12 Vital Tips That Will Help You Keep Confusion at Bay While Buying the Best Health Insurance Policy in India
12 Vital Tips That Will Help You Keep Confusion at Bay While Buying the Best Health Insurance Policy in India
Navigating the world of health insurance can be particularly daunting if one lacks previous buying experience. Health care is expensive and there exist a number of health insurance policies which target varied groups based on a number of criteria. These criteria pertain to an individual’s age, family structure and the number of dependents they might have. Certain health insurance policies are targeted towards individuals with particular diseases like diabetes or cancer.
The following suggestions provided below seek to shed light on what to consider prior to selecting the best health insurance policy for a given individual.
Selecting the Right Coverage- Individuals ought to select health insurance plans which provide funds against a vast range of medical issues and provide appropriate benefits. This includes covering pre and post hospitalisation charges, transportation and day-care fees. An individual must consider their medical requirements and what they would most likely need insurance for. They should choose a plan which would help offset their most pressing medical needs.
Choosing an Affordable Plan- Availing health insurance is an expensive task especially since it is a recurring expense. Young adults with no pre-existing conditions should select affordable plans that have a decent number of benefits. With time they can add to these plans and enhance them based on changes in their family size, increased spending capacity and most importantly, their medical requirements.
Comparison is Vital- Prior to investing in a health insurance plan it is vital that the individual in question first shops around in order to determine what policy serves them best. The internet can be a useful tool in this regard as it can be used to compare different policies presently available in the market. Furthermore, it is possible to ask for a quote pertaining to a given policy and determine the estimated premium on the same.
Considering the High Claim Settlement Ratio- Always consider this ratio which explains how many claims a given insurance provider has settled keeping in mind the total number of claims they have received for a given period of time. A general rule of thumb when selecting healthcare insurance is to select an insurance provider that has a high claim settlement ratio. This can inspire trust in the policy and company selected.
Determine how many hospitals Are Covered- After considering a number of health insurance policies and setting a few aside, an individual must check and clarify whether their preferred doctors and hospitals are included in the insurance’s hospital network. This is important as an individual might have a better relationship with a particular doctor in a specific location rather than a random one available under a given insurance policy. Insurance companies that cover a broad gamut of hospitals should be the preferred choice.
Lifetime Renewability is Important- Prior to investing in a given healthcare insurance policy, determine the length of its renewability and whether it can be renewed for a lifetime. Policies which offer lifetime renewability are superior since the need for health insurance increases with age. Moreover, selecting a plan with limited renewability can increase overall expenses in the future when it ends, and a new plan needs to be availed of.
Who is Included in Your Plan?- Unless a given individual does not have an immediate family they need to support, they should consider purchasing a family health plan. These plans allow for policyholders to avail of a number of benefits at an affordable price.
Age Criteria- Always consider the age of the individual in question who needs to be insured, prior to selecting a medical policy. Varied policies have varied rules pertaining to age. Some family health insurance policies for instance consider the eldest family member’s age prior to determining the premium they pay. Different plans have different requirements for what age group qualifies to avail of their insurance policies. Further, some policies only allow for dependents to be a certain age or younger in order to avail of benefits. That being said, some health insurance plans do not have any restrictions on the age at which an individual is eligible to apply for insurance.
Waiting Period Clause- Understanding a given health insurance policy’s waiting period clauses prior to buying them is important. This is because waiting periods stipulate the time during which an individual cannot avail of certain benefits the policy provides, when they first avail of it.
Understand the Policy’s Co-payment rules- Co-payment refers to the amount of money which a policy holder will bear in the event of being hospitalised. By making this payment, they are charged with a lower premium. It is important to understand that the sum insured does not alter in the event that such scenarios arise. Instead, it remains the same. Prior to investing, individuals must go over their selected insurance policy with a fine-tooth comb such that they aren’t caught unawares at a later stage.
Are Maternity Expenses Covered?- Delivering a child is an expensive process and if an individual plans to give birth they must consider a health plan which includes the medical expenses associated with it. Most insurance plans that cover maternity expenses only provide the insured with benefits after a waiting period of 2 to 4 years. If an individual knows they plan on having a baby within the next 2 to 3 years, they should make appropriate health insurance decisions and avail of them accordingly.
Always consider the No Claim Bonusa given health insurance policy provides and select the one which provides the maximum benefits.
Individuals must consider the afore mentioned points prior to investing in health insurance such that
they can avail of maximum benefits and keep their expenses to a minimum.
Disclaimer:
The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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