Are you planning to buy a health insurance policy? If yes, then you’ve definitely made a good decision. A health insurance policy is like a friend who protects you and your family fiercely when times get rough. And with the help of technology, choosing the best general insurance policy has never been easier. In this article, we have listed a few points for you so that you know what to look for when you buy a health insurance policy.
Table of Contents
1. Know Your Needs
Remember, your health condition will not be the same as your friend or neighbor; every individual’s body functions differently. Therefore, the health insurance policy that you purchase cannot be the same as someone else. Think about your insurance needs and choose a plan that fits your lifestyle. For example, a Rs. 5 lakh coverage would be enough for a family with young members, while a family that has senior citizens would need a larger floater health insurance plan.
2. Compare Premiums and Plans
Whenever you decide to buy a health insurance plan, the first thing you need to do is compare different premiums and plans. Check the prices, features and the total coverage that insurance providers are offering. Some health insurance providers have also come up with various types of plans that offer services such as vaccination cover and wellness benefits as well.
Paying a higher premium for something that you may never use is not a good decision. Also, it’s not advisable to go in for a high-end cover just to avail tax benefits.
3. Research Insurer
Another thing to keep in mind is to always research an insurer’s records. An insurer who comes with a low claim settlement could be a sign of trouble, so make sure to check on things like the number of years an insurance company has been in the business and the expertise they come with. An insurer with a wide range of product portfolio can be a good choice, but it’s highly recommended to do a thorough research before you make your decision.
4. Verify Network Hospitals
For cashless health insurance claim, always check if your preferred hospital is on the list of the company’s network hospitals. Always opt for an insurance provider who has tie-ups with some of the best hospitals that are around your area. This makes it easier for you in case of emergency situations.
5. Check Benefits
You should always choose an insurance plan that offers you maximum benefits. Get the most out of your health insurance policy and check for things like add-on benefits where you could pay extra premium to receive additional benefits. Also, make sure to check for the claim and renewal process as well.
You wouldn’t want to go in for a health insurance plan that has a long waiting period or involves lengthy documentation process. Always choose a health insurance plan that is quick and easy.
6. Inquire About Refill Benefits
Yes! This is something that is very important. Let’s say that you’ve exhausted your health insurance sum insured amount and you cannot enjoy the same benefits for the rest of the year. This is where the restoration feature comes into play. With this feature, the insured person will automatically get the amount restored.
7. Check for Other Alternative Treatments
It is best to opt for a health insurance plan that covers you for alternative treatments such as Homeopathic, Ayurvedic and Unani treatments as well. Since some illnesses do require alternative form of treatments, it is always advisable to get yourself covered for these types of treatments when you purchase this policy.
Health insurance has become a necessity owing to the growing rate of health issues and medical emergencies. Therefore, it is essential that you understand every aspect of a health plan before you buy it.