With so many options for health insurance available, choosing the right plan can be a tough task. Lack of proper awareness can make you choose a plan which is not right for you. Often it is seen that people choose the health insurance that looks affordable, irrespective of whether it offers the correct accurate cover or not under it. Life is full of uncertainties and medical emergencies are one of the most often addressed. There are a lot of firms selling health insurance policies in India, selecting one can become a daunting task.
With the increasing cost of healthcare in India, buying a health insurance policy is inevitable. Choosing health insurance is a tough choice, there are few factors that must be checked out before choosing health insurance includes:
- Know about sub-limits of policy
Customers must pay extra attention to sub-limits in health policy. Within the health insurance policy, there are sub-limits that have specific cover i.e. on the cost of room rent, diagnostic fee, doctor consulting fee, etc. As health insurance is required during the emergency phase, so in this emergency, if you are admitted to a higher-end hospital then sub-limits could spell a problem in the treatment procedure. Customers must choose a plan with minimal or no sub-limits.
- Aware about insights of policy insurance coverage
Health insurance coverage is the set of conditions that are covered under a health insurance policy that can be claimed. Health insurance policy includes hospitalization charges, pre and post-hospitalization charges, ambulance services, laboratory tests, organ donor charges, and others. Customers must have chosen the right insurer that helps the customer in deep diving into health insurance policies. Choosing the right health insurer is important as a policy provider with a lower claim settlement ratio could be difficult. The insurer helps in tracking the record of financial strength and the pay-out ratio are important.
- Waiting time span
The waiting period is some specific time limit that every customer must pass before actual health insurance coverage begins. This generally ranges between 2years to 5 years depending on the plan chosen by the customer. Customers must make sure that they choose a policy with a shorter waiting span. The customer must be aware of the waiting period clause so as to be in a better position to make a decision. The insurer will not accept any claim that arises out of pre-existing illness during this phase. Customers must make the best choice about health insurance so they will be able to claim the benefits.
- Cashless Hospitalization Benefits
Health insurance is usually associated with network hospitals where insured members can avail treatment cashless in case of emergency. This saves tedious paperwork which is mainly required during the hour of admission and claim. The insurer pays the sum directly to the hospital. In such a case, the customer won’t have to arrange for funds and then file for its reimbursement. This will help in checking the insurer for the list of impaneled hospitals.
- Availing health policy while you are young
Health insurance has an age limit as the main criteria. The upper age limit for availing of health insurance is 65 after which the candidate won’t be able to open a fresh health insurance policy. Customers must begin the policy once they are young and get the benefits while you need money for medical expenses at old age. Good health insurance will lower medical expenses.
- Considering health insurance that covers entire family
Ignoring parents due to high premium payments for health insurance is no valuable deal. Thus it becomes very vital to cover the entire family under health insurance policies. Customers must evaluate their health status before and cover most of the people in the family.
Now as you are aware that these things include the most important checkouts before choosing health insurance. Medical expenses come unannounced and it is highly beneficial to be prepared for rough and tough times. In order to minimize the damage rather than running into debts, a healthy right health insurance plan is beneficial. Be updated with the health insurance policies and choose the right cover that gives you maximum benefits. Analyze all the available policy options on the basis of this.