"Key Factors to Consider When Selecting Health Insurance"

India is a huge country with a population of 1.366 billion, with the increase in the population health insurance levels also increased according to a recent survey made by Healthcare Care Services 76% of the people are health insurance holders in India, insurance can be defined as the arrangement in which an individual or entity pays premiums to the insurance company in the exchange for a promise of compensation as known as coverage for any specific loses, it can be illness, damages or any liability, the main purpose is to financial protection against any unheard unimagined damages or events that could make any person financial hardship. There are many types of insurance policies like health insurance, general insurance, and vehicle insurance, health insurance is the most common insurance policy that is taken by people around the world, it secures and insures the person who requires money for their health checkup.

The key compounds of insurance include a policy, premium, coverage, underwriting, and risk pooling and claim, there are two types of policies short-term and long-term policies, short term policies can last for a year or two whereas long-term police might go for more than 4 years or it can be more and it depends on the policy which a person is taking. In India, most people have medical insurance for medical services like maternity and childbirth, emergency accidental services, and chronic diseases as they are the most dangerous and expensive services in the entire world, and there will be always a question of how a person can choose a good health insurance policy there are some certain components to be noted

while getting health insurance and they are given below :

• Policy: This is the first step to be noted while taking the insurance, in simple terms, it’s the contract between the insured and insurer that gives a detailed description of the terms and conditions, what risks are covered, and how much the premium must be paid.

• Premium: The amount of money paid by the insured to the insurer at regular intervals (it can be monthly or annually ) in exchange for insurance coverage.

• Coverage: The protection provided by the insurance policy against specified risk, this can include protection against loss of life, damage to property etc .

• Underwriting: This is the process where the insurer evaluates the risk possessed by the insured and decides whether to provide coverage and at what premium rate .

• Risk pooling: Insurance works on the principle of risk and without risk, there will be no insurance can be received .

HOW TO CHOOSE THE RIGHT HEALTH INSURANCE POLICY :

Choosing the right health insurance policy requires careful considerations and several factors must be taken some of the steps are given below mentioned :•Assessment of your healthcare

• Coverage options

• Coverage limits

• Networks of the hospital

• Premium costs

• Waiting period

• Additional benefits

• Customer review and services

• Renewal Terms

• Assessment of your healthcare: This is the first step to be taken by the person who is seeking the insurance he/she must take a proper assessment of their health and then they should take up any health insurance.

• Coverage options: There must be insurance coverage options, the main factor that must be considered is how much insurance can be covered there are different types of coverage including individual coverage and it can family coverage. Before choosing the insurance

this factor must be considered.

• Coverage limits: There must be a proper review of the insurance coverage limit as it’s a very important factor to be noted.

• Networks of the hospital: Before taking the insurance the main thing that must be considered that the insurance can be claimed in different chains of hospitals or not .

• Premium costs: Premium cost plays a major role as it decides how much coverage can be done and how far it can be claimed .

• Additional benefits: Every person must be aware of the additional benefits that can be claimed .

• Customer review and services: Before taking up insurance, reviews must be considered .

• Renewal Terms: Everyone should be aware of the renewal terms and conditions of the insurance policy .

Conclusion

Health insurance is really important because it helps you pay for medical expenses when you need treatment. When you pick the right insurance, you make sure you can afford visits to the doctor or hospital without worrying about how much it will cost. Think about what kind of medical care you might need, like check-ups or treatments for illnesses. Check if the insurance covers those things and if it lets you go to hospitals or doctors you trust. It's also good to compare prices so you know what you're paying for. Having health insurance gives you peace of mind, knowing you're protected if something unexpected happens to your health. Don't forget to review your insurance once in a while to make sure it still fits your needs.