Even though hospitals provide the necessary medical care, it comes with a cost. The rising cost of medical treatment, medications, and surgeries has made it difficult for people to bear hospitalization expenses. A single visit to the hospital can drain the entire savings of a family. That’s why health insurance has become the most essential investment of this time. Yet, finding the right health insurance policies for yourself and your family members can be taxing, given the several options available today.
Health insurance policy aims to provide financial cover against illnesses and diseases. A standard health insurance policy usually covers pre and post-hospitalization costs, the cost of treatment, and surgery costs. It can also include medical check-ups, ambulance charges, and ICU room rent, depending on the policy and insurance company.
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Hence, it is important to buy a good health insurance policy. Here are all the tips that can help you buy a perfect health cover. (maybach.com)
5 Tips for Buying a Health Insurance Policy
- Look for Adequate Coverage
Health Insurance coverage must be carefully compared and analysed. A careful analysis of your health condition, and family medical history must be taken into account before you choose which health insurance to purchase. Go for the coverage amount that meets your medical needs complemented with an affordable premium. (http://rxreviewz.com/)
At the same time, select a health plan that covers the maximum number of illnesses and offers prime benefits such as annual health check-ups, no claim bonuses, and day-care treatment. Care insurance, for instance, provides annual health check-ups, no claim bonus, unlimited e-consultation and other unique healthcare benefits to the insured members.
- Check for Customisation
Optional covers are not necessary to buy, though they are recommended for enhancing the policy. Health insurance add-ons provide you with extra benefits and extra protection for you and your family. Although add-ons differ from company to company, the basic additional benefits that are widely available are waiver of co-payment, maternity expenses, second opinion, etc. To add these optional benefits to your health insurance, you must pay a slightly higher premium. What’s best, you can customise the benefits as per your medical needs and budget.
- Opt for Insurers with High Claim Settlement Ratio
The Claim Settlement process can be a hassle for anyone – especially if the insurance company has a poor Claim Settlement Ratio. Thus, always select a reliable health insurance company that has a high claim settlement ratio and credibility in the market.
A Claim Settlement Ratio is an indicator of how many claims were settled by the insurer during a given year. A high ratio would indicate that the company has a streamlined claim process, and your claim is most likely to be settled by the insurer.
Care Insurance, for instance, has a Claim Settlement Ratio of 95.2%. With an in-house claims department, the insurer promises a quick and seamless claim experience while settling a fair share of claims.
- Check all the Exclusions and Inclusions
Every health insurance policy has some pre-decided exclusions. For instance, the majority of health insurance policies do not cover infertility treatments or self-inflicted injuries. Thus, don’t forget to check all the exclusions before finalizing a health policy. Also, check for exclusions under the specific waiting period applicable under the policy.
- Understand the Co-Payment and Sub Limits Clause
Almost all health insurance policies have sub-limit and co-payment clauses. Sub-limits and Co-payments put a cap on health insurance coverage amount. The co-payment clause, for instance, limits the percentage the insurer would pay to settle a claim, the rest will have to be borne by the policyholder. While the sub-limit clause puts a cap on the amount the insured can claim for a specific medical condition or procedure.
Final Thoughts
Buying a health insurance policy is a critical decision. Now that you know how to pick a suitable health cover, ensure that you are aware of the dos and don’ts of buying a health insurance policy. Remember, a smart policyholder is a great financial planner.
