7 Factors to consider when buying health insurance
This COVID period has made people realise two things- the importance of family and the importance of health insurance. The first requires love, and the latter requires some factors to consider when buying health insurance.

We certainly require factors to consider when buying health insurance, don’t we? The sole reason for such consideration is that health is no joke. But, while the market size of the insurance sector in India is hitting US$280 billion in 2020, Indians have to go through so many questions in their head while deciding on an insurance policy. When COVID-19 hit us, we realized that health insurance is a must-have for us.
Seriousness towards buying health insurance is only valued when the hospital prints out a big receipt of dots and dashes, majorly giving your pocket a heart attack. Do we need that? No. But, do you need to know what to check before buying health insurance?
Yes. Why don’t you give this article a read?
Factors to consider when buying health insurance
Your medical emergency might require a ton load of money, which obviously you wouldn’t have with you, which is when your health insurance would come in handy. However, there are certain factors that would help you know what to check before buying health insurance -
1. Variety of Health Insurance: Just like diseases come up in varieties, insurance policies also come in a range of different ones with different yet unique claims and benefits. You should always make sure that whenever you choose from a range of choices, choose the one that benefits your family and your loved ones. When you do, do check with them about their illnesses and history, which surely would help you with getting the correct policy.
2. Amount/Fund: The fund allotted to your policy needs certain criteria to be done without fail. They are -
- Age of the insured (if you do it young, less the amount)
- Income for payment of premiums
- Add-ons for emergency issues (covering the expense you’d have to bear when in ER)
3. Hospital Networks: This is one of the most important factors to consider when buying health insurance. Check for hospitals on the list of the insurance. You should avail cashless options during any medical emergency, otherwise, how would your insurance benefit if you’d have to pay the emergency expense out of your pocket.
4. Pre-Post Hospitalization expense: Families do not often visit hospitals, unless in an emergency, because of the expenses before and after the hospital visit. Ambulance service costs, tests and examinations, medicines, and doctor’s fees, cost a ton to everyone. So, you need to purchase a plan that covers your pre and post-hospitalization charges.
5. Maternity Claims: Always invest in health insurance that includes maternity coverage. Consider the restrictions and limits, and also check for the waiting period in order to claim your expense.
6. Waiting Period: When you take time to observe what to check before buying health insurance, always check for the waiting period of your policy. It depends on the plan you select, it may range from 9 months to a year or maybe it would span from 24-28 months.
7. Renewal of your insurance: Sometimes the offer that you buy may not provide you with lifetime renewability. Diseases do not knock at your door and enter after knowing your age, so what is the use of such insurance which cannot be used for a lifetime.
Even after knowing such big terms to check for when buying health insurance, some buyers do make the mistake of skipping one or two. Choosing the correct policy is a big task right now, and since everything has been digitalized now, comparing and contrasting is easy and much more comprehending.