Medical emergencies are one of life’s many unexpected circumstances. Buying a health insurance policy plan seems to be almost essential due to the rising expense of healthcare in India. However, with so many choices, it might be difficult to choose an insurance plan that will be perfect for you. We’ve made this simple for you, so no worries.
Best Tips for Buying Health Insurance Policy Plans
The following list of 10 factors will help you choose the best health insurance Policy Plan for you and your family:
1. The Age Requirement
When it comes to selecting a health insurance policy, age is an essential determining factor. The age of the members of the family who are required to be insured should be taken into consideration when buying medical coverage. Similar to family floater insurance, the cost of the premium would be based on the age of the oldest family member.
The age restriction requirements should be taken into consideration while acquiring health insurance. For example, the entrance age criteria for some health plans range from 91 days to 60 years, with 91 days being the minimum and 60 years being the maximum. However, some plans have age restrictions that range from 25 to 50 years old for the youngest and oldest groups. There are, however, some plans that don’t impose any limitations on entering age. As a result, you can select accordingly.
2. Choosing the Right Premium and Coverage Combination
Buying a health insurance policy with the lowest premiums can be profitable. However, it may have two sides. If a policy has a lower premium and offers you full insurance at a price you can afford, that policy may be a suitable choice. A low premium that reduces insurance coverage is the other factor.
Investigating the reasons for a low-cost premium is therefore the best option to take because it shouldn’t come at the expense of the insurance coverage. In the event that there are any additional co-payment, deductible, or sub-limit terms, you may have to pay more when making a claim.
You need to choose a policy that provides appropriate protection, without compromising advantages, at a cost you can manage.
3. Waiting Period Clause
Making a decision would be easier if you were aware of the waiting time clause. The insurer won’t take any claims originating from pre-existing conditions or specific illnesses during this time. It can be between 24 months and 48 months, depending on the insurance and the plan you have chosen. However, until this period has expired, you won’t be able to file a claim for benefits.
This waiting period will be applied to any pre-existing conditions that a person may have before buying the insurance, such as thyroid, blood pressure, diabetes, etc. Additionally, it can be used for some specific medical conditions and therapies, such as cataracts, varicose veins, and arthritis.
As a result, you can compare plans and select one that has a short waiting period before you can use the benefits in the event of a medical emergency.
4. Benefits of Cashless Hospitalization
Generally, health insurance companies collaborate with network hospitals so that insured individuals can receive cashless care in the event of a medical emergency. By avoiding the lengthy paperwork required for admission and claim, you can save time. Also, the insurance pays the hospital directly with the insured amount.
Therefore, you are not required to make financial arrangements before requesting compensation. It will help if you know all the nearby network hospitals and request a list of the hospitals that have been granted impaneled status from your insurance company.
5. Coverage before and after hospitalization
The majority of plans for health insurance include insurance for hospital-related medical costs. Buy a plan that includes coverage for expenses involved both before and after the hospital stay to reduce costs associated with ambulance fees, medical tests, medications, doctor visits, etc.
6. Payment of Maternity Costs
Many people make the error of neglecting maternity coverage in a health insurance plan. Given the expensive cost of giving birth and receiving maternity care, it is advisable to select a health plan that also covers maternity expenses. Normally, there is 2 to 4 years waiting time before you can apply for benefits. For example, If you want to start a kid or get married in, say, three years, then a plan with a two-year waiting period will work for you.
Select a plan that, in addition to the delivery fee, also pays for the medical costs of a newborn baby. Remember to look at the restrictions associated with it.
When we talk about NCB, we’re talking about the reduction that the insurance provider gives for each year that you go without filing a claim. Basically, for every year without a claim, your coverage amount is enhanced at the time of following policy renewals.
However, the majority of health insurance plans define the NCB limitation. Furthermore, the growth in the insured amount would be confined to the insurance company limit.
For instance, if you purchase an Rs. 5 lakh health insurance plan, the insurer will offer 10% NCB for each year you go without filing a claim, up to a maximum of 50%.
8. Facility for Preventive Health Checks
Even the price of preventive medical exams such as MRIs, cancer screenings, and cardiovascular disease exams has increased. Why not take advantage of the fact that it is covered by your health insurance coverage and that your insurer will pay for it? There is undoubtedly room for financial savings. When choosing a medical insurance plan Make sure to examine the coverage limit of annual preventive health exams.
9. Co-Payment Facility
When customers are purchasing, they often misinterpret and ignore this term. Basically, it is the portion of the total that you must pay at the time of a claim; the insurer will cover the remaining sum. Therefore, check your medical insurance coverage to make sure there are no co-payment clauses that could lower the amount of your claim before you sign it. If at all possible, buy a plan without sub-limits. However, if you have any pre-existing medical issues or have reached a certain age, the majority of insurance contains a co-payment clause.
10. Claims Process
Review the terms of the policy, then follow the steps required by the insurance provider when filing a claim for medical coverage. When it comes to resolving health claims, a simple claim process is beneficial. Before choosing a health insurance provider known for offering prompt claim settlement services, you can conduct some research and read online customer evaluations.
In conclusion, it is essential to look into a range of health insurance options. Remember to give your health insurance provider all the details when you make the decision to buy a specific coverage. To prevent any policy rejection in the future, your proposal form should contain a complete and accurate disclosure. Therefore, when buying a health insurance policy, do not make an attempt to hide your medical history.