There are several health insurance policies in the market, and they seem extremely complicated. It is important to choose the right one before committing to a long relationship with your insurer. At Liberty General Insurance (LGI), we have a transparent system of providing all information about our policies so you can make the right choice.
However, here are some general tips while choosing a medical or health insurance scheme:
Understand your Requirements: At different stages of your life, you may have different requirements or needs. As a young person, you may only need health insurance for yourself or might need to have your parents as dependents. If you are planning to get one for the family, different members may have different requirements. All these need to be kept in mind while selecting an insurance policy.
Assess Coverage Limit:A major mistake that most Indians make is not getting adequate coverage. This can prove to be disastrous, especially given that healthcare costs have been increasing with each passing year. You must inquire about the cost of hospitalisation and the cost of surgeries, etc., before making a rough assessment. Several experts state that if you are living in a tier 1 city, then you should have a coverage of around Rs. 10 lakh.
Buy Health Insurance as soon as possible: As mentioned above, there are clear advantages of buying health insurance when you are young. But this does not mean that you don’t take health insurance if you hit middle age. If you don’t have insurance, get one as soon as you can to secure your future.
Ensure that you understand the Terms & Conditions: It can’t be stressed enough how important this point is. It is not just enough to just read them but also to understand them as a lot of the processes and procedures will become clear. If you don’t understand any point, you must check with someone in the insurance company.
Do not furnish inaccurate information:While filling out your application for health insurance, be honest about any health ailments that you may already have. Moreover, if you are a smoker or have other lifestyle habits that may affect your premiums, then do not hide it. All the details furnished need to be correct and true as inadequate information or incorrect information can lead to delayed payment or non-payment of your claim.
