Health insurance plans are insurance products designed to cover your medical expenses in case of hospitalization or critical illness. Unlike other health plans, which provide coverage for only the medical bills, a health insurance plan can provide coverage for other medical procedures and treatments, depending on your need. Medical treatment procedures in complex ailments such as cancer are costly and can continue for many years. To cover these costs, people sometimes end up taking loans, or even selling or mortgaging their assets. A health insurance plan bought early on in life will provide sufficient financial coverage if such a situation arises.

Health plans can provide coverage to your family members. Make sure you are selecting a plan with sufficient coverage as premiums are not directly proportional to the coverage amount. Here are three simple steps to choose a health insurance plan

1. Choose the amount of Insurance Cover (sum insured) you need
2. Choose the maximum coverage age as there are chances of contracting a critical illness in old age too
3. Arrive at the premium amount basis your age, gender, chosen Sum Insured and Maximum Coverage Age