Life is unpredictable, and you may never know when you will end up in a hospital due to medical problems. Looking at the current price index, health insurance plans have become one of the best solutions to cope with increased medical expenses. Health Insurance is a powerful shield that protects a person’s savings by providing financial coverage for unseen expensive medical emergencies. However, with so many companies selling health insurance plans, choosing the right one makes a huge difference. While buying the right health insurance policy can be overwhelming, some things are worth considering before narrowing down on a health policy.
This article enlists eight things to consider while purchasing health insurance:
1) The criteria of age:
Age is one of the most crucial factors that must be considered when deciding on a health insurance policy. For example, it is highly recommended that when purchasing a health insurance plan, you keep the age of the family member in mind.
In addition to this, don’t forget to check the age criteria when researching different health insurance plans. For instance, you can come across some health insurance coverage plans having a minimum age limit set at 25 years and a maximum entry age limit of 50 years. However, there are also health plans that don’t impose age restrictions. So, consider your requirements and choose the health plan accordingly.
2) Know the covered health care expenses:
Different types of health insurance policies cover different types of health care expenses. Knowing what medical expenses are covered under what health plans is always better. For instance, the best health insurance in India reimburses both pre and post-hospitalization expenses. Usually, ambulance charges are costly, especially in a medical emergency. So, check if ambulance charges are covered. If your family member needs alternative therapies, then ensure these are covered in the health policy.
Apart from this, many people ignore the maternity benefits of a health insurance plan. However, with the cost of delivery, maternity care expenses are already skyrocketing. So, it is better to have an insurance plan that reimburses maternity expenses.
3) Health insurance company and claim process:
Several insurance companies claim to provide maximum health expense coverage at a low premium. Don’t fall for such traps, as these are usually red flags. The best health insurance company in India will always have a decent reputation and the necessary license to operate in the health insurance industry. To find out more about a particular company, you can ask for testimonials from past customers or read reviews online. Check all terms and conditions of a health insurance plan and go through the claim process followed by the insurance company. The simpler the claim process, the faster the settlement of the claim will be.
4) Co-payment clause:
A co-payment is the percentage of the amount that an insured must pay at the time of a claim, and the remaining amount is to be paid by the insurer. Although co-payment health insurance policies cost less, the amount offered as compensation is also less. So, study this particular clause in detail if you are opting in.
5) The waiting period clause:
The best health insurance plans in India generally have a waiting period clause. This clause specifies that an insurer will accept no claim arising from the insured’s pre-existing illness or particular diseases during the waiting period. Usually, the waiting period lasts from 24 months to 48 months. Also, an insured will be allowed to claim the benefits only after the completion of the waiting period. Therefore, choosing a health plan with a minimum waiting period is always better.
6) Check for exclusions:
When buying a health insurance plan, many people look for inclusions but frequently forget to check the exclusions. The conditions against which a claim can’t be made by an insured are referred to as exclusions. Uncovering exclusions can result in claim rejections when you need them most. Therefore, it is vital to check the medical conditions and expenses excluded from a specific health plan to know in case you are missing out on the coverage for medical treatment you think your family might need in the future.
7) Policy premium and sum assured :
You might find it lucrative to buy the health insurance plan with the lowest premium. However, the health plan at the lowest premium might not assure the sum required by you. The best health insurance policy will always offer maximum coverage at the premium you can pay. The great approach to buying the right insurance policy is to look for the reason behind a lower premium. Just see that reduced premiums should not be offered at the cost of health insurance coverage.
8) Benefits of Cashless Hospitalization:
Almost all health policy providers collaborate with network hospitals where insured members are allowed to have treatment with cashless payment for any health emergency. Buying health insurance plans from such companies saves a person from the paperwork requirements during the time of admission and claim. In addition, the insured sum is paid by the insurance company directly to the hospital. So, you do not need to arrange for the required funds or file the claim. However, it is always better to go through the list of these network hospitals to check for reputation. Also, check the number of hospitals an insurance company has partnered with. The more hospitals collaborate, the easier it will be for you to access cashless hospitalization treatment.
Numerous health insurance policies across several categories are available in India. This huge variety can make it difficult to buy the right health insurance plan. These eight things will help you choose the best health insurance plan. Always compare benefits, features, payable premiums, and sum assured to arrive at the right health plan option. Medical expenses are one of the major contributors to personal bankruptcy and can be expensive to cover with high-deductible health plans. Buying the right health insurance plan makes a huge difference in the long run.
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