Health insurance is among the most crucial insurance policies you can have in view of the increase in the incidence of health issues in the early years and the present climate. Additionally, the staggering medical costs put an unambiguous emphasis on the necessity to have a medical insurance plan.
There are a various health plans available in India, from individual plans to family floater and senior citizen health insurance. So, you need to assess your requirements first and then purchase a health plan.
Here are 10 tips to help you choose the best health plan: –
1. Read the policies, compare them and go through Policy’s coverage
When it comes to selecting the appropriate health insurance policy it is essential to choose one that offers the most benefits.
Some policies cover the treatment of many kinds of illnesses, with the addition of:
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- Sum Insured option available with Refill option
- Waiting period for Pre-existing illness
- Pre and post hospitalization expenses
- No room rent capping
- ICU Room rent
- Complimentary Annual Health check-ups
- Road ambulance charges
- No claim bonus
It is also advisable to compare policies available to determine the policy that is most suitable for your requirements. Other advantages you need to look for include:
- Daycare procedures covered
- Cover surgeries like Bariatric Surgery
- Critical illness coverage
- Home hospitalization coverage
- Maternity Coverage
- Organ donor expenses
- Domiciliary care
The affordability is one of the primary things to consider when selecting the best health insurance plan. While it is important to pick the plan with the highest coverage, you’ll have to ensure that it is within your budget too.
Your budget is among the most important factors to take into consideration when selecting a policy. You must ensure that the costs you pay for the insurance are reasonable and don’t put a financial burden on your to bear.
2. Look for the right coverage
Choose a health plan that secures you against a wide range of medical problems, and provides benefits including pre and post hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family’s medical history, etc.
If you are buying health insurance for your family, check whether the policy meets the needs of each member of your family.
Consider your requirements, compare plans on benefits and costs, and apply a little due diligence to choose a plan that caters to your needs.
3. Keep it affordable
Budget is a hugely important aspect when buying health insurance. But, you should consider the plan benefits before you consider the price of the plan.
It is a wise decision to buy a reasonably priced health cover at the start to ensure you are covered properly and the premiums are also affordable.
With time, you can review your plan and increase cover appropriately with the rise of income, family size, and requirements.
4. Prefer Family Floater over individual health plans
Individual plans are ideal for people who don’t have a family member to support.
You are buying health insurance with your family members in the forefront, you should consider purchasing the family health insurance plan to get the most benefits for lower costs.
5. Select a plan with renewal for life
If you purchase an insurance plan for health, be sure to inquire about the number of years that the plan covers or whether it provides only limited renewal options or not.
Because you’ll require an insurance policy the most when you reach the end of your old age. Thus, it is recommended to select health plans that offer renewal for life.
6. Compare quotes
It is possible to compare different health insurance options online or offline to make sure that you get an insurance policy that is tailored to your requirements.
You can even request an estimate’ online, by entering your information on the site and receive an estimate of the premium for your plan. Gather the top quotes and then review them before making an agreement.
7. Hospital coverage by Network hospitals
After you have selected a health insurance plans make sure that your preferred doctors and hospitals are part of their network of hospitals.
Make sure you choose an insurance company with a large network of hospitals throughout the globe.
8. Cashless Claim settlement facility
Cashless treatment is among the main benefits that are provided in a health insurance policy. This benefit means that the insurance policy pays for charges incurred the course of hospitalization.
With cashless treatment plans insurance policies cover your medical expenses directly to the hospitals covered under it.
To maximize the benefits of your insurance policy, you’ll be required to verify the network hospitals that are covered by your insurance company.
9. Minimal documentation and a Simple Claim Procedure
While it could seem trivial the requirement for documentation is one of the most important elements. It is essential to find the policy provider who requires minimum documentation as it eases the process of submitting an application to a large extent.
Additionally in choosing a health plan the claim settlement process should be reviewed on your behalf.
10. High rate of settlement for claims
The ratio of settlement for claims is the percentage of claims that are settled by the insurance company on the basis of the total claims they received. Choose an insurance provider with a high percentage of settlement.
Utilize these suggestions to maximize the benefits you get when purchase Mediclaim insurance policy.
It’s an investment you’re making to shield your financial burdens of high medical costs. Make sure that you maximize the benefits of it.