9 things to keep in mind while buying an health insurance cover

Health costs are only sky rocketing by the day. According to HDFC health, inflation in medicare is higher than inflation in food or other commodities.

The demand for medicare in India is growing at over 25% every year. Subsequently, costs of hospitalisation and surgeries are spiralling as well.

While individuals are aware of the importance of health insurance, there are just so many to choose from.  A variety of plans, sub-plans and costs adds to the confusion.

Therefore, it is advisable to get a health insurance cover keeping these points in mind:

1. Look out for the 'sum insured'

It is advisable that you have higher sum of money insured because medical costs can be very expensive. The treatment costs for cancer, sclerosis, renal disease and  other such illnesses are high.

2.  Lifetime renewability

Buy an insurance cover that you can use lifelong. Also, there are insurance companies with policies which promise to return you the money if you do not make a claim for a certain number of years.

3. Start off early

Getting a health insurance policy when you are young is a good idea as you are likely to the get the policy cheaper. The older you become the more expensive it gets.

4. Cashless treatment

Opt for an insurance with cashless treatment feature. It gives you enough time to arrange money for the expenses ahead.

5. Individual vs. Corporate

Even if your company provides you with a corporate health insurance, it is advisable you have an individual cover. Your corporate insurance gets withdrawn once you leave the company or retire.

6. Individual vs. family cover

Family covers are always more economical.  The idea behind this is that not all family members will require the insurance at the same time.  However, it is best to have an individual cover for older or high risk members.

7. The right broker

Always keep in mind to buy your insurance cover from a reputed broker who will help you with your claims. A trusted broker can also help you with the necessary paperwork during an emergency situation.

8. No secrets

Never lie or hide any medical information in your application. If you leave out any minor details you risk a claim rejection.

9. Hospital network

Finally, you must cross check the hospitals in your area and find out if your insurance is applicable there.