These three tips will help you buy the best health insurance plan

Buying insurance is a tricky process. So when you have to buy health insurance for yourself and your family, how do you ensure you are getting the best deal? BI India shares a few tips to remember before you sign the papers and buy the health insurance product for your loved ones.

Check the coverage

Before buying a health insurance plan, check who all can you cover under the plan. Every insurance plan has an age limit. It doesn’t make sense to buy a plan that doesn’t cover your entire family if the premiums are too high. Prefer buying a plan that covers your immediate family at least.

Plan for the future

One buys an insurance coverage for future contingencies. Hence, factor in the inflation and the estimated costs at the hospitals in the future. Don’t go by the current costs and buy a plan.

Understand the terms and conditions

Read the document carefully in order to understand the deal. At times, you end up buying an insurance plan in which the company will not bear the entire costs. As per Insurance Regulatory and Development Authority of India (IRDA) there are many plans in which the consumer ends up becoming the co-bearer. Ensure, you know these things before signing the documents.