A Guide to Buying Health Insurance as a Fresher in India

When you have graduated and are starting your professional journey in India as a fresher, one of the essential steps towards securing your well-being as well as that of your loved ones is purchasing a suitable health insurance plan. With the rising healthcare costs, and the uncertainty of having to face a medical emergency out of the blue, buying a health plan coverage becomes a necessity. However, understanding the intricacies of health plans and finding the right one can be overwhelming especially for newcomers.

First-Timers: Here Is What You Need To Consider

Selecting a suitable health insurance can be a difficult process; navigating through the selection process can be exhausting for many. Many policy buyers purchase a policy if they see some kind of savings or an added benefit at low costs, without understanding the purpose that policy serves. You can avoid making such mistakes if you have a proper guide with the correct pointers to help you purchase the policy that suits you the most. Listed below are a few such pointers:

- Assess Your Healthcare Needs

Begin by assessing your healthcare requirements. Never overlook what your requirements are, since it helps you select a policy which caters to your health conditions. Consider factors such as your age, medical history, family medical history, and any specific healthcare needs or pre-existing conditions. For example, if you are an individual without any dependents, an individual health insurance policy can be more suitable for you.

- Research Health Insurance Providers

Conduct thorough research on health insurance providers in India. Consider their reputation, claim settlement ratio, network hospitals, and customer reviews. Choose a reputable insurer that has a robust network of hospitals and a track record of providing reliable and efficient customer service. If there are people in your circle who own a health plan, you can ask them about their experience using that product to help you decide better.

- Understand Policy Terminology and Features

Familiarize yourself with health plan terminologies. Key terms to understand include sum insured (the maximum coverage amount provided by the policy), premium (the amount you pay for the insurance), waiting period (the duration before certain conditions become eligible for coverage), and co-payment (a percentage of the claim amount you must bear). Additionally, understand the features and benefits of the policy, such as coverage for pre-existing conditions, maternity benefits, and critical illness coverage.

- Compare Plans

Compare multiple health plans to find the one that suits your needs and budget. Consider factors such as coverage, exclusions, sub-limits, co-payment requirements, and premium affordability. Online insurance aggregators and comparison websites can be helpful tools to compare policies from different insurers in terms of features and costs.

- Consider Add-Ons and Riders

Many health plans in India offer additional coverage through add-ons or riders. These are optional features that can be added to your base policy at an extra cost. Examples include critical illness riders, personal accident coverage, and hospital daily cash allowance. Evaluate these add-ons based on your specific requirements and consider their relevance and cost-effectiveness.

- Check Network Hospitals

Ensure that the health plan you choose has tie-ups with a wide network of hospitals and healthcare providers. Having a good network of hospitals near your location ensures easy access to quality medical services. The added benefit of cashless claims at such hospitals means you do not have to pay from your pocket for the treatment.*

- Read The Fine Print

Before finalizing the purchase, thoroughly read the policy documents, terms, and conditions. Pay close attention to coverage limits, waiting periods, exclusions, and claim procedures. Understanding these details will help you make informed decisions and avoid any surprises during claim settlements.

- Seek Professional Advice

If you find the process overwhelming or have specific concerns, consider seeking advice from an insurance advisor or insurance broker. They can provide personalized guidance based on your needs and help you select the most suitable health plan. For example, if you are confused between individual policy or health insurance for parents, the advisor will help you select properly.

Conclusion

As a fresher in India, securing health plan coverage is a wise investment in your well-being. By assessing your healthcare needs, understanding policy features, comparing plans, and seeking professional advice when needed, you can make an informed decision. It is important to remember that simply buying a health plan is not the end of the process. To enjoy its coverage without any interruptions, you also need to ensure health insurance renewal from time to time.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.