Introduction:
One of them is medical emergencies. With the rising cost of healthcare in India, buying a health insurance policy has almost become an inevitable task.
However, this abundance of options may confuse the search for the right insurance policy that would work perfectly for you. Here is the 10 things that you can consider for the best health insurance plan for you and your family:
1. Age:
There would be immense relevance to age while deciding any health insurance. Age is always considered at the time of policy purchase keeping the family members in need of protection in view. There could be a situation in which there is a case of a family floater, and the premium payable depends on the highest-aged member of the family.
That is, another criterion one would look at when trying to buy a health cover would be the age limitation. Some health plans have the minimum entry age up to 91 days. The maximum entry age goes up to 60 years. Again, there will be some plans that could have the minimum age restriction at 25 years up to a maximum of 50 years. The best thing is that there are plans with no restrictions on the age of entry, so you get a chance to pick what suits your needs.
2. Combination of Premium and coverage:
Buying a health insurance with the lowest premium can be profitable. There is also two sides of the coin here. Lesser premium policy might be a good one, but then it is only if that is offering you an extended coverage at the premium that you can pay. The other aspect is the lesser premium at the cost of insurance coverage. So, the best way is to look for the reasons behind a reduced premium, as it should not be at the cost of the insurance coverage. You must buy a policy that covers you sufficiently, without diluting the benefits and at a premium you can afford.
3. The Waiting Period Clause:
If you are aware of the waiting period clause then you will be better placed to make the decision. The insurer would not accept any claim which is related to pre-existing illnesses or specific illnesses in that time frame. And it could range from 24 months to 48 months, depending upon the insurer and the plan that you have opted for. Also, the benefits can be claimed only after this waiting period gets over. For pre-existing conditions like thyroid, blood pressure, diabetes, etc., prevailing even before the policy purchase date, this waiting period will apply. Also, certain specified treatments and diseases such as arthritis, varicose veins, cataract, etc., shall have waiting periods.
4. Cashless Hospitalization Benefits:
Health Insurance companies primarily have tie-up with the network hospitals where an individual can avail cashless treatments in case of a medical emergency. It saves you from a tedious paperwork that’s done at the time of admissions and claims. Another benefit is that sum assured is paid directly to a hospital by the insurance firm.
So, you do not need to make arrangements for funds, and then file for the reimbursement. It will also be helpful if you could check with your insurer on the list of empanelled hospitals and know what all network hospitals are there in your vicinity.
5. Pre and Post Hospitalization:
Most health plans do cover medical expenses incurred for the time period of staying in a hospital. Opt for a plan that also encompasses expenses made before and after entering the hospital to save one from costs incurred on ambulance, medical tests, medicines, doctor’s fees, and so on.
6. Maternity costs should be covered:
The maximum number of people commit an error by not considering the maternity benefits available in health insurance. If the sky-high cost of delivering is running, then it shall make a better option if a maternity expense is also included as part of a health policy. Normally, 2 to 4 years pass before the benefits can be claimed. For example, if you are going to marry or are going to start a family, say after three years then a plan with a waiting period of 2-years would be perfect for you. Select a plan that covers the cost of medical care for the newborn baby, other than the delivery. Also, do not forget to check the limitations attached to it.
7. No-Claim-Bonus/No-Claim-Discount:
NCB stands for the discount provided by the insurer for all the years in which you haven’t made a claim. It means that your coverage amount increases at the time of renewals of subsequent policies for all the claim-free years.
However, most health insurance provides do specify the NCB limit. And the rise in the sum insured would depend on the limit specified by the insurer.
8. Preventive Health Check-up Facility:
Even the costs for preventive health check-ups regarding cardiovascular diseases, cancer screening, MRI, etc have been hiked. When it comes within your health insurance coverage and your insurer pays for that then why not to take up that? That surely is going to help save a few dollars there. The bottom line while finalizing upon the medical insurance cover also ensures that you keep the limit of preventive health check-up coverage in place too.
9. Co-payment:
Many people find this term confusing and tend to ignore it at the time of purchasing a mediclaim. But basically, it is just the percentage of the amount you would need to pay at the time of claim, and the rest will be paid by the insurer. Therefore, before signing your mediclaim policy check whether there is any co-payment clause applicable that may hamper your claim amount. If possible, buy a plan that does not have sub-limits. However, if you have any pre-existing medical issues or have crossed a certain age limit most insurers would have a co-payment clause.
10. Claims Process:
Check the policy wordings and go through the health insurance claim process followed by the insurance company. A smooth claim procedure is a boon at the time of settling health claims. You can do some research, read customer reviews online, and choose a health insurance provider that is known for its seamless claim settlement services.
Conclusion:
So, we can say that there are few things you should remember while purchasing health insurance, which includes, never hide any important information with your insurance company, declare your medical history correctly while purchasing a health insurance plan, read all policy wordings in detail and clear your doubts with the insurance company before you buy that policy, choose the best health insurance company, choose a plan that meets the needs of you and your family members.