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With more than one billion population, India has the least number of people who are in some way covered by health insurance – urban rural both. The present times are earmarked by inflation in healthcare and the resultant hikes in the premium of health insurance policies; it is no wonder these factors put normal household budget on strain.  But then health is often counted as the greatest of all blessings. This is also the reason low cost health insurance policies are generally bought by the masses.

The most important measure for securing health is to have adequate cover against health related risks by opting for a mediclaim insurance policy. While comparing different mediclaim policies, people often consider the premium amount to be one of the major deciding factors. However, they must understand that by choosing the cheapest mediclaim policy available in the market may not serve them in their quest for quality health care.

Mediclaim policies are intended to mitigate your health care expenses, so that you do not have to personally dig into your pockets for financial implications of hospitalization or health emergencies. At the same time, one must always weigh the benefits like lifelong renewal, no sub limits and co-payment, no claim based loading, and take into consideration wide hospital network and claim settlement ratio of the insurance company.

What should you do if you want to buy a health policy with all the important policy and also not pay the huge premium?

To do so, you should follow the following points while buying the most the mediclaim policy-

Compare all the plans available today in relation to your needs-
Price is undoubtedly, the most important factor that any buyer considers a product. Every time a person decides to buy a health insurance policy, they consider the premium that needs to be paid. But they must understand that the comparison shouldn’t just be restricted to the premium amount alone. Preference must be given to a policy that’s not only competitively priced but also offers a comprehensive cover.

During the research, buyers may find that policies to be cheaper (in terms of premium), but have clauses like co-payment and sub-limits on expenses. This would mean that s/he end up paying from their pocket at the time of a claim.

Determine what is the best sum insured for your age and if there are any renewal age limits-
It is important to understand that the policy cover is directly related to the age of the policyholder. One’s health requirements vary with age, life stage and number of family members. We all know that health expenses become frequent and bigger during the old age. So if you want to health insurance for parents or senior citizen health insurance, your policy requirements and coverage will be different. In terms of family floater, premium depends on the age of the eldest member covered under the health plan.

Conditions and illnesses the policy covers-
Not all health insurance policies cover all the ailments and disease in a human body. So, it is important to know what disease or illness is not covered under a health plan. Policies like critical advantage rider cover only critical diseases like cancer and all.

Claims procedure-
To avoid any hassles during the treatment, especially during emergency situations, it is important to understand the claim procedure followed by the respective insurance company. The fact is the most critical moment in the entire term of a health plan is when the claim is filed by the policyholder.

Waiting periods for all pre-existing disease-
Most health plans does not cover pre-existing diseases from day one and there is a maximum waiting period of about four years. Thus, it is important to see the number of waiting year for the given disease and ailments before buying the health plan. However, when a policy is purchased and there is a pre-existing illness that increases, insurers usually loads (increases) the health insurance premium for such a person.

Thus, we can say that before choosing a mediclaim policy, one must prioritise their health needs.
To ensure that customers have access to the best health care services at most affordable prices, HDFC Ergo Health Insurance Ltd. (formerly Apollo Munich Health Insurance), offers innovative, simple and award winning products like Easy Health, Optima Restore, Energy, Optima Senior and Easy Travel, a domestic and overseas travel policy, etc. to meet the long term health and financial planning goals for customers of all ages across the country. 
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