Things to Consider Before Buying A Health Insurance
Securing your family member’s health is one of your primary responsibilities. And, the best way to do it to purchase a robust health insurance policy that covers all your dependant family members. If you are looking to buy health insurance, you must consider the tips mentioned in this write-up.
Health insurance is one of the most important investments you can make to secure your family’s healthcare needs. You must purchase a policy with an adequate sum assured so that you and your family members can get access to high-quality medical care whenever needed. A good health insurance policy is the one where the insurance companies compensate for the medical bills.
Today, there are plenty of insurance plans in the market, and finding the right one can be overwhelming, especially for first-time buyers. So, if you are a first-time health insurance buyer, here are a few things you must consider:
Easy claim process
The primary purpose of buying a health insurance policy is to get financial support when you or any of your family member gets hospitalised. So, it is paramount that you check the insurer’s claim settlement process and the claim settlement ratio. Higher the settlement ratio, faster will the settlement process, and you will have better chances of getting your claim approved.
Generally, the insurance companies do not cover daycare procedures, and they require at least 24 hours of hospitalisation to cover the expenses. But, thanks to the advent of advanced medical technology, a lot of treatments does not require hospitalisation. So, while looking for a good health insurance policy, make sure that you purchase a plan that covers daycare procedures too.
When you buy a health insurance policy, you must check the list of network hospitals in your locality and see if the hospitals have the facilities you want. Experts suggest that it is best to choose an insurer that has an extensive network of hospitals so that you can avail cashless treatment during an emergency.
NCB or No Claim Bonus is a reward that the insurance companies offer to the policyholders for not filing a claim during the policy year. The bonus can be either be in the form of a reduction in the premium amount or increase in the sum assured. You must check with the insurer about the NCB terms and the percentage of increase they offer in the sum insured for not filing a claim.
This is another critical factor to consider while looking for the best health insurance policy. It is advisable to choose an insurer that offers a free medical check-up every year.
Inclusions and exclusions
Most insurance buyers in India do not read the policy documents and the terms and conditions mentioned therein. When you purchase the policy, before you the papers, it is paramount that you the policy documents carefully and especially read about the inclusions and exclusions of the plan. For instance, some policies may not offer coverage against diseases such as HIV, STDs, cosmetic treatments, cataract surgery, etc.
A lot of insurance buyers do not understand the importance of lifetime renewability. You must look for a plan that allows you to renew the policy for as long as you want without any age restrictions. This will ensure that you can get sufficient coverage for you and your parents even in the old age.
When buying a health insurance policy, you must get your money’s worth. Considering the above factors can help you make an informed purchase decision.