Health insurance checklist: 6 tips to maximise benefits for first-time buyers

financialexpress.com:

National Insurance Awareness Day is being observed today on June 28. On this occasion, it is pertinent to recognise the importance of having health insurance. The COVID-19 pandemic has demonstrated why health insurance is important for everyone. The pandemic, to some extent, raised awareness among people about health insurance as they previously tended to ignore it. In a country like India, health insurance is often neglected because it doesn’t provide immediate benefits unless people fall sick.

While nobody wants to fall sick and go to a hospital, it is important to remember that health problems are a harsh reality we all face at some point of time in our lives. Therefore, it is important to be prepared for the financial consequences arising due to health issues. To avoid financial trouble due to medical emergencies, it is advisable to stay financially prepared for the worst.

Health insurance is also important keeping in view a rapid rise in health problems people are facing these days at an early age. Also, the astronomical costs of medical treatments highlight the need to have a health insurance policy.

Also read: Insurance Awareness Day: 5 smart tips for purchasing a life insurance policy

Pankaj Nawani, CEO of CarePal Secure, shares 6 essential tips to help you make an informed decision.

Evaluate your age, medical history, family history, and specific healthcare requirements or pre-existing conditions. This helps in choosing a plan with the right coverage.

Familiarize yourself with terms like sum insured, premium, waiting period, and co-payment. Know the coverage, exclusions, sub-limits, and add-on features of different plans.

Use online aggregators and comparison websites to evaluate plans based on coverage, costs,