If you’re considering buying health insurance plans, it probably makes sense to use these tips to learn more about your options and get the best value for your buck.

But before we do that, let’s brush up on the basics, shall we? 

What is Health Insurance Plan?

Health insurance plans or medical insurance covers all or a portion of the risk associated with a person needing medical care. It’s a contract between the insured and the insurer; while the health insurer promises to provide medical coverage, the insured promises to pay a regular and timely premium in exchange. Health insurance plans in India generally cover pre and post-hospitalisation, hospitalization charges and ambulance expenses. 

Here’s how you can choose the right health insurance plans:

Choose the Right Health Insurance Plans: 

While it is impossible to predict when you will get sick, it is simple to be prepared to handle the associated financial obligations that come with sickness and accidents. 

You might want to consider buying a floater plan for your family instead of an individual health insurance plan for each member. The benefit of buying a floater plan is that it can be affordable as compared to buying multiple individual health insurance plans.

Select health insurance plans that cover various issues and costs, including childcare costs, travel costs, pre- and post-hospitalization costs, etc. You should ensure the mediclaim policy satisfies the requirements of all members, whether they be your children, you, or your parents.

If you are purchasing a family or floater plan, you may want to include your children as additional family members, so there should be flexibility in this regard.

When purchasing a health insurance plan, one should consider the waiting period. The waiting period generally applies to pre-existing medical conditions. This means you cannot make a claim for that particular disease or illness during that time window.  It’s suggested that you choose health insurance plans that come with a shorter waiting period.