Why buy health policy from a health insurance broker?

When you are already dealing with ill-health of a loved one or your own, the last thing you want to worry about is money! A health insurance policy can help keep financial stress at bay in such difficult times. However, buying the right health insurance plan is a must and it becomes simpler and convenient if done through a health insurance broker.


In today’s world, work pressure and mounting stress, to stay ahead, can easily take a toll on one’s health. And with rising inflation, covering health expenses proves to be yet another reason for worry. Therefore, buying ­ a Health Insurance today has become more necessary than ever.

In simple words, a health insurance policy requires you to pay premium/s today in exchange of the healthcare expenses you may incur later. So a health insurance policy can deliver great financial support in dire times, provided you have chosen the right one for you!

Advantages of a Health Insurance policy

Besides freeing yourself of the financial worries in times of emotional stress (due to ill-health), an investment in health insurance policy has other benefits as well.

  • Covers different types of medical charges: A health insurance policy may cover expenses like –
    • Hospitalization
    • Surgery
    • Daycare procedures
    • Domiciliary
    • Ambulance
    • Alternative treatments like Ayurveda, Homeopathy, Yoga, etc.
    • Expenses involved in organ transplant
    • Expenses towards dental treatment
    • Weight-loss surgeries
  • Critical illness cover: In a health insurance policy, you may choose to be covered for critical illnesses as well; this can be as a rider to a plan or a stand-alone plan.
  • Cashless claim benefits: Here the Hospitalisation Expenses bills are settled between the hospital and the insurer, without you having to shell out cash from your pocket.
  • Tax Benefits: Premiums paid -towards health insurance policies are qualified for tax deductions under Section 80D of the Income Tax Act, 1961.
  • Free health checkups: After every 4-5 claim-free years, insurance companies offer free health check-ups.

Choosing the right health insurance plan

Different health insurers or insurance companies offer several types of health insurance plans covering expenses for various types of medical needs. And trying to make a choice from an array of plans & coverage levels offered can be daunting. It is important to understand that your choice of a health insurance is vital, as you would not want any unpleasant surprises in difficult times.

Therefore, understanding everything that a health insurance plan offers, and all that it does not, is of utmost importance! It is also essential that you are well-aware of the insurance company’s network of hospitals and healthcare partners to take full benefit of the policy. Also, as in case of all kinds of insurance policies, the fine print must be read and understood before signing any papers.

Hence, the best way to make the perfect choice of a health insurance plan is through an expert, a health insurance broker.

Who is a Health Insurance Broker?

A health insurance broker holds a license issued by the Insurance Regulatory and Development Authority (IRDA). His/her aim is to understand customer needs and accordingly help them find the best insurance coverage plan.

A health insurance broker will offer all information on the available plans, riders, coverage offered and charges. He/she is also liable to provide all information about the health insurance policy chosen by the customer.

Based on your personal information like age, previous/current illnesses and the type of coverage you need, a health insurance broker can give you the pricing information on the appropriate policy that fits your needs.

An important point to note here is that though the terms ‘broker’ and ‘agent’ may be used interchangeably, there is a difference here. An agent will represent just one insurance company and help you with information on only its own health insurance policies. On the other hand, an independent broker will usually represent more than one insurance companies and hence you get a wider array to choose from.

Why opt for a health insurance broker to get health coverage?

Having an expert by your side to make an important  financial decision always helps. A health insurance broker can make the process of choosing a policy more informed and convenient. Also,

  • You get to see and understand all available options, covers and prices through a health insurance broker
  • He/she can help you understand the charges, terms and conditions (fine print) before you buy a health insurance policy. This will help in avoiding any issues while using the policy in times of need
  • A health insurance broker can help get the required combinations you may want; like low charges, but with a certain level of insurance coverage
  • You have expert help through the entire process of choosing and buying a health insurance policy
  • Health insurance broker wont charge you any advisory or consulting fees
  • The broker’s industry knowledge is an added advantage while selecting a health insurance plan
  • You always have the health insurance broker for assistance if you have any questions or doubts about an the plan

Conclusion

Buying health insurance policy means buying an assurance of financial support to sail through difficult times. At a time when you need to focus on recovery from illness and not on how to pay for expenses, a health insurance proves to be a real saviour! However, a wrong choice of health insurance plan may worsen the situation. Hence, expert advice is highly recommended when making a health insurance investment. And buying your health policy from a health insurance broker means getting expert advice and support for free!

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