It is a common belief among Indians that medical insurance is meant only for older people, and they delay buying a health care plan until they are 40 or more. But what is the right time to purchase health insurance? Read on to know more.

 In the purview of the growing awareness about the importance of a medical insurance policy in getting financial protection against health emergencies, several people are investing in a family floater health insurance plan. Still, many people are not sure about when is the right time to buy the policy and tend to delay the purchase.

If you are wondering what the right time to buy medical insurance is, financial advisors and insurance experts suggest that the right time is NOW. You must purchase a healthcare plan as soon as you can; ideally, you must buy when you get your first paycheque.

When you are young and healthy, you can get a policy at a lower premium, and you would also be able to get through the waiting period, which is a mandatory clause for all plans. So, now that you know when you buy a health insurance policy, it would help you if you know how to buy the best medical insurance.

The following tips will help choose the right plan to suit your needs:

  • Carefully choose the coverage amount

It is better to choose a plan that offers the maximum coverage amount for the treatment. With the rising cost of medical treatment, the healthcare expenses are going up drastically, and you would have sufficient coverage to take care of the expenses. If you are a family of four, experts recommend buying a health insurance policy with a sum insured of 10 lakhs or more.

  • Buy a family floater plan instead of an individual plan for family members

If you are a family person, it is better to buy a family floater plan that covers everyone under a single policy rather than purchasing a separate policy. The premium for family insurance is much less than individual plans, and you can opt for a higher sum assured. Most importantly, anyone in the family can use the policy and the sum insured for treatment.  

  • Consider the network hospital

With a medical insurance policy, you are entitled to avail cashless treatment from any hospital that is part of the insurer’s network. You can check the list of network hospitals from the insurer’s website, and make sure that you buy a policy from a company that has the widest network of hospitals. Also, make sure to check network hospitals that are in your area of residence. There is no point in purchasing a plan if you struggle to find a hospital during an emergency.

  • Choose a policy that allows lifetime renewal

As you grow old, you become more susceptible to illness. Hence, it is paramount that you look for medical insurance plans that allow lifetime renewability so that you continue to get financial protection for as long as you want. Typically, most medical insurance policies will enable you to renew until you reach 80 years.

  • Be wary of the insurer’s claim settlement ratio

The claim settlement ratio indicates the number of claims successfully settled by the insurance company in a year against the number of claim requests they received. When you look for health insurance, you must choose an insurer with a high claim settlement ratio. This way, you have higher chances of getting your claim settled when the need arises.

  • Check the add-on options

Add-ons are additional coverage options that you can buy at an additional premium to widen your policy coverage. For example, you can buy a critical illness cover to get coverage against life-threatening diseases like cancer. So, check the add-ons offered by the insurer and see it suits your needs.

Use the tips mentioned above to get the best medical insurance policy and get maximum protection against medical emergencies.