With the ever-increasing healthcare costs having a health insurance policy has become a necessity. However, there are a plethora of medical insurance policies and policy providers available these days which might not make it easy to take the step forward towards choosing the right health insurance plans. Following are 5 easy steps that will help you make the right choice.
Understand your needs
With all the information and jargons, picking the right mediclaim insurance policy can seem overwhelming. You might not just have to consider yourself but also your family. The kind of policy you choose will thus also depend on the number of members in your family, the health insurance coverage that the policy offers, its limits and limitations etc. For example: if you are planning to have a child in the near future, you might need a mediclaim policy that covers the maternity needs of both the mother and the child.
Check the network hospitals
Network hospitals are the hospitals in your health insurance company’s network list where you are entitled to get medical treatment. These hospitals allow you to avail cashless treatment. The first step would be to check if there is a network hospital in your vicinity that can cater to you in case of an emergency. However, you may not always be home when an emergency strikes. It is thus also advisable to check if your insurer has a wide network of partner hospitals.
Consider the assured sum
This determines the amount of reimbursement you will get from your policy, in case of any medical treatment. Your sum insured should depend on your lifestyle, your location and your potential requirements. It is advisable to go for a higher sum inured as it can cover you for high-cost treatments of emergencies and reduce the risk cover getting exhausted sooner.
Compare the coverage and benefits
Low-cost health insurance plans do not always translate to the best policy for you. Several aspects come into play when influencing the most suited policy for you. Apart from the sum insured check for the various things the policy covers. Some of the common ones include pre and post hospitalisation costs, ambulance costs, Ayurvedic or Homoeopathy hospitalisation, etc. Also look for factors such as time taken for the claim settlement, no claim bonus, cashless facilities, critical illness cover, top-up, etc.
Check the claim settlement ratio
Claim settlement ratio refers to the number of claims settled by the insurer as opposed to the number of claims received by them. You can check for plans on health insurance online. The claim settlement ratio a policy provider can give you an idea of the chances of your claims being settled if the situation arises. It also builds the credibility of the insurance company. In addition to this, you can check their reviews and customer base.