{"id":22923,"date":"2021-11-08T04:56:20","date_gmt":"2021-11-08T04:56:20","guid":{"rendered":"https:\/\/www.tatacapital.com\/blog\/?p=22923"},"modified":"2025-06-17T11:12:47","modified_gmt":"2025-06-17T11:12:47","slug":"5-points-to-look-at-before-purchasing-your-health-insurance-plan","status":"publish","type":"post","link":"https:\/\/www.tatacapitalmoneyfy.com\/blog\/investment-guide\/5-points-to-look-at-before-purchasing-your-health-insurance-plan\/","title":{"rendered":"5 Points to Look at Before Purchasing Your Health Insurance Plan"},"content":{"rendered":"\n

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A study shows that there are about 30 insurance companies that offer health insurance in India. Selecting the right one for you from such a large group can seem like an uphill task. But, it’s not, if you know what to look for while choosing one.<\/p>\n\n\n\n

Not sure how to go about dissecting the right health insurance policy? Worry not! Simply look for the following 5 factors the next time you begin your purchase process.<\/p>\n\n\n\n

1. Policy inclusions and premiums<\/strong><\/h2>\n\n\n\n

The most critical parameter to look for while purchasing health insurance is the kind of coverage or service inclusions it provides and at what cost. The cost being your premium amount.<\/p>\n\n\n\n

Sure, you should aim to purchase a comprehensive coverage policy with a lower premium. But, before you do so, investigate, or ask the issuing authority, why the premium is low. Simply put, an affordable health plan must not come at the cost of poor coverage.<\/p>\n\n\n\n

2. Cashless clause<\/strong><\/h2>\n\n\n\n

The cashless hospitalisation clause brings great relief to policyholders. Without it, you may end up running around consolidating assets to pay hefty medical bills. So, always check whether the health insurance you\u2019re about to purchase has a cashless clause or not. This way, the hospital or nursing home directly settles your medical bill with the insurer, and you don\u2019t need to file a claim.<\/p>\n\n\n\n

If you\u2019ve shortlisted a health insurance company that extends the cashless facility, be sure to check the list of medical establishments empanelled with them.<\/p>\n\n\n\n

Additional Read: <\/strong>The relevance of insurance in your financial plan<\/a><\/p>\n\n\n\n

3. Pre and post hospitalisation coverage<\/strong><\/h2>\n\n\n\n

Before sealing a health insurance cover, check whether the plan covers only hospitalisation expenses or also takes care of bills arising before and after it. Ideally, purchase insurance that covers the entire gamut of medical bills, including pre, during and post hospitalisation.<\/p>\n\n\n\n

This is critical is because hospitalisation is usually a one-off occurrence, whereas quick OPD procedures and the cost of buying medicines, etc., are relatively more recurrent.<\/p>\n\n\n\n

4. The age criteria<\/strong><\/h2>\n\n\n\n

Even though a policy’s premium depends on a person’s age, certain insurance companies won’t issue policies to people beyond a particular age. This is why be wary of the age criteria, especially when ensuring the elderly members of your family.<\/p>\n\n\n\n

Try to select a policy with a flexible age limit from 91 days to 60 years. Or better yet, choose one that doesn’t have an age limit and can be issued for older people, no matter how old they are. Sure, the premium here will also be higher, but at least your family member will be insured.<\/p>\n\n\n\n

5. Claims process<\/strong><\/h2>\n\n\n\n

In case you’re not opting for a cashless policy, be certain of the claims process beforehand. You can find out how straightforward the claims process is by reading about the insurer’s service reviews online, asking your peers about it, or directly questioning the company\u2019s representative.<\/p>\n\n\n\n

Figure out the timeline a company follows to release a claim along with the kind of documentation they require.<\/p>\n\n\n\n

Additional Read: <\/strong>What Are IHO Health Plans?<\/a><\/p>\n\n\n\n

Parting thoughts<\/strong><\/h3>\n\n\n\n

Want to compare health insurance policies and apply for the right one? Do it instantly, and do it online with the help of Tata Capital Moneyfy app \u2014 a powerful mutual fund app<\/a> that also helps you manage insurance and investments in one place.<\/p>\n\n\n\n

Moneyfy is our user-friendly investment portal that provides you access to multiple types of investment avenues, including mutual funds<\/a>, insurance policies, SIPs, and much more. <\/p>\n\n\n\n

So, create an account with us, and start building your investment portfolio right away!<\/p>\n\n\n\n

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Download Moneyfy App<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

A study shows that there are about 30 insurance companies that offer health insurance in India. Selecting the right one for you from such a large group can seem like an uphill task. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":22924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[68],"tags":[],"yoast_head":"\n5 Points to Consider Before Purchasing Health Insurance Plan - Tata Capital Moneyfy<\/title>\n<meta name=\"description\" content=\"Not sure how to go about choosing the right health insurance plan? Worry not! Read our detailed guide which will help you to begin your purchasing process. 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