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"Health insurance is the first investment one should ideally make." However, health insurance policies typically come with a lot of variations and can be very complicated to understand. A Small blog on the 'key things' to keep in mind before buying a health insurance policy...

• What is a health insurance policy?
• In simple words, you pay a premium to an insurance company. The insurance company in return will cover the cost of any unforeseen hospitalization. Health insurance policies come with 100s of variations such as:- Some have co-pay Some have a lower premium Some have higher new claim bonus Some have caps on various things What features should you look for in your policy?
• Here are 7 features you should look for: #1 No Room Rent Limit Some policies limit the hospital room rent/day to about 1-2 % of the Sum insured! During Covid-19, people had no choice on the room given. Some policies don't have any cap on the room rent limit! #2 No Co-Pay Some policies require you to share the hospital bill in a certain proportion before the insurer pays the bill. For e.g., a 20% co-pay implies that you need to pay 20% of the bill and the rest to be paid by the insurer. A comprehensive policy will not have a co-pay! The insurer will cover the entire amount deemed to fit to pay by the insurer. This can really help save you from a financial burden during hospitalization. #3 Pre and Post-Hospitalization cover These are medical expenses incurred before you are admitted and after discharge. It includes diagnostic tests, investigative procedures, follow-up tests, medication and more. #4 Pre-Existing Diseases Pre-existing diseases may be covered after a waiting period. It would also provide coverage for pre-existing medical conditions, such as diabetes, high blood pressure, or asthma, after a waiting period of 1-4 years. #5 Restoration Benefit Generally, a comprehensive policy would provide you with something known as a restoration benefit. With this benefit, your sum insured gets replenished, within the same year after you use it for a hospitalization. If you use up a part of (or the entire) sum insured for one hospitalization - the amount is restored, and you will be able to use the plan again for your next hospitalization. Generally, insurers offer this benefit for different diseases. #6 Life Long renewability Unlike group policies which can be terminated at any time or the terms & conditions can be changed, a comprehensive policy can be renewed for your entire life. Once an insurer enters into the policy, the policy conditions cannot be changed. #7 No Claim bonus In the years you don't claim anything from the insurer, the sum insured increases by 10-50%. This is called a No Claim Bonus. In the years you do claim, sum insured falls by 10-50%. However, sum insured will not fall below the original sum insured. Are Comprehensive Policies expensive? Since such a policy gives complete cover, these are amongst the most expensive to buy. The premium can be 1.5x to what a policy without the features of copay may have. When should you buy health insurance? The earlier you buy it, the better it is because as you grow older your risk of contracting a disease may increase. As you grow older, insurance tends to also get more expensive. In conclusion, Buying a health insurance policy is a must. Even though there are cheaper premium policies available, it is helpful to go for a comprehensive policy. Such policies may eventually minimize the amount of money you may pay from your own pocket.

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