you need, proceed to buy the policy online. Insurers in India allow you to purchase health insurance online. The process is quick and hassle-free. All you have to do is –

    • Visit the insurer’s website.
    • Choose the type of health plan and coverage you need.
    • Enter your details.
    • Review the policy before paying the premium amount.
    • Make a premium payment online.

    And you’re done! The insurer will assess your application and issue the policy shortly. Besides, you can buy the policy using the health insurance app of the provider. Keep reading to know more about health insurance apps in India.

    How to Buy the Best Health Plans Using Finserv MARKETS App

    The Finserv MARKETS app is one of the most popular insurance apps available in the market. If you are looking to purchase health insurance using this app, just follow the steps below:

    1. Download and Install the Finserv MARKETS App from the Google Play Store or Apple App Store.
    2. Once downloaded, open the app and login with your credentials.
    3. After you successfully login into your account, go to the ‘Health Insurance’ section in the app.
    4. Select the type of health insurance plan you need along with the coverage amount.
    5. Enter your details to proceed with the application.
    6. Review the policy and personal information before paying the premium.
    7. If everything is correct, proceed to pay your health insurance premium via the app securely.
    8. Upon successful premium payment, the insurer will assess your application and issue the policy in no time. 
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    Things to Keep in Mind When Buying Health Insurance in India

    Here are a few pointers that you should remember when buying health insurance online.

    • Consider buying a health insurance plan that provides extensive coverage. 
    • Make sure the policy you buy covers the maximum number of daycare facilities.
    • Purchase a health plan with maximum or no cap on room rent allowance.
    • Make sure the policy has pre- and post-hospitalisation coverage.
    • The policy you buy should have a minimum waiting period for life-threatening diseases.
    • Be aware of the copayment and sub-limit clauses in the health insurance plan.
    • Understand the health insurance exclusions as well.

    To Conclude

    Often, people tend to buy health insurance with the lowest premiums. Ensure you do not make that mistake. The health insurance you purchase should be affordable and offer extensive coverage at its best.