9 pillars of health insurance you must consider

Preparing for any unforeseen medical situation is the best way to deal with medical emergencies, especially when the number of lifestyle diseases affecting us is rising. The only way you can save your finance during unexpected medical emergencies is to invest in a health insurance plan timely. However, it is not easy to select a suitable plan from the many available options in the market. If you are a first-time buyer, here is a list of 9 essential factors to consider that will lead you in the right direction.

1. Your age:

Age is an important factor to consider when buying health insurance, as the premium of your policy depends on your age. In case you opt for a family floater policy, the premium of the policy depends on the age of all the family members covered under the policy. So before selecting a family floater plan, check for the age limit and ensure that all the family members fall within the age limit. If your family members, like parents, have crossed the age limit, either buy a separate plan for them or select a plan with no maximum age limit.

2. Premium and coverage balance:

While comparing health insurance plans, people often prefer plans with the lowest premiums. Low premium policies generally offer inadequate coverage because there are limits and deductibles applicable as per the policy.

Understand the policy terms and look for the benefits you need for yourself and your family. Do not be misguided by low premiums; select a policy that provides all the benefits you need, even if it has a little high premium. Also, health insurance premiums would rise with age, so that concept needs to be factored in. So, remember to check whether the premium is justified for the coverage offered and then choose accordingly.

3. Cashless facility:

A cashless facility can be your biggest support in a medical emergency. Most reputed health insurance providers have a wide range of network hospitals. The policyholders can seek cashless treatment without any hassle, and the insurance company directly settles the hospital bills. While selecting a health insurance plan, look for its network hospitals in your vicinity. Also, check whether the insurance company has a nationwide network of hospitals or not in case you have a transferrable job.

4. Hospitalisation cover:

The extent of hospitalisation coverage varies from one insurer to another. There are plans which cover treatment costs only till you are hospitalised, but there are plans which also cover pre and post-hospitalisation expenses upto a specified number of days. These plans offer maximum coverage by covering doctor’s fees, diagnostic tests fees, medicine costs, ambulance charges, etc.

5. Maternity benefit:

Not all health insurance companies provide maternity benefits. If you are starting your family, look for plans that cover maternity and new-born expenses, which may otherwise cost you a lot of money. But before going for such a plan, do check the waiting period to avail of maternity benefits.

6. No claim bonus:

Insurance companies offer a reward for claim free-years in the form of a No Claim bonus. This bonus is added to the coverage amount on policy renewal. The maximum No Claim Bonus offered by the insurers is 50% of the sum insured value. Hence, check the No Claim Bonus policy of the insurance company before buying the policy.

7. Co-payment clause:

A co-payment is a specified percentage of the claim amount as per the policy term that the insured has to pay out of his pocket, and the insurer settles the remaining claim amount.

8. Free health check-ups:

Always consider plans that offer preventive health check-up facilities. These health check-ups, such as lipid profiles, MRIs, etc., are expensive, and you cannot avoid them after a certain age. Therefore, having them covered under your health insurance policy is a good idea.

9. Claim settlement process:

It is also a very important factor that you should take notice of. A company’s claim settlement process and the ratio will determine its track record of accepting and settling claims. All your coverage and premiums will be wasted if your claim is rejected or not accepted timely. Check the ratios and customer reviews to understand the claim settlement process.

Conclusion

Compare plans from various companies online, check customer reviews and weigh all the above-mentioned factors. With the help of thorough research and comparison, you will be able to shortlist the most suitable health insurance plans.

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