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Health Insurance 3222 views July 7, 2019
Best Health Insurance Policy Provider Company in India – How to Choose It?
When it comes to health insurance, many people ignore the impact of securing insurance from the wrong insurer. After every few years, the Insurance Regulatory Development Authority of India (IRDAI) comes forth with new guidelines to ease the claim consideration and settlement. This has resulted in a number of insurance companies introducing and launching new health insurance plans promising better coverage at affordable rates. In addition to basic features, some health insurance companies have added inbuilt features including restoration of the sum insured or provide necessary medical opinions to policyholders, thus, adding to the existing policy benefits.
Choosing the right health insurance plan can be tricky. However, keeping the following points in mind can help understand the right kind of insurance best suited to our choice and needs. Some of them include:
Table of Contents
Background of the Insurer
The purpose of buying health insurance is to offset the costs towards hospitalization expenses and medical treatment, if and when required. With nearly 22 insurance companies offering their services through health insurance plans at differing rates, it is important that you carry out adequate research about the companies, the kinds of insurance products that they sell, the claim settlement ratios of the companies in question, coverage offered and the premium rates charged by them.
Age of Renewal
It is common to renew health insurance plans after a certain period. Renewal age plays a significant role when it comes to choosing the right kind of insurer. There are health insurance policies that come with a renewal age of up to 70-80 years. Age spares no one, which means that most people are susceptible to falling ill, when old. With multiple insurance policies offering maximum renewal period, policyholders are often relieved from renewing policy midway, thus, ensuring prolonged benefits.
More than the premium rates, there are other factors that must be looked into while opting to buy any kind of insurance plan. However, comparing the premium rates corresponding to each insurance plan is not a bad idea. If premium cost is your primary concern, then there is no harm in opting for an insurer that provides services similar to the kind you are looking for at affordable charges. However, make sure that the plan you are opting for meets your health insurance needs lest you realize that you had been paying for a plan that has served no purpose in the end.
Consider the sub-limit options
Health insurance companies tend to limit their liabilities by imposing sub-limits in their plans. Health insurance plans are bought to cover against financial expenses on hospitalization and medical treatment. The cover amount paid by the insurer is a part of the original policy limit. To protect their monetary interests, some insurers impose a sub-limit on the cover amount beyond which they refuse to pay and the charges are borne by the policyholder. Health insurance plans sans any provision of sub-limits are costlier than plans with sub-limits.
Co-payment clause
Not many are aware of the co-payment clause included by insurers before signing the policy. According to the co-pay clause, the insured or the policyholder agrees to bear a part of the expenses from his or her pocket and the insurer does the rest. For example, your insurance company has included a co-pay clause of 10 percent and the medical expenses round up to Rs 100,000 at the time of making the claim, then the insured will have to shell out Rs 10,000 from his pocket as part of the clause. The rest Rs. 90, 000 will be borne by the insurer company.
Waiting Period
Health insurers are a bit apprehensive about ensuring clients suffering from pre-existing disorders fearing innumerable claims. For this, many health insurance companies defer health check-ups or treatment of pre-existing disorders to a certain time period after which the insured can make a claim for medical treatment or expenses on hospitalization. It is advisable to opt for that insurer that promises least waiting period for specific diseases.
No Claim Bonus (NCB)
Buying health insurance does not mean that the insured would file a claim each year. Many insurance companies award their policyholders by including the No Claim Bonus option in the policy. According to this option, general insurance companies offer benefits to the insured for not claiming on the policy bought. These benefits may be either in the form of an increase in the amount of sum assured next year or discounts in premiums to be paid in the forthcoming year.
List of Hospitals in the Network
Check out the hospitals from the insurer’s hospital network that provide cashless healthcare facilities. Getting treated at such a hospital ensures that the expenses incurred on treatment are settled directly between the insurance company and the hospital, thus, facilitating the insured to avail services free of cost. Also, make sure that the list of hospitals included in the insurer’s network includes those that are in the vicinity of where you live to allow greater scope for emergency treatment.
One must consider each detail before buying a health insurance plan. This is because buying the wrong health coverage means that pay premium with no cover in sight. Making a wrong choice of health insurance policies means money lost on premium payments with no respite from hospitalization expenses.