We all know how important it is to secure our health. With the changing lifestyle and rising medical treatment costs, Health insurance is the most significant investment you can make in the recent times. While you do so, you need to invest in a policy with adequate coverage and high sum assured so that you can seek the best treatment, when required.
Buying adequate health insurance is essential to keep oneself and family members well protected to counter any unexpected medical exigencies. A good insurance policy is one wherein the insurer compensates you for over 90% -100% of your total hospital bills. However, you need to do your research to find such a policy that is truly valuable in terms of the coverage you get and the premium you pay. Few factors that need to be assessed before going ahead include:
- Assess your lifestyle
- Check who you want to insure and their health status
- When is it needed and what is the expected requirement
- Sum insured from long-term perspective
Factors To Consider While Buying Health Insurance
Once you are done with the assessment consider these things in mind while buying health insurance.
Efficiency of Claim Process or the Claim Settlement Ratio:
The reason we buy health insurance is to ensure that the insurance company comes to our aid when we need treatment. You don’t want to be in a position where the insurer rejects your claim or only approves a small amount of the claim. You need a policy wherein you can get maximum coverage. An excellent way to check the legitimacy of an insurance provider is through their claim settlement ratios. You can find the details of the claim settlement ratios on the insurance provider’s website. You can even see the number of claims settled the number of days taken to settle a claim and check the pending claims.
Check and confirm the permanent exclusions and which treatments are possibly covered after waiting for a certain period. Health insurance policies have a restriction of covering pre-existing diseases after 3 or 4 years of continuously renewing the policy. So, this is a very important factor to compare with various insurers, when getting a plan.
A lot of individuals find this term difficult to understand and tend to ignore it at the time of purchase. It is basically the percentage of the amount that you would need to pay at the time of claim and the rest will be paid by the insurer. So, before you purchase your health policy, check if there is any co-payment clause applicable that might impact your claim amount.
The insurance company ties-up with hospitals to provide cashless treatment services to their customers. Be sure of the insurer’s network hospitals in your area so that you can avail of cashless services which are available only at the network hospitals.
Day Care Procedures:
To make a claim of health insurance, hospitalization for at least 24 hours is mandatory. Thanks to numerous innovations in technologies, today, most surgical procedures do not require hospitalization. Thus, it is best to opt for a plan that covers maximum number of day-care procedures/treatments.
Pre & Post Hospitalization:
Most health plans cover the medical expenses that are incurred during the hospitalization. Buy a plan that covers medical expenses incurred before and after the hospitalization as well to save expenses incurred on ambulance charges, medical diagnostic tests, prescribed medicines, doctor fees, etc.
Compare Hospital Room Eligibility Capping:
Hospital room rents varies, some insurance plans pay only 1% to 2% portion of Sum Insured for the actual room rent. So, it’s always best to go for higher or no room-rent capping plans where you can opt the best suited room of the hospital without any hassle.
Free Medical Check-up
You should look for a policy which insures the insured person for a free medical check-up annually. However, it does not affect the premium when policies undergo renewal and also not counted as claim.
Look for the health insurance policies which offer lifetime renewability. There is always a higher chance of suffering from diseases and illnesses when you are old compared to when you are young and healthy —a health policy which offers lifetime renewability is what you should buy.
Cumulative bonus/ No claim Bonus
No claim bonus in health insurance refers to the discount offered by the insurance company for all the years that you have not filed a claim. Basically, your coverage amount is increased at the time of your policy renewal after claim-free years. So, better to opt for the policy which provides you the benefit of the NCB of up to 100%.
With a maternity cover, you are offered a coverage for all the expenses incurred during pregnancy and childbirth. Some insurance companies also provide coverage for the new-born baby expenses like their vaccination as well.
While buying insurance, you must ensure that you get your money’s worth. As such, it is essential to consider all the points mentioned above and make an informed decision while purchasing health insurance.
Now that you know how to get the right health insurance plan, get it today through a seamless and quick process on Finserv MARKETS, with plans that are designed to suit your diverse needs.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.