apply online for a health insurance policy cautiously

A lot of changes happen to our lifestyle everyday triggering to several health concerns and people are getting more and more careful for their health-related issues. This is the reason why health insurance sector has grown steadily over the last few years. As the demand and needs changes, the overall health insurance industry has standardized in terms of online services and new regulations are already in place for the same. A lot of schemes are available both online and offline. While individuals doesn’t have much choices in offline application; on the other hand, online market is flooded with number of insurance policy schemes, so that one can get a plan according to their budget and needs.

However, before people apply online, there are certain factors to be kept in mind while making an application. So, let’s take a quick glance at such factors to make the best health insurance buying decision.

1. The right amount – The primary purpose of any health insurance is to provide financial aid at times of emergency. Over the last few years, healthcare sector has witnessed immense inflation rate with double-digit growth and it is a costly affair to afford medical bills without a relevant insurance cover. Hospital bills now range from Rs.50000 to up to lakhs for a normal medical treatment. Therefore, this should be the key consideration factor to get maximum health coverage for longer years to give healthy and secured future to yourself and to your loved ones.
2. Maximum coverage – What if an insurance policy gives maximum financial coverage but, doesn’t cover critical illnesses like heart disease, cancer, and surgeries? When you apply online, make sure you check the policy coverage for several major critical illnesses. It’s never a good idea to compromise quality healthcare services just to save some pennies on premium. Hence, compare plans, premiums, and policy coverage before making a final move to get greater benefits.
3. Pre-existing diseases – Though every insurance policy company has different norms and coverage benefits, it is essential to check whether the company covers pre-existing diseases. Basically, a pre-existing disease is any ill health condition, ailment, or injury for which had received medical diagnosis or treatment prior buying an insurance policy. So, before you apply online, always check that the insurance policy covers pre-existing disease for a short waiting period. Also remember that most policies don’t reimburse for any medical treatment undergone within 30 days of buying the policy.
4. Annual bonus – In case, a policyholder didn’t made any claim during a subsequent year, companies offer up to 5% bonus on sum assured and discount on premiums as well in the following year. The cumulative bonus can go maximum up to 50% of sum assured.