The rising cost of medical expenses and hospitalization has dawned realization on the consumers that a health insurance is very important to have. This is why many seek to insure themselves for such tough times. It is good to see that individuals who relatively have minor family responsibilities are opting for individual health insurance. But there are a few things that you need to look into when buying a medical insurance policy for yourself.

The insurance provider -

As individual health insurance is a popular product that people seek to invest in, there are several providers in the market. The choice can easily confuse a buyer and many could end up buying a policy from a provider that does not seem as great as it promises. Hence, make sure to research well about the insurance provider before you settle on any policy. Check their websites and read about the different health insurance product they have to offer. Also, read the feedback they've received on any of their popular products by experts and current users.

Coverage provided by the policy -

When looking for an individual health insurance plan you need to select a plan that offers you maximum coverage. Policies normally offer cover for pre and post hospitalization, room rent, surgery, cover for per-existing diseases, in-patient cover etc. You need to compare different policies and analyze which offers you the most comprehensive cover. A few polices also offer advanced cover like cover for day care procedures,accident cover, cover for out-patient charges etc. So check these aspects and make a suitable choice.

Cost of the policy -

The cost of the premium mostly depends on factors like the sum assured chosen, the plan taken and the age of the insured. You need to ensure that the sum assured chosen by you is aptto fulfill your needs. Selecting a high sum assured can turn the policy to a financial burden and selecting a low sum assured will not give you adequate cover. Buying individual health insurance online is a great idea as you can avail discounts on the premium amount. This is how policy providers tend to encourage customers to increasingly opt for the online mode of purchasing a policy. The higher the discount on the premium, more affordable the policy is.

Claim settlement record of the provider -

The litmus test of the effectiveness of a policy is when the time for claim settlement arises. This process can either gain the trust of the customer or disappoint him forever. Hence, you need to check the claim settlement process of the policy. Check the number of formalities and procedures you'll need to follow to get the compensation. Many individual health insurance policies today offer cashless facility to reduce the claim settlement hassles.