Medical emergencies are one of the many unknowns in life. Due to India’s rising healthcare costs, purchasing a health insurance policy is recommended.
However, with so many choices, it might not be easy to choose an insurance plan that will be ideal for you. The following list of factors will help you choose the ideal health insurance coverage for you and your family:
Age
Age is an essential determining factor when choosing insurance. The age of the family members who need to be insured should be considered when buying medical coverage. The premium insurance price would be based on the age of the oldest family member.
The right combination of premium and coverage
Purchasing policies with the lowest premiums can be enticing. If a policy has a lower premium and offers comprehensive coverage at a price you can afford, that policy may be a suitable choice. But choosing a policy only because of its lower premium and at the expense of insurance coverage is foolish.
Ideally, you should shortlist a few policies based on the coverage offered. And then, use a health insurance premium calculator to find out their premiums. This will help you select a policy that has a lower premium but also offers better coverage.
Waiting period
The insurer typically imposes a waiting period of 24 to 48 months, during which they will not accept any claims arising from pre-existing conditions or specified illnesses. The duration of the waiting period depends on the insurer and the insurance plan you have chosen.
This waiting period will be applied to any pre-existing conditions a person may have before purchasing the insurance.
Cashless hospitalization
Health insurance companies partner with network hospitals so insured individuals can receive cashless care in a medical emergency. This helps you to avoid having to complete the tiresome documentation that is necessary for admission and claim.
It will be beneficial if you ask your insurance for a list of empanelled hospitals and know all the network hospitals in your area.
No claim bonus / no claim discount
No Claim Bonus (NCB) is also referred to as a Cumulative Bonus. It refers to the discount the insurance provider provides for each year you have gone without making a claim. For every year without a claim, your coverage amount is enhanced when following policy renewals.
Preventive health check-up
The price of screening for cancer, MRIs, and other preventive medical procedures has increased. If your health insurance coverage already covers these tests, then you should do it. Make sure to examine the coverage limit of annual preventive health check-ups when choosing a medical insurance plan.
Clause of co-payment
This phrase needs to be more understood when individuals are making purchases. You would have to pay some portion of the total amount at the time of a claim, with the insurer covering the remaining sum. Therefore, before you sign your medical insurance policy, make sure there are no co-payment provisions that could reduce the amount of your claim.
Claim process
Examine the terms of the policy, then follow the steps required by the insurance provider when filing a claim for medical coverage. When it comes to resolving health claims, a straightforward claim process is advantageous.
To sum up
Medical and surgical costs for an insured person can be covered by health insurance. As soon as you can afford it, you should purchase online health insurance, which is easier than the traditional offline method. Health insurance not only works well to cover expenses in the future, but it also provides financial comfort in the present because you can claim a tax deduction.
“As Insurance is a matter of solicitation its recommended to obtain complete information about the exclusions, benefits, terms & conditions and limitations of the insurance. Kindly carefully go through the sales policy/brochure before opting for any Insurance.”
