Navigating the Best Mediclaim Policies in Pune: A Step-by-Step Guide for New Buyers

The fast-paced lifestyle, junk food habits, and sedentary work create lots of health issues. From April 2022 to March 2023, the number of people who have lifestyle diseases like hypertension and diabetes has increased by 2x in Pune. As a result, the ongoing healthcare costs for Pune residents can only increase, and the inflation rate will not come down anytime soon. The best way to protect yourself against these rising costs is to buy a health plan that covers your health conditions. Let’s delve into the detailed step-by-step process of buying your first health insurance policy.

Is Medical Insurance Necessary?

If you are still wondering whether you need health insurance, consider this – hospitalisation expenses have increased by 11.35% in a year. If you don’t have health insurance, you must pay these expenses out of your pocket. This means depleting your savings or taking expensive loans. Medical emergencies can strike you anytime, and anyone can fall ill regardless of age.

Medical insurance is a safety net that protects and cushions you during these emergencies. Ayushman Bharat’s National Health Mission (NHM) has a defined benefit of Rs 5 Lakh per family per year. It is a good starting point for those who want to buy insurance for the first time. However, you can find plans up to Rs. 1 crore, and purchasing such plans will ensure you can get any expensive treatment for your health condition without worrying about the cost involved.

For example,

●       Consider the case when you require an urgent surgery. Worse, you’d end up with hefty and, at times, unmanageable hospital bills. A basic health plan, which we can get for Rs. 5 lakhs or so, is a meager layer of protection that covers that portion.

●       However, a higher coverage plan, which may be Rs. 1 crore, gives a much higher safety net because all treatments are possible without depleting one’s savings. It is also a safety net that helps you avoid an accidental emergency that might cost thousands of dollars.

Step-by-Step Guide to Buying Insurance

Now that you know health insurance is important, here is a step-by-step guide to buying insurance:

Traditionally, buying insurance involves approaching an agent or distributor and asking them to suggest a plan. Their knowledge is usually limited based on their access to healthcare plans. Generally, they will suggest a plan based on how much premium you can afford to pay.

But that doesn’t help you buy a plan with the exact coverage within your budget. That is why you must buy insurance online. You can drastically reduce the insurance cost by eliminating the middleman (an insurance agent). The online platform shows you all available plans without bias, so you can compare the different plans. More importantly, this service is available 24/7, and you can buy an insurance policy at home.

Here is the step-by-step guide to choosing the best mediclaim policy:

1.     Understand Your Needs

Health insurance coverage refers to the health conditions and treatments covered by medical insurance. Your insurance company will pay you only according to the plan’s coverage. If your plan covers only in-patient expenses, you can’t claim insurance for daycare treatments. So, understanding your healthcare needs is the first step to knowing what coverage you need. If you have a spouse and children, you should explore family health insurance options to cover everyone under the same policy. 

2.     Compare Insurance Plans

Digital insurers like ACKO have simplified the process of buying insurance. All you need to do is enter your basic details and coverage needs, and you can get a list of health insurance plans that match your criteria. Take your time to compare plans, coverage, and premiums to find the right plan for you and your family.

3.     Consider Add-On Riders

Depending on the insurance plan, the coverage varies. The add-on riders help you to customise your insurance plan and choose additional coverage based on your needs. This is why assessing your needs should be the first step in buying insurance. It will help you tailor the plan to meet the health needs of everyone in your family. You can avail yourself of tax benefits when purchasing a health insurance policy under the Income Tax Act’s Section 80D.

4.     Check Insurer Reputation

The purpose of buying medical insurance is to make a claim when the need arises. When you or your family member covered by the policy gets sick, the last thing you want to do is fight with your insurer to pay your medical bills. Choosing an insurance provider with an excellent reputation and claim settlement ratio improves your insurance experience.

Cashless hospitalisation will remove your worries, especially as the insurer will settle the bill directly with the hospital. Digital-first insurers can approve these cashless claims within a few hours.

Conclusion

Insurance is an essential aspect of financial planning. You must consider buying medical insurance as soon as you start earning. When you are young and healthy, insurers offer lower premiums because of lower health risks. This way, your insurance will be more affordable and ready to protect you when needed. Later, as your family expands and your health condition changes, you can increase coverage and customise your plan, ensuring you are protected throughout your lifetime.