We live in an age of uncertainty! Nothing is permanent and things will change and won’t wait for your approval no matter how influential you are! And one of the things among it is a medical emergency – it will strike when it has to, and if you are not financially well off, it may land you in soup.
That’s where the importance of a health insurance policy matters to provide you financial coverage to pay off your medical bills and more during an emergency. However, when it comes to choosing a best health insurance plan, most of the people commit a mistake as they don’t consider many factors at their end.
Here are some vital considerations to make while zeroing in on health insurance plans.
1. The cover size
Paying a premium and its size should not be the only factor while buying a health insurance policy as it’s the coverage of the policy that counts in the long run. Hence, you should consider a policy that offers you maximum coverage at a lower premium cost. If a policy covers 10 diseases at a premium of Rs.9000, and if a scheme covers 15 diseases at Rs.12,000, then you should go for the latter. People go for a cost-effective policy with a lower premium but that may not work in the long run. Diseases won’t come as per your policy coverage and hence, bigger the coverage, better!
2. Claim settlement ratio of the insurer
While deciding to buy a health insurance policy, one of the major factors that one needs to consider is the claim settlement record or percentage of the insurer. You should see how many claims have your service provider settled against received ones. It can help you get an idea if your claim could be accepted or rejected in the future. Thus, always opt for a company that has a higher percentage of settling claims.
3. What the exclusions are
Always know what are all excluded in your health insurance policy as not all diseases would be covered in a plan. As a result, take some time out, and read the terms and conditions of your health insurance policy. Most of the conventional plans may not include alternative treatment options such as Homoeopathy and Ayurveda. The best thing would be to compare all plans on a third-party website and opt for the best health insurance plan.
4. What about the hospital network
Medical emergency won’t give you much time to pay attention to other aspects. Thus, it is always better to find if your insurer is associated with hospitals near you. It would also be worth considering if there is a cashless facility available in your policy or not. You should also know if there is a reimbursement option available if you avail the services of a hospital out of the coverage of your policy.
5. Is your policy offering portability?
While deciding on your health insurance policy check if it offers portability or not. Portability means changing your health insurance service provider without losing waiting period advantages of the existing plan. Ensure that the portability is free so that you need not pay the penalty later.
The Bottom Line
Availing the best health insurance policy to make it work up to your advantage is fine if you consider some points before buying health insurance it. Since you are now aware of those relevant points, it would help you subscribe to good health insurance plans.
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