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Five Elements You Can’t Skip Before Finalizing Your Health Plan

By Finserv MARKETS - Apr 26,2019
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Five elements you can’t skip before finalizing your Health Plan

Gone are the days when buying a Health Insurance policy was a choice. Today, securing quality medical care is extremely expensive and unaffordable for many. Given the rapid inflation of healthcare costs, getting Health or Medical Insurance has become a necessity. However, the Health policy market is flooded with options and making the right choice can be confusing. If you want to secure adequate medical coverage, here are five elements you shouldn’t skip before finalising your Health Insurance plan:

1. Scope of Coverage

Before finalizing a Health Policy or Mediclaim Policy, it’s important to assess and evaluate the scope of coverage. Many buyers simply make a decision based on the belief that “cheaper is better” and consequently end up limiting their scope of coverage. Therefore, make sure to consider the scope of coverage, such as the sum assured and additional health insurance benefits like maternity coverage, cashless facility, convalescence benefit, pre & post hospitalization etc.

2. Room Rent Capping

Certain Health plans have restrictions or upper limits for hospital room rents, while others may not have any such restrictions. With skyrocketing medical costs, hospital room charges are also becoming increasingly expensive. Hence, it’s best to match up hospital room rent in your area with the room rent eligibility under your shortlisted Health Insurance plan to ensure that it can cover the costs.

3. Cashless Hospital Network

Cashless hospitalization is a convenient facility which makes hospitalization a seamless experience as far as payments are concerned. All you need to do is show your Insurance Card and your hospital bills will be settled directly by the insurance provider. However, this facility can only be availed through select network hospitals. So before finalizing a Health Insurance plan, ensure that the Health policy provider has a wide network of hospitals.

4. Claim Settlement Record

Claim settlement record is an important aspect to consider before finalizing your Health plan. A high claim settlement record assures you that your claims and reimbursements would not be wrongly held back.

5. Co-Payment

Co-payment is a component of the claim amount that you need to bear from your own pocket. Generally, Co-payment is expressed as a specified percentage of the claim amount. By opting for a high co-payment, you can reduce your Health Insurance Premium and vice versa. However, remember that co-payment is a big responsibility to bear, so sign up for a policy with a high co-payment cautiously. At times, some insurance providers include the health insurance copay clause discreetly, so look out for the co-payment clause before finalizing the policy.

If you consider these elements carefully, you will be able to secure adequate medical coverage for yourself and your family. Don’t fall prey to low-cost plans with inadequate coverage, instead spend some time comparing plans and its coverage before you finalize your best buy. However, if you choose to buy a medical plan, you can be assured of adequate coverage at a reasonable premium. You can buy Health Policy online at Finserv MARKETS with just a click of a button and secure the much-needed healthcare coverage without breaking your budget!

On the other hand, if you are unsatisfied with the coverage and services offered by your current Insurance provider, you can avail the Health Insurance portability facility and switch to our Health Insurance.

Read our top blogs to know more about health insurance in India:

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522