Health Insurance February 5, 2021

Nobody likes to fall sick, but sometimes it’s out of our control! Considering the rising cost of healthcare services, getting proper treatment for a disease or illness can put your finances in disarray. You wouldn’t want to hurt yourself financially while you are already dealing with a medical emergency. That’s exactly where a health insurance plan can help you prepare financially for any uninformed medical emergencies. Now the question of how to choose the right health insurance plan must be coming to your mind! Well, you can get an answer to this question by going through this post where we will discuss some of the factors you should keep in mind when finding the right health insurance plan. So, without any further delay, let’s get to it!

Health Insurance

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Factors to Keep in Mind when Finding a  Right Health Insurance Plan

With so many health insurance policies available in the market, you may feel confused about which to choose. That’s why you should assess a plan on several factors that we are mentioning below. Do check!

Check if the Health Insurance Plan Fits Your Requirements

The first and foremost thing you should be clear about when finding the right plan is your requirements. Every health insurance plan comes with different features and specifications. It caters to different types of people – students, senior citizens, people with pre-existing diseases, young families, couples, etc. So, you should first identify your requirements. For example, if you are looking for a plan with pre-existing illness coverage, you should check how early you can get the coverage. Or, if you are choosing a plan for your family, consider the needs of each individual in your family, and then only make a decision. To get the right one, you will need to compare several policies provided by different insurers.

Health Insurance Policy Coverage

Now that you have identified your requirements and are pretty clear about it, you should find a health insurance plan that can provide different types of cover. A health insurance plan can provide coverage for in-patient hospitalization, daycare treatment, pre and post hospitalization expenses, room rent allowances, sub-limits on particular expenses or treatments, daily cash benefit, emergency ambulance charges, domiciliary hospitalization, OPD expenses, additional health-checkups, etc.

You should always choose a plan with maximum coverage. To understand the exact coverage of your policy, go through the policy brochure before finalizing it. You should also consider the sum assured and respective coverage that your policy will provide across medical emergencies.

Affordability of the Health Insurance Plan

While choosing a health insurance plan with maximum coverage benefits, you should not forget about your affordability to the policy. When we say affordability, we are talking about the premium you will pay towards the policy. While you want to choose a plan with amazing benefits, you would not want to go over your budget. A policy with a higher premium amount may hurt your finances. So, choose a policy with a lower premium yet having the benefits you want.

Availability of Family Floater Option in your Plan

When securing your health, you surely wouldn’t want to leave your family behind! When choosing a health insurance plan, you should see if your plan has the option of family floater health insurance. With this type, you can protect your family too as the sum insured amount will float among all the insured family members.

Exclusions Under the Health Insurance Plan

Every health insurance plan has certain medical conditions for which you will not get any coverage. It means you will have to bear the expenses for such conditions. It would be better to know them beforehand before choosing a health insurance plan. If that plan doesn’t meet your requirements, don’t choose it and look for another one.

Waiting Period for Pre-existing Illnesses

You should know that during the waiting period, you cannot make any claims regarding pre-existing illnesses. The common waiting period for all policies stands at 4 years from the inception of the policy. But some health insurance plans also offer a waiting period of 2 years when it comes to coverage for pre-existing illness. So, you should check the same before choosing a plan. The crux is the lower the waiting period, the better it would be for you.

Claim Settlement Ratio and Claim Process

The claim settlement ratio denotes the total number of claims settled by an insurance company against the total number of received claims. A high ratio indicates that you have fewer chances of a claim rejection from the company unless there are some valid reasons. Also, keep an eye on the claim process of a particular health insurance plan. It should be quick and hassle-free. You wouldn’t want to face a tiring documentation process while dealing with medical emergencies alongside. So, choose a plan with a hassle-free claim settlement process.

Cashless Treatment Coverage at Network Hospitals

Choose a plan from an insurance company that has the widest range of network hospitals where you can avail of the cashless treatment without paying any bills. A cashless network can vary from one insurance company to another. Do remember that quality matters over quantity! It would be of no use if your insurance company has many hospitals, but the list doesn’t have any of the top ones in your city. That’s why always look if your insurer’s network hospital has some of the top ones in your location.

Add-on Covers on your Health Insurance Plan

There are several add-on cover options that you can choose by paying an extra premium amount towards your policy.  Some of them are Critical illness cover, Daily hospital cash cover, Maternity & newborn baby cover, etc. When choosing the right health insurance plan, you should check if your plan is providing the same.

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