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Posted by Royal Sundaram on 07 Aug 2013
With the growing uncertainties surrounding our health due to the advent of ever new diseases, the significance of buying a health insurance policy becomes evident. Having a health insurance policy frees the insured person from any fear in case of uncertain or urgent health conditions or emergencies due to accidents. However, it is advised to keep certain aspects in mind before buying a health policy.
The first thing to consider is the affordability of the health insurance plan and to assess your current financial position along with future financial plans such that it synchronizes with your financial goals.
Make sure to shop around and compare between various insurance policies in order to find the most apt and affordable plan. However, it is also important to check other benefits like riders provided, which require you to pay slightly higher premiums. Hence, maintain a balance between premiums and benefits and go for the plan which comes with low premium rates complementing its benefits. It is also essential to evaluate how much coverage you may need. Answering certain questions may help you determine the amount of coverage you need to insure your health:
Do you have any existing disease or ailment which may require future medication or treatment?
• Are you leading a healthy and well-balanced life with less chance of falling ill or developing illnesses that occur due to lifestyle disorders?
• Do you have any addiction such smoking or alcohol?
• Do you have any history of genetic diseases or hereditary ailments?
• Are you taking enough precaution against general illness and are working towards building a good immunity power?
Apart from this, you also need to enquire about the coverage that your health insurance plan may include such as cashless hospitalization, medication and treatment process including diagnosis and medicines, cost of surgery, pre-hospitalization and post-hospitalization expenses etc.
It is advised by insurance experts to buy health insurance policies at a young age, as this will protect the insured person from facing sudden monetary crunch due to medical complications, thus keeping your savings intact. Generally the cost or the rate of the premium increases with increasing age of the policy holder. A policy holder may also enjoy facilities of cumulative bonus or no claim discount in case he does not make a claim.
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