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What are the different aspects that I should consider when buying a health insurance policy?

There are different aspects that you should consider when buying a health insurance policy.

Apnainsurance.com Research Bureau

05 Dec 2007

Basic Coverage - A health insurance plan should provide for hospital room charges, doctor/surgeon fees, medical tests, medicines and related expenses.

critical illness Cover - In addition, if the plan provides for a separate rider that pays a lump sum on detection of a critical illness (as defined in the critical illnesses list of the insurer), add that benefit to the basic coverage.

However, it is be more economical to purchase a separate critical illnesses plan. For a 35-year old individual, the cost of the critical illness benefit rider could range Rs.900 to Rs.2,000 per annum, including service tax - which adds up to a premium of 16 per cent to 40 per cent on the basic cost of the plan. On the other hand, a critical illness plan costs around Rs. 425 - Rs. 450 per annum for every Rs. 100,000.

Family or Floater Coverage - In the event family members are being covered, a floater policy or a family package helps reduce the premium outflow. Moreover, premium cost can be reduced by purchasing health insurance cover for a longer duration.

Long Term Health Plan - If the insured desires to purchase a high cover plan and ensure stable premiums, the premium on a long term critical illness plan is the way to go. Premiums in such plans remain stable for a period of five years.

See also:

Does a health insurance plan cover any other facilities/expenses besides hospitalization costs?

What is the difference between a Health Insurance policy and a critical illness policy?

What is the difference between a critical illness Rider and a Critical Illness Plan?

Illnesses covered by Critical Illness plans

Floater plans

When does the Critical Illness plan not cover the illnesses?

Miscellaneous Health Insurance FAQs

Health Insurance FAQs about Coverage

Health Insurance FAQs about Claims

Health Insurance FAQs about Premiums

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