Healthcare costs have been on the rise in India. Diagnostic tests, consultation charges, ambulance and hospitalisation costs, and post-hospitalisation expenses can put a strain on your finances. One of the best ways to handle this is by purchasing a medical insurance policy.
However, in recent years, there has been a surge in the number of health insurance plans being offered to people making it difficult to find the best health insurance policy for you and your family. In this article, we will offer tips to help you choose the best health policy.
Tips to Choose the Best Medical Insurance Coverage
Here are the top tips that you can use to choose the best health insurance:
- Age
Age is one of the most important criteria for premium determination in a health insurance policy. Insurers usually have a minimum and maximum age limit beyond which they do not issue policies. Make sure that you are aware of this aspect.
Also, if you are opting for a family insurance plan, then understand that the insurer will calculate the premium based on the age of the oldest member of your family. If the premium is too high, then you can opt for an individual policy for the senior member and cover the rest of your family members under one plan.
- Waiting Period
When you opt for the best health insurance policy online, the insurer assesses if you have any pre-existing illnesses or not. If you have a pre-existing illness, then the insurer does not cover it immediately. However, you can file a claim for reimbursement of medical costs associated with the pre-existing illness only after the completion of a mandatory Waiting Period. Make sure that you understand this clause before making the medical coverage purchase.
- Cashless hospitalisation
Cashless health insurance has gained a lot of popularity in recent times. To avail of the cashless hospitalisation benefit, you need to get your treatment done at one of the network hospitals of the insurer. If the insurance provider offers cashless insurance, then it will settle the bills directly with the hospital. This is a must-have since medical emergencies can strike anytime, and with cashless hospitalisation, you would not have to worry about having cash on hand or filling out extensive paperwork for reimbursement.
- Maternity expenses
Most people make the mistake of ignoring the wide range of maternity benefits offered by health insurance plans. With a marked rise in the cost of maternity delivery and care, having a health insurance plan that covers these expenses can help you save costs and be better prepared for the arrival of the child. Remember, maternity insurance comes with a waiting period, usually between 2 and 4 years.
- No Claim Bonus
If you already hold a health insurance policy and have not filed a single claim during the policy term, then you are liable to get a discount on your premium when you renew your policy for the next term. This is called the No Claim Bonus (NCB). This is a progressive discount that increases for every consecutive year that you do not file a claim. The discount can go up to 50% of the premium. Make sure that you understand the terms of NCB before buying.
- Claim Settlement Ratio
The claims settled by an insurer in one year compared to the total number of claims received is called the Claim Settlement Ratio. Look for an insurance provider with a high claim settlement ratio.
- Co-payment
Sometimes, insurance providers include a co-payment clause to reduce their risk exposure. This means that when you file a claim, you are expected to pay a certain amount, and the insurer pays the rest. This allows the insurer to reduce its risks and offer affordable premiums on health insurance plans.
Summing Up
If you are looking to buy the best health insurance policy, then you need to keep the above-mentioned factors in mind. Also, remember to research your options and compare insurers and plans carefully. Remember, health insurance can help you manage medical costs with ease. Without it, you can be exposed to the risk of losing your hard-earned money and even taking a loan. Hence, research well and buy a plan that suits your requirements. Good Luck!