Buying insurance but confused about which policy to choose? Ensure you make an informed decision while choosing an ideal health insurance plan. It is important to know how to compare and buy the right health insurance that suits your needs. Currently, there are a lot of entities and insurers that provide different types of insurance plans with different features and coverages. With the market being densely populated, you must know the basic points on which you can compare different policies. Here are some things you should keep in mind before buying health insurance –
Claim Settlement Process
Health insurance is bought as a financial preparation against any future health hazards. But what if your plan fails to help you in times of crisis? It is best to look for plans with the benefit of instant claim settlement and have a look at the network hospitals where you can get cashless claims.
No Claim Bonus
‘No Settlement Bonus’ is the bonus that the insurer provides you for every year that you do not claim your insurance money. However, there are two ways this can be provided –
- Discount in next year’s premium amount
- Additional coverage at the same premium amount
Even though a discount in premium would sound attractive, it is better to opt for additional coverage as ‘No Claim Bonus’. Some insurers extend the coverage to cover alternate healthcare methods like Ayurveda, Unani, etc.
Coverage vs. Premiums
Usually while comparing health insurance, you are likely to go for policies with lower premiums. Do not forget the equally important factor of ‘coverage’ while comparing premiums. Insurance with lower premiums might not cover certain costs like ambulance expenses, costs of cataract, etc. In such cases, you won’t be able to fully utilize the health insurance benefits even after paying all the premiums. Therefore, it is best to choose the coverage that fulfils your need even if the premiums are high.
Have a look at the extensive coverage provided by Bajaj Allianz Health Insurance policy at affordable premiums. With network hospitals across India providing cashless claim facility, this is an ideal health insurance plan.