Buying health insurance is very important. Your policy prepares you for all medical expenses. Insurers are generally affiliated with different network hospitals, thus enabling the policyholder to receive cashless treatment. If you opt for a hospital not registered with the insurer, you must pay the sum up front, but you get reimbursed for the expenses once you submit all these bills.
But with the availability of different health insurance plans, it gets confusing to choose the right one. Here are some tips for the same –
Consider coverage amount
While buying medical insurance, it is better to opt for the one which provides comprehensive coverage. Look for a policy that offers a wide range of illnesses and a higher treatment for the same. Since the same policy is applicable for years, you should consider inflation and remember that medical expenses are increasing daily. An angioplasty that costs Rs. 2 lakh today might cost Rs. 5 lakh in the coming years. You should factor in inflation while opting for the coverage amount.
Check on sum assured
While selecting the best health insurance policy, pay attention to the sum assured. Opt for the right sum assured based on your age. Health risks are lower when you are young, but as you age, the risks increase. Your chance of encashing the insurance plan increases once you cross 40 years. This is an age when people begin to contract lifestyle diseases like blood pressure, diabetes, etc.
Consider the family floater plans
While most individuals opt for themselves, the family floater is best for those married and have children. Such policies cover all immediate family members, thus securing everyone’s health. One of the benefits of family floater plans is that the premium amount charged is low while assured. Another advantage is you can add senior citizens, dependant parents, to these plans by only paying additional and slightly higher premiums.
Consider waiting period
The other tip while opting for the right medical policy is to learn about the waiting period. This is particularly important if you need to buy the policy for pre-existing illnesses. During the waiting period, you cannot file the claim. If it is a pre-existing illness, the waiting period might be as high as four years. Some insurers may have shorter-term as well, such as two years. So, factor in this while selecting an appropriate plan.
Claim settlement ratio
An important parameter to remember while choosing the best health insurance in India is its claim settlement ratio. Select the insurer that has a higher settlement ratio. You will find this information on the insurance company portal. Also, consider the time taken for reimbursing the claim if you choose a hospital outside the insurance company’s hospital network.
Now that you are aware of selecting the best medical insurance, you can research and choose the insurance provider rightly. You also have the option of buy health insurance online or if you prefer old-school, then approach an agent or broker. With the medical expenses Janitorial Cleaning Services Insurance hitting the roofs, it is ideal to select a plan with a higher sum assured amount.