A good health insurance policy is required to control the rising treatment expenses amid spreading new diseases. Here are 9 important things to know before taking a health policy.
Rapidly spreading diseases and increasing cost of treatment have made it necessary to take an effective health insurance policy. The health insurance policy helps you to face medical emergencies through reimbursement of medical expenses, and you do not have to lose your property to pay too many hospital bills. But, one question that always confuses people is how to choose the best health plan, especially when a variety of schemes are available.
Checking features, limitations, inclusion and policy types can prove to be a difficult task. To avoid such a timeconstraint, many people buy health insurance policies that they do not know the details of and later it becomes a source of trouble for them. Below are some useful tips that can help you choose the right health insurance policy:-
Health Insurance Policy Coverage
When you decide to choose a health insurance plan, you should first evaluate the health needs of yourself and your family. After considering possible health needs in future, you should choose a health insurance scheme or health insurance plan that can provide maximum coverage for various medical problems. You can choose a health insurance scheme that provides emergency transportation, daycare expenses, coverage before and after hospitalization, critical illness protection, etc. If you are buying a health insurance scheme for your family, decide that the policy provides the necessary cover for each member of the family. It has always been advised to buy a policy that, if you live in the city, provides a total insurance amount of at least Rs. 5 to 7 lakhs.
Claim Settlement Ratio of Health Insurance Policy Company/Insurer
It is very important that you choose an insurance company with the highest claim settlement ratio. Comparing the total number of claims received by the insurance company with the number of claims settled is called claim settlement ratio. If the claim settlement ratio is low, you may face difficulty in getting money in case you claim. The high claim settlement ratio indicates that the claim process will be expedited and without any hassle.
Health Insurance Policy Network Hospital (Cashless)
Cashless service ensures that you do not have to pay the bill out of your pocket. The hospital bill will be settled by the insurance company. Though cashless service is provided by most of the companies, not all hospitals are included in their network. So, you should check the hospitals which have been included in this service and make sure that the big hospitals around your home are included in it. It is worth noting that many insurers also provide treatment coverage in non-member hospitals, but this is done on reimbursement basis subject to terms and conditions.
Comparing Health Insurance Policy Rate (QUOTES)
Health insurance policies can be compared online. This can help you choose the insurance policy as per your needs. You can compare health insurance rates on many thirty-first websites. On entering the relevant details, the premium to be paid is known.
Health Insurance Lifetime Renewal (Lifetime Renewal)
Lifetime renewal is an important factor that must be considered. You should check for how many years that policy is valid. By opting for lifetime renewal, you will be able to continue the same plan even after crossing the age limit.
Health Insurance Policy Family Plan
If you want to provide cover to your family, choose the Family Health Plan. The Family Healthy Plan can be chosen at a lower price (affordable price) with maximum benefits.
Health Insurance Policy Premium Cost
While it is always beneficial to get a policy with a total insurance amount of your choice at a lower premium (affordable premium), the cost of the policy should not be considered only while choosing the plan. You should also consider other important things like the insurer’s claim settlement ratio, policy features and benefits, comprehensive (comprehensive) security, etc.
Checking Health Insurance Policy No-Claim Bonus
If no claim is made during the policy year, many insurers offer fixed no-claim bonus. This NCB is added to the total insurance amount for the next policy year at no additional cost. The NCB facility is a very good way to increase your security limit, and, therefore, it must be considered while taking a medical policy.
Health Insurance Policy Other Riders
You should also consider other important riders such as waiting period for pre-existing medical conditions, list of inclusion and exclusion in covered treatments, reimbursement for treatment in non-member hospitals, no claim percentage (total sum assured) and limit, mandatory medical check-up etc.
When you buy a health insurance scheme, you can use the tips above. This will help you make the right decision and decide that there is no problem in the claim process.