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Tips for First-time Insurance Buyers

Posted On : 23 December 2021, 2 Years Ago. Health-Insurance Total Read 107

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Managing one’s finances is a hectic task that requires thorough research and intelligent decisions to be taken. With a plethora of channels to invest in, young investors need to be mindful and steer clear of risky options. So it is crucial to create a systematic plan that would help provide comfort and protection to your loved ones at all times.

The concept of sharing risks and adding to your protection in the possibility of unexpected events is just as important an investment decision as any. This is where insurance comes into play. Here, health insurance policies are one of the first instruments to be considered. Young investors and professionals are always urged to invest in these, with advisors extolling their numerous benefits.

As our world stands right now, medical costs are sky-high due to inflation spikes and technological advancements in the field of healthcare. Add to that a pandemic that has not yet abated, and we must make sure to shield ourselves and our loved ones from adverse events.

Health insurance proves to be a saving grace, as it helps provide financial security in the face of unexpected medical emergencies that would otherwise severely dent your savings. An ideal insurance plan covers numerous illnesses, with riders often available if you would like coverage for something in particular.

As specific needs vary as per an individual or a family, there are several factors you will need to consider before deciding on what Mediclaim policies you want to engage with. However, there are a few basic things you should keep in mind to avoid being confused by complicated jargon and processes of the health insurance world.

Below are a few tips to guide you towards an intelligent decision that can be tailor-made for you.

1. Health insurance is a necessity - now more than ever

The past couple of years have shown us that a medical emergency is something that may come unexpectedly, so it is essential to be insured. With the costs of healthcare and medicine rising exponentially every year, specialised care and unplanned hospitalisation have the potential to severely hit your finances.

2. Familiarise yourself with the basics

It is essential to understand the different processes and keywords that are associated with any insurance policy. Most of the time, a person new to insurance may get lost and be unable to make an informed decision or even research the various options available due to a lack of understanding of the basic procedures that these policies follow.

If you make yourself familiar with the primary and standard aspects covered by the policies you are considering, you will be able to discern the pros and cons of the other elements of these policies and which ones would suit or not suit you. Words like premium, co-payment, deductible, etc., are terms that may cause issues if not understood properly.

3. Working out your budget requirements

Health insurance premiums for good policies are not cheap and will add to your expenditure when you plan your budget. This said, it is vital that you can figure out how much you can set aside towards policy premiums and choose a plan that would take care of your requirements. A more expensive plan may not necessarily be more beneficial to you as it may not align with both - your requirements and budget.

4. Understanding riders

Riders are covers that can be added to your primary health care plan. As all add-ons are not suitable for everyone, you must be wise and choose add-ons that genuinely benefit you. Rider premiums are added to the base premium plans.

5. Family floater or individual cover

Another thing to understand before buying an insurance plan is whether you would require an individual plan or a family floater plan. While family floater plans are usually a great option, you must weigh the advantages, conditions and caveats for every family member to be covered. This is to make sure that your cover justifies the extra premium that you will pay.

Conclusion

Several factors need to be understood before you make an educated decision that enables comprehensive healthcare insurance protection. Like other industries in India, the health insurance sector is seeing massive transformation every year.

Prices for different treatments are skyrocketing, and people's ill-advised lifestyle and environmental choices have made them much more susceptible to sudden onset of diseases and other grave health hazards. Despite being an additional expense in investment calculations, insurance has long become an unavoidable necessity and safety net, financially or emotionally.

Taking the first step into the insurance world may be a confusing and daunting task, but it can be achieved with enough research and by exercising an appropriate amount of caution. You must learn and understand the different processes and terms involved with the healthcare insurance industry and then look into each product's different types of products and benefits.

General research about insurance will help you figure out the crucial aspects concerning your particular situation and needs. With the proper focus on specific features and riders, you can successfully select your trusted health insurance partner to ensure ultimate security for you and your loved ones.

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Secure your health with comprehensive insurance plans from Niva Bupa

Tell us a bit about you

I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.

FIND MY PLAN

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