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Insurance Article

Points to ponder while buying a health insurance policy

June 30 2008

Protecting your family against any untoward medical contingency is your top priority. However, with wide array of products available in the market, taking a decision becomes difficult. The following points are worth pondering over before buying a health policy.

Cost-benefit Ground:
Cost is a critical factor in the entire decision making process for buying a policy. The cost element depends upon the number of dependent members in the family. In simple terms, a dependent is a person relying on the individual financially. Thus, you have to watch out for the fact that the cost of buying should justify the benefits covered under the policy. In other words, you have to strike a right balance between the cost and benefits available.

Adequate Cover:
Adequate cover refers to your need to cover your entire family (i.e.spouse, children and your dependent parents). Thus, you should opt for a policy, which covers your family at a minimal cost. Consider a floater policy which would cover your entire family more efficiently.

Age Factor:
Age is another critical factor that needs to be taken into account. In case of children as well as parents, the age factor becomes more important since beyond a particular age, coverage might not be possible. The required age for buying a policy would vary from insurer to insurer.

Are You Covered By Your Employer:
Are you covered under any health insurance plan of your employer? If yes, check out whether your dependents are included under the cover. If not, then you need to find a solution for your dependents.

Even if you are covered by your employer, remember that you are covered only for the period you are employed. If you change job or retire, you and your family will be stranded in case of medical contingency.

 

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