Health Insurance: A Beginner-Friendly Guide to Medical Policies

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Health insurance plans are an important investment plan everyone should make today.

Uncertainties related to your health are a part of life. We live stressful lives these days that are affected by unhealthy and sedentary lifestyle choices. That is the reason there has been an unprecedented increase in lifestyle-related conditions around the world. 

With the rising cost of healthcare in the country, it is advisable to invest in a medical policy at the right time. Having a medical insurance plan in your financial portfolio will help get access to quality care quickly and allow you to overcome the burden of expensive treatment costs. 

But with so many options out there, it has become challenging to choose the right medical policy. But don’t worry because this beginner-friendly guide will help you make an informed investment decision

What is Health Insurance?

Health insurance is a medical policy that protects you from exorbitant treatment costs and gives you full medical services at the time of a medical emergency.

When you buy a policy, your health insurer will provide you financial assistance to help you cover the treatment costs. In absence of this facility, it can be very stressful to arrange the required funds to pay for the treatment. It can also delay medical attention that can prove to be fatal. 

Tips to buy the best health insurance plan

Health Insurance Plan: 5 Tips to Choosing the Best PolicyNow that you know what health insurance is, you need to check the necessary tips that you must keep in mind before choosing the best medical policy

1. Buy the policy as soon as you start earning

Young people often make the mistake of waiting for the right time to buy a health insurance policy. However, financial experts recommend that you should buy a policy as soon as you start earning.

Young individuals will be able to enjoy the benefits of low premiums for expansive coverage as they are less likely to fall terminally ill. Hence, the sooner you buy, the better it is. 

2. Type of policy

Before you buy a medical policy, be sure to assess your medical needs. For instance, if you are young and single, an individual health plan will be better for you.

However, if you are married with children, then you can consider buying a family floater plan that will cover all the family members in a single policy.

3. Sum insured

Given the rising cost of healthcare, especially due to the covid-19 pandemic, it is crucial to opt for a health policy that has adequate coverage.

The sum insured should be adequate to fully cover the cost of your treatment. You should take your family members, their illnesses, age, and other such factors into consideration when you are calculating the sum insured.

However, high sum insured will attract a higher premium and low sum insured will prove to be insufficient for your medical needs. Therefore, you must choose the sum insured carefully and find the right balance between cost and affordability. 

4. Waiting period

Waiting periodThe waiting period is the time period that you need to wait before your insurance provider covers the treatment cost for your pre-existing illnesses. It is always better to check the waiting period before making a purchase decision. 

5. Sub-limit

Not many people know this, but some insurance providers put a sub-limit on certain treatments. For example, you may only be able to claim up to a certain amount from a policy of 7000 USD for a certain disease.

That is the reason you need to check these sub-limits before you buy insurance plans for yourself and your family. Don’t forget to read the policy document before signing the dotted line! 

As the cost of medical treatment is skyrocketing, treatments and surgeries can get expensive in the coming time. That is the reason it is important, now more than ever, to invest in a medical policy.

However, be sure to purchase your policy from reputed insurers, such as Care Insurance, which gives you plenty of features and flexibility options at an affordable price. 


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