Purchasing a good insurance plan is vital considering the strenuous lifestyles we lead today. Moreover, with constant regulatory overwatch on insurers, norms have become more streamlined and favourable for insurance seekers. Now, it is easier for you to avail the right health insurance plan for yourself and your loved ones. However, with various insurance players providing great deals in a bid to acquire a bigger share of the market, it is crucial to select an insurer that provides you with the best benefits and checks all the boxes on your checklist. Although there are many things to ascertain when it comes to health insurance, some key factors should be looked at with the utmost importance.
Deciding the sum assured
You should select a health insurance plan after deciding on an amount that you think would be enough to address your future medical needs. It is important to keep in mind the cost of medical expenses that might be incurred in the future after factoring in inflation. Also, if you have a family history of a certain critical illness, it would be prudent to have a cover that financially safeguards you from the aftermath of that particular ailment.
Insurance companies offer two methods of payments, i.e. reimbursement and cashless. In the former mode, your medical costs are reimbursed after you submit all the bills. The latter mode, meanwhile, provides cash-free hospitalization at a network institute for convenience. In the cashless mode, barring any deductible or co-pay clauses, the insurer would make the entire payment on your behalf without you having to spend a single penny. You should always compare health insurance plans to know who has a bigger hospital network for your benefit.
Insurance plans with higher entry age
You should select health insurance plans that grant coverage even at elderly ages. Major insurance players offer senior citizen health insurance, which may help you to cover treatment costs for elderly family members.
Network of hospitals and medical centres
As mentioned in the previous point, the insurer’s hospital network should be considered before buying a policy as you certainly would want to seek treatment at a medical institute that is conveniently close to you. Travelling to far-off places for medical treatment becomes stressful when you have other things to worry about.
Deductibles, co-payments, and capping limits
A deductible is a pre-decided amount that you have to bear from your pocket once a claim has been approved. The insurer then pays the remaining amount after you have borne the cost of the said deductible. Co-payments, too, are a certain percentage of the claim that need to be borne by the policyholder during hospitalization. The quantum of both deductibles and co-payment that you would have to bear is negotiated and decided at the time of purchasing a policy. One should also be aware if there are caps on specific ailments in their policy to avoid last-minute hassles.
Individual or family cover
It is a crucial question that one needs to address. Do you want the policy for yourself or your entire family? A family health insurance plan is an extension of an individual policy and is comparatively cheaper compared to buying individual policies for each family member. Insurers offer such family floater policies at discounted premiums as the risk is spread among multiple individuals.
This may seem like a somewhat obvious point, but it is often overlooked. Asking your friends and family and searching for reviews on the insurer helps to understand the smoothness of the entire purchase as well as claim process. An insurer who has a relatively easy documentation and claim process, not to forget a higher claim settlement ratio, is the one you should go with.
You should check with the insurer if there are certain treatments that the policy of your choice does not cover. Information should be sought about ailments that are specifically excluded from your medical insurance cover; otherwise, you may end up paying hefty medical bills.
The above points will guide you when you are selecting the best health insurance plan for yourself so that you can find peace during stressful times.