Key Factors to Consider Before Buying Health Insurance Plans

Before shortlisting an insurance policy, consider the following factors to make the best purchasing decision:

Claim Process – Before buying a health plan always consider the number of claims settled by the medical insurance company. The entire purpose of buying an insurance plan is to get secured financially against unexpected critical illnesses. If the claim settlement process is smooth then it is advantageous for the insured. Additionally, you must look for great customer service.

Family Members to be Covered – You must consider the family members whom you want to cover under the insurance benefits. Under family floater health insurance plans, you can seek cover for yourself, your legally wedded spouse, children, parents, and grandparents. Moreover, age, present ailments, and family medical history are important factors that you should keep in mind. Also, you must inform your insurance company in case any of your family members have a pre-existing disease.

Sum Insured – The sum insured should be carefully chosen because it covers you and your loved ones for medical expenses incurred during the policy term. You should consider your income as well as your age when deciding on the sum insured for your medical insurance policy. Make certain that the sum insured is not insufficient and that the premium is not excessively high.

Add-on Benefits – Add-ons are additional benefits that you can include in your health insurance policy, for extensive coverage. You can choose them voluntarily by paying an extra premium at the time of policy purchase.

Network Hospitals – Availing treatment at network hospitals is very convenient as they allow cashless treatment to the insured. This is why you should check the number of network hospitals associated with an insurance company. It is recommended to choose an insurance provider that has a maximum number of network hospitals. Also, make sure to select the one nearby your place of residence to save time in case of an emergency.

Coverage Benefits – Benefits of coverage should be one of your top priorities while choosing the best insurance policy to cover yourself and your dear ones. Different plans come with different coverage features which you should choose as per your requirement. Common coverage benefits under insurance plans include in-patient hospitalization expenses, pre-hospitalization and post-hospitalization expenses, road ambulance expenses, daycare expenses, domiciliary expenses, and more.

Lifetime Renewability Benefit – Older age individuals are more vulnerable to diseases as compared to younger. Therefore, you must buy an insurance plan with a lifetime renewability benefit to eliminate the chances of buying a new plan at a higher cost.

Free Medical Check-Up – The cost of regular medical check-ups can also put a hole in your pocket. So, it is advised to consider the insurance plan that will cover your medical check-ups.

Waiting Period – The waiting period is a duration at which an insurance company does not provide the benefits of your insurance plan. This is why you should choose a plan that comes with the least waiting period. There are different types of waiting periods such as initial waiting period, waiting period for pre-existing illnesses, waiting for a period for specified illnesses, etc, which you should be informed about, before shortlisting an insurance policy.

Premium – The purpose of buying an insurance plan is to reduce financial stress in case of any medical emergency in future. You must choose a plan with an affordable premium so that you continue your policy for a longer period without any financial stress at present. However, choosing a medical insurance policy with a low premium is not always advisable as it may not get you enough coverage in case of an emergency.

Type of Policy – Evaluate your needs thoroughly to identify the type of health insurance that would be advantageous to cover you and your loved ones. After understanding your requirements, you can choose from different types of plans available in the market such as individual plans, family floaters, senior citizen plans, critical illness plans, maternity insurance, and many others.

Exclusions – Exclusions are the conditions for which you cannot make a claim, under your health insurance policy. Hence, when choosing a policy, you must opt for the one with the least number of exclusions. Some common exclusions under health insurance plans are treatment required due to self-harm, treatment required due to participation in adventure sports, etc.