Investment in health insurance policies is one of the best ways to safeguard your finances. The medical expenses have concurrently increased with the diseases. Unpredictable viruses have been sweeping the world. Thus, as a careful customer, you should pick the best health insurance for your family and yourself, so that you no longer have to worry about paying hefty medical bills. Depending on the type of plan you choose, you are not only covered for your medical bills but also cashless treatment at network of hospitals.
What is a Health Insurance Policy?
A health insurance policy serves as a cover for unforeseen medical expenses. The health insurance company pays for the medical expenses of the insured like hospitalization, daycare, ambulance charges, etc. against the payment of premium.
Here are points to consider for purchasing the best health insurance policy.
- Look for the Requirements and Coverage
The first thing is to assess your requirements. Various plans are fitting for families, married couples, senior citizens, and students as well. If you are a couple planning for the future, then you may opt for a maternity health insurance plan. If you have elderly parents and young children or dependent parents-in-law, then family health insurance plans would be suitable. You can even consider if you need a policy for pre-existing illness or whether the policy is applicable abroad. After you resolve your specifications, you should look for a policy that provides multiple benefits. It should include pre and post-hospitalization expenses, daycare costs, transportation charges, room rent allowances, and family history illness risk. In case of a family health insurance plan, you must examine if the policy covers each member’s requirements. When you buy a plan, look for renewability; whether it has limited or lifetime renewability?
- Connectivity to Hospitals For Cashless Services
You should look for an insurance company that provides cashless hospitalization and covers the top hospitals in the city. Instead of getting reimbursed, look out for policies that directly settle claims with the hospital. You should scrutinize the insurers’ hospital list to find out whether the top hospitals are covered under the cashless network. Always prefer the insurance provider that offers a wide range and quality hospitals.
- High Claim Settlement Ratio, Waiting Period and Co-Payment
The claim settlement ratio is the number of claims settled by the insurer against the total received claims. To maximize benefits, choose the provider with the highest claim settlement ratio. The waiting period in health insurance is a hibernation period in which claims would not be admissible. The clause only applies to pre-existing diseases. This period may vary between 2-4 years. Look for a policy with a lower waiting period. Also, inspect the co-payment clause. This refers to the share that needs to be paid by you. It is usually applicable to senior citizen health insurance. It is necessary to scan the exclusions of the policy and the health care expenses not covered by the health insurance plan.
- Prefer Family Floater Instead of Individual Plan
Family health insurance plans offer the maximum benefit at affordable premiums. Against the payment of a single premium, health of the entire family can be insured. Hence it is more cost-effective.
Therefore, before purchasing the plans, it is essential to research and make an informed decision and check why Medicare Advantage plans are bad. You may compare the quotes online and look out for affordable premiums.