12 Things You Must Know Before Buy Health Insurance

Ratan Deep Saxena (Asstt Manager (Accounts & Finance))   (2998 Points)

23 March 2010  

Health Insurance (popularly known as Mediclaim) offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other costs incurred. So this is important for us to know some important things before buy a health insurance. You can also read basic of health insurance, if you don’t know much about it.


  1. Buy a basic health insurance plan, which  is an indemnity policy that reimburses all the medical costs incurred during hospitalization.
  2. Buying a health  insurance policy for you family from the same insurer could entitle you to a discount of up to 10 per cent of your premium.
  3. A basic policy pushing up the sum insured by 5 per cent every year that you do not make a claim. if a claim is raised on your policy, the accrued bonus is reduced by 10 per cent till sum insured is reached.
  4. You could push up basic policy by adding defined benefit plans.
  5. The plans offered by life insurer come with death  cover. the premium you pay is tax deductible under section 80D up to Rs. 15,000 and under section 80C up to Rs. 1 Lakh.
  6. If you are relying on the medical benefits given by your employer, then during the period between two job, your  policy might suffer a break. Buy these defined benefit plan in order to keep yourself insured at all times, so that you  policy does no suffer a break in between.
  7. Buy floater plan to cover entire family
  8. Opt for a cashless plan, keep cashless mediclaim cards at hand
  9. Ask insurers for premium rates to find the cheapest policy
  10. Keep an eye on exclusions and inclusions in the policy
  11. Undergo medical tests, if required
  12. Buy health insurance even if you have one from your employer.