HOW TO CHOOSE THE RIGHT HEALTH INSURANCE POLICY WITH ADEQUATE COVERAGE IN YOUR 30s?

 

What is Health Insurance?

Health insurance, often known as medical insurance, is a financial protection instrument that covers unexpected medical, hospitalization, and surgical expenses. It provides financial support for compensating medical, hospitalization, and surgical expenses.

Health concerns Don't wait till you're old to get sick, especially with today's lifestyle. Frequent hospitalization can make a big dent in the savings of even those who are as young as 30 years old. This could severely deplete their finances.

In such situations, health insurance plays a crucial role. Moreover, if you buy health insurance at young age, you may afford high coverage at a lower premium.

But there are a few important questions that often come to mind. But how much health insurance coverage do you need? What are the things to look at while buying health insurance when you are in your 30s?

Buying a health insurance policy when you are young 

Purchasing a health insurance policy in your 30s has a number of advantages. To start with, you can get a comprehensive health insurance plan at an affordable price. It was truly said by Siddharth Singhal, Business Head - Health Insurance, Policybazaar.com, “As young consumers fall into the bracket of higher immunity and lower risk of contracting several medical conditions like diabetes, hypertension, or critical illnesses such as organ failure, cancer, cardiovascular diseases, etc., they have the advantage of getting higher coverage at a lesser premium.”

Furthermore, pre-existing diseases and some treatments are subject to waiting periods under most health insurance coverage. People buying health insurance at a young age may get an advantage here by not falling under the waiting list criteria for pre-existing diseases, as they would be healthier at a younger age. By getting health insurance early, young people can complete these waiting periods while they are still healthy, guaranteeing that coverage will be offered in the future.

Ideal coverage for health insurance

A number of variables, including lifestyle, income, family size, geography, and medical history, affect the appropriate sum assured. While calculating the ideal sum assured for health insurance, one should think about the potential future medical expenses they might have. Also, evaluate your region's average medical costs as well as any particular health issues or pre-existing conditions. Then make sure the sum assured is enough to cover potential medical expenses.

How to choose your health insurance policy in your 30s?

As we understand the evaluation of ideal coverage for health insurance required by an individual, let us explore how to choose a health insurance plan for yourself. It is crucial to take into consideration certain crucial factors, such as product features, claim payment records, and premiums.

While choosing a health insurance plan, one should keep certain points in mind, such as:

ü  Coverage and Benefits: Comprehensive coverage would serve the best based on an individual’s specific needs as it includes hospitalization expenses, pre-hospitalization and post-hospitalization costs, daycare procedures, ambulance charges, etc.

ü  Plans with no sub-limits: Since plans with sub-limits restrict coverage's reach and lead to out-of-pocket costs, hence, one should choose a health insurance plan that covers expenses like room rent, ICU charges, domiciliary treatment costs, etc. without requiring any sort of co-payment.

ü  Network hospitals: Insurers should have a good number of network hospitals in order to receive quality treatment. The more network hospitals there are, the better it is for you as a policyholder.

ü  Waiting period for pre-existing diseases: The waiting period is the time period that one has to wait before filing a claim on his or her health insurance policy. This waiting period may vary from plan to plan as well as from insurer to insurer. Hence, one must check it in advance when purchasing a health insurance plan.

ü  Flexible coverage: With individual health insurance, you can choose the coverage options and add-ons that best suit your unique medical requirements, such as deductibles, coverage for pre-existing conditions, maternity benefits, etc.

ü  Claim settlement ratio: The insurer's effectiveness in resolving health insurance claims is measured by the claim settlement ratio. One should ideally choose an insurer with a higher claim settlement ratio. 

ü  Customer service: The insurer should have excellent customer service to satisfy its customers. Hence, one should randomly check an insurer’s customer service response rates with the help of online reviews as well as by calling their customer service number.

Is it advisable to opt for critical illness health insurance?

It is recommended to buy a standalone critical illness insurance policy if an individual already has a comprehensive health insurance plan. This policy offers extensive disease coverage, and if an individual is found to be diagnosed with a named critical illness, he or she will receive a certain sum of money.

Is it recommended to add family members to your health insurance plan?

While purchasing a health insurance plan in the 30s, one should consider how he or she will take care of the family or dependents in the future. One should choose a family floater plan where family members can be added to the existing health insurance policy in order to take care of the healthcare needs of the family members or dependents. The cost of adding family members depends on the number of individuals, their age, and the sum assured chosen.

It's important to be aware of any waiting periods connected to particular coverage features when adding family members to the policy. Some policies may have waiting periods for maternity benefits, pre-existing conditions of family members, or certain illnesses.

“It is health that is real wealth and not pieces of silver and gold.”

Mahatma Gandhi

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