Search in Indianmoney's WealthPedia

Home Articles Things To Consider While Availing Health Insurance Plans

Things To Consider While Availing Health Insurance Plans Research Team | Posted On Monday, January 15,2018, 06:50 PM

5.0 / 5 based on 1 User Reviews

Things To Consider While Availing Health Insurance Plans



In India, there are many insurers who sell health insurance plans. Selecting the right health insurance policy can be a difficult task.  In this article, we will focus on a few factors that must be considered while availing a health insurance plan.

Want to know more on health insurance plans? We at will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

You May Also Watch:

Iframe Content

Things To Consider While Availing Health Insurance Plans

1. Individual Cover or Family Floater Cover

If you buy an individual health insurance policy, it covers the hospitalization expenses of a single person, (the policyholder). It’s always advisable to buy family floater health insurance plans, which cover the hospitalization expenses of the entire family (including you).

If you buy separate policies for each of your family members, then the premium paid on the multiple policies will be higher than the family floater cover.  Under family floater, sum assured can be utilized by an entire family.

Insurers offer both Individual Cover and Family Floater Cover. So, while availing health insurance, you should consider your and family's needs. If you have a big family, it is advisable to buy family floater cover which covers the entire family's hospitalization expenses. 

Keep your Financial Cognizance up to date with Wealth Doctor App

2. Sum assured

When opting for the sum insured, it is vital that you consider the healthcare costs in your city of residence. If you live in a metro city, you will require a higher cover than compared to an individual who resides in a tier-2 city.

Opting for a sum assured that's too low, would be of hardly any benefit to you, in case of a major hospitalization. Opting for a very high sum assured will mean high premium payments. Thus, it is essential that you choose an optimum sum assured when purchasing a policy.

SEE ALSO: Insurance Policies For Women

3. Co-Pay

Insurers have introduced the co-pay clause. Under this clause, the policyholder has to pay a part of the hospitalization expenses, out of his own pocket. For instance: If the policyholder has opted for 20% co-pay, the insurer will pay 80% of the hospitalization expenses. The remaining amount has to be paid by the policyholder.

Co-pay could be voluntary or a compulsory component of the health insurance policy. Opting for co-pay could reduce the premium amount. Opt for co-pay, only if you have the means to pay your share.

SEE ALSO: Aadhaar Card Check Online

4. Waiting Period

Health Insurance policies will have waiting periods. Usually, waiting period is applicable for some specific and pre-existing diseases. Pre-existing diseases are those diseases you have at the time of availing the insurance policy. The waiting period ranges between 2 to 4 years. It is advisable to avail a policy with less waiting period.

5. Maternity benefits

Maternity hospitalization costs have gone up rapidly with the rise in medical expenses. So, it is very important for women to buy a health insurance policy that offers maternity benefits. One should consider the waiting period applicable for claiming maternity expenses. The policyholder should also check whether the policy covers outpatient expenses.

6. Network hospitals

Network hospitals are the hospitals which have partnered with the insurers. These hospitals provide some additional benefits to policyholders such as the cashless hospitalization facility. Before purchasing the health insurance policy, it is very important to check the network hospitals under the plan.

Be Wise, Get Rich.

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
Get It now!

This is to inform that Suvision Holdings Pvt Ltd ("") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.