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How to Evaluate Your Health Insurance Plan?

By Finserv MARKETS - Feb 18,2019
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How to evaluate your health insurance plan?

Buying Health Insurance in India can be confusing. There are numerous options available in the market, each offering different benefits. At Finserv MARKETS, we understand that evaluating a Health Insurance policy can be tricky. Health policy are complex and loaded with details such as inclusions, exclusions, terms, and conditions etc. However, if you want to buy the right policy, a thorough evaluation is essential. Whether you plan to buy Health Insurance online or offline, the following points will help you evaluate the policy before you make the final buy.

How to Evaluate Your Health Insurance Plan?

  • Understand the policy terminology
  • Understand the policy exclusions
  • Check the claim process
  • Know the waiting period
  • Choose the right coverage
  • Check Pre/post hospitalization coverage

Understand Health Insurance policy terminology

Getting to know and understand the policy terms can go a long way to help you understand and choose the best plan. If you want to evaluate a Health Insurance policy, it’s important to understand terms like co-payment, cumulative bonus, waiting period, inclusions, exclusions etc. If you come across any unknown term while reading the policy documents, don’t hesitate to call up your insurance provider right away to clarify your doubts.

Understand the policy exclusions

Most people check the policy coverage and inclusions but forget to consider the exclusions. The exclusions are the conditions or circumstances for which a Health Insurance provider will not provide any benefit. Every policy includes certain exclusions, make sure to read through each and every exclusion to ensure that it suits your needs.

Check the claim process

The simpler the claims process, the faster will be the settlement of the claims. Therefore, the claim settlement process is one of the most important factors to evaluate before selecting a Health Insurance policy. Round the clock claim assistance services is an additional advantage to look for.

Know the waiting period

Most Health Insurance providers have a waiting period for pre existing disease. The waiting period can range from two to five years and may differ from one insurer to another. So make sure to check the waiting period, before buying a policy. The best way to buy a Health plan is while you are young so that you can clear the waiting period without making claims.

Choose the right coverage

When selecting a Health Insurance plan, it’s important to choose the right coverage. Take into account factors such as your age and health when deciding the coverage. The younger you are, the lower will be the sum insured you need. Moreover, it’s also advisable to consider your income so that you can choose a plan with an affordable premium.

Pre/post hospitalization

Health-related expenses are not just limited to hospitalization. Before a hospitalization, you may need to visit the doctor, get medicines, and undergo tests. Post-hospitalization, you may incur expenses on follow-up health check-ups, medicines etc. Hence it’s important to check whether your Health Insurance provider offers pre/post hospitalization coverage.

If you consider each of the above points, and evaluate them precisely, the tricky task of buying a plan can become easier. Understanding important points like policy inclusions, exclusions and terminologies will help you get better insights on the right health insurance plan for you.

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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