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Tips for Buying Cheap Health Insurance

Updated on July 17, 2024 , 4153 views

As a matter of fact, health is the true wealth, therefore, choosing a right and cheap health insurance policy is essential. Most of us do not realise the of importance of getting a good health insurance policy until there occur some circumstances where we need it the most. With healthcare expenses rising sky-high, the need of buying health insurance (also known as medical insurance) is increasing even more. Either you are unemployed, self-employed or covered under some employer’s health insurance plan, getting your own affordable and cheap health insurance policy is a must. But the process of choosing an affordable health insurance with a suitable health quote from among the list of best health insurance plans can be a quite an annoying and time-taking process. Don’t worry, we have listed a few tips for you. Have a look!

Tips for Buying Cheap Health Insurance

Choose a Reputed Health Insurance Company for your Insurance Policy

If you are planning to buy a cheap health insurance plan, selecting a reputed health insurance company is a must. This would ensure that your money is safe and no fraud happens. Typically, the Insurance companies that offer health insurance policies are general insurance and Life Insurance companies. But, the experts advise opting for a general insurance company instead of a company that offers life insurance. Why? Because the life insurance companies invest in policies that usually reimburse the family members of deceased and the focus of health insurance is a little less. So, choose an insurance company wisely before buying a cheap health insurance policy.

Medical Insurance: Know What you Expect

Buying a cheap health insurance plan is an essential part of financial planning. And if you Fail to select an appropriate Insurance Coverage you might end up paying more for your needs or paying for the things you do not need. So, you should analyse your needs well before opting for a health insurance policy. Some of the important questions you need to ask yourself are mentioned below:

1. For how long do you need insurance coverage?

Each one of us has different Financial goals and coverage needs. Therefore, one must decide to choose a plan according to one’s needs. For example, someone who is newly self-employed would look for an individual health insurance policy for major coverage. On the other hand, the one who is recently unemployed or is in some temporary situation without insurance must consider buying a short-term medical plan.

2. How often do you require health insurance?

Choose a plan according to your medical needs. Do you visit the doctor for preventive care and want an insurance policy for the unexpected future? Or do you keep on visiting the doctor several times in a year? Think and then buy accordingly. You should also consider the medical requirements and expenses of your family members that might occur in the future. Prepare a list of ongoing medications, surgeries, medical conditions etc. before you chose a cheap health insurance plan.

3. Is extra protection required?

This is an important question one must seek an answer for before choosing a cheap health insurance plan. Some health insurance policies provide lump sum benefits for your surgeries, hospital stays and major illnesses. So, it’s essential to figure out that will that coverage be enough for you to save money.

Select the Health Quote and Sum-assured Amount Wisely

When buying a cheap health insurance policy, another important thing one should choose the health quote and sum assured amount wisely. What is it? In simple terms, sum assured is the amount an insurer is covered for or is reimbursed during a medical emergency. Therefore, this amount plays a vital role in fulfilling your future medical needs.

Compare health insurance plans and premiums

This is another thing that one must definitely do before buying medical insurance. It is suggested to get various health insurance quotes from the health insurance companies, compare them and then select the one that is best suited for you.

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Checklist for Buying Cheap Health Insurance



To conclude, I would say that when buying a cheap health insurance plan don’t just look for health quotes and premium rates. Make sure you clarify all the clauses well before you buy a medical insurance. This will ensure that during the time of medical emergencies or unfortunate circumstances, you and your family does not face any extra pressure of denial of medical claims. So, invest smart before it’s too late!

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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A srinivas , posted on 31 Oct 19 11:26 PM

Very good information.

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