Health Insurance is one of the most essential insurance policies to have considering Health policies are crucial due to rising medical costs because it is assured that they are financially independent and well taken care of in the event of critical illness. Secure a separate policy for stability. Understand key aspects for a suitable medical insurance plan.
Choosing a medical insurance plan can be complicated. However, knowing what the plan should definitely include can make your job easier, Read on as we discuss health insurance benefits and also the things to keep in mind when hoping to buy the best health insurance in India.
Top 10 Important Things To Look For While Buying A Health Insurance Policy
1- Age Criteria:
- Family floater premiums depend on the eldest member's age.
- Policies may have entry age limits (e.g., 91 days to 60 years).
- Some plans have no restrictions on entry age.
2- Premium and Coverage Balance:
- Avoid policies with reduced premiums compromising coverage.
- Check for co-payments, deductibles, and sub-limits that may affect claims.
- Choose affordable plans without compromising benefits.
3- Waiting Period Clause:
- Waiting periods vary (24 to 48 months) for pre-existing and specific illnesses.
- Choose plans with shorter waiting periods for timely benefits.
4- Cashless Hospitalization:
- Check for network hospitals offering cashless treatment.
- Simplifies claims with direct payment to the hospital.
5- Pre and Post-Hospitalization:
- Ideal plans cover pre and post-hospitalization expenses.
- Includes ambulance charges, medical tests, medicines, and doctor fees.
6- Maternity Expenses:
- Choose plans covering maternity expenses with a reasonable waiting period.
- Confirm coverage for newborns and check associated limitations.
7- No-Claim-Bonus/Discount (NCB):
- NCB increases coverage for claim-free years.
- Verify the NCB limit specified by the insurer.
8- Preventive Health Check-up:
- Opt for plans covering preventive health check-ups.
- Check coverage limits for screenings, MRIs, and other preventive measures.
9- Co-Payment Clause:
- Co-payment is the percentage paid by the insured at the time of a claim.
- Evaluate plans with minimal or no co-payment, especially for pre-existing conditions.
10- Claim Process:
- Research and understand the health insurance claim process.
- Choose an insurer with a reputation for seamless claim settlement services.
- Read policy wordings and customer reviews for insights.
Conclusion:
Choosing the right health insurance is for financial security. Assess your needs, prioritize adequate coverage over the lowest premium, and prefer family plans. Ensure lifetime renewability, compare quotes, and check network hospitals. A high claim settlement ratio and an understanding of policy terms enhance the benefits. Utilize tools like calculators for informed decisions, emphasizing preventive care.
FAQ's for Key Before Buying a Health Insurance Policy
Question: What is the first step when considering health insurance plans?
Answer: Choose between individual and family floater plans. Family floater plans are often preferred, covering multiple family members at a lower cost.
Question: Why is it essential to consider the coverage amount when selecting a health policy?
Answer: Medical expenses are rising; hence, choose a plan with maximum coverage to meet your health-related expenses effectively.
Question: What is the co-payment clause in health insurance, and why is it important?
Answer: Co-payment involves bearing a percentage of the claim amount. It's crucial to understand and agree with this clause, as it affects the out-of-pocket expenses.
Question: Why is checking the hospital network important when getting health insurance?
Answer: Ensure the listed hospitals align with your health needs. Verify if they provide adequate facilities for your specific requirements.
Question: What do pre/post-hospitalization expenses cover in health insurance?
Answer: These expenses include costs during hospitalization and fees after discharge related to the treated ailment. Hospitalization for at least 24 hours is necessary for making a claim.
Question: Why is it important to check for maternity benefits in a health insurance plan?
Answer: If you plan to start a family, ensure your plan covers maternity benefits. Check for waiting periods, sub-limits, and any exclusions related to maternity cover.
Question: What is the waiting period for pre-existing illnesses in health insurance?
Answer: If you have an existing illness, there's a waiting period (typically 2 to 4 years) before you can claim the policy amount for related medical expenses. Look for policies with shorter waiting periods.
Question: Why is lifetime renewal important in health insurance?
Answer: Choose a policy without age limits for renewal, especially if covering elderly family members, ensuring continued coverage in old age.
Question: Why should you compare premiums when choosing a health insurance policy?
Answer: Use online tools to compare premiums against benefits to avoid overpaying for lesser claims or vice versa.
Question: What additional advice is given for selecting a health insurance policy?
Answer: Thoroughly research available policies, considering your family's needs, to find the most beneficial coverage.