Getting tensed over the current rate of the medical claim getting rejected? Understand the 360 degree clear view recommendations before you buy a health insurance policy.
The other day, I went shopping for a washing machine. I checked websites like flipkart, amazon, ebayand 3 other shops around my area before I finally settled on one. I did a thorough drill of comparing the features, benefits, usage, capacity, design and power of different washing machines of various brand considering mainly the price before I finalized one.
I am sure, you all go through a similar process while buying stuff. However do you religiously also follow the same drill while buying something as boring as a health insurance policy? Unfortunately, the answer is no. You don’t really bother to compare health insurance policies of different insurers before you finalize on one.
Tips and Tricks to consider before Buying Health Insurance
Most of us don’t realize the importance of opting for a good health insurance policy until we get stuck in bad situations where we need the most. This is because, we don’t know how to pick the right health insurance policy. However, there are few who haven’t even got one for themselves. If you fall in this category, here are a few things you should consider before buying a right health insurance plan for yourself.
- Choose your insurance company wisely
Usually, health insurance is offered by general insurance companies or by life insurance companies. It is recommended to buy health insurance from a general insurance company because a life insurance company invests in policies that will reimburse the family members of the deceased and would barely focus on health insurance. You should always compare health insurance plans of different insurers to avail the best insurance plan as per your health requirement.
- Check the coverage offered
Every health insurance plan have certain basic features covered like hospitalization expenses with room rent, doctors fee, ICU charges, surgeons fee etc. Some plans also offer reimbursement of pre and post hospitalization expenses, day care etc. There are certain plans that offers additional benefits like maternity cover, organ donor, and domiciliary treatments etc. At times, insurers do offer critical illness coverage along with the basic plan. Therefore, it is important you select a plan appropriate as per your health requirements.
- List of exclusions
You are always eager to see the list of diseases covered in a health insurance plan. However, give a miss to the exclusion lists. Every medical insurance has its own limitations. Not every illness is covered under a health plan. Therefore, it’s mandatory that you check the exclusions list before opting for a particular health plan.
- Waiting period
Illnesses or diseases that you suffer before you buy a health insurance plan are called pre-existing diseases. The insurer conveniently excludes these diseases or illnesses from getting covered for a specified time which is called waiting period. The waiting period is different with different insurance plans. So, it is important to check the waiting period before you finalize the plan. It is recommended to opt for a health plan that has no or lowest waiting period criteria to cover the pre-existing diseases.
- Compare health insurance
You should analyze your premium-paying capacity while looking for a health insurance policy. But, this should not be the only criteria or the deciding factor to finalize on a particular policy. It is important that you compare health insurance of different companies basis the features, benefits, exclusions, waiting period of different insurance plans.
- List of network hospitals
Every insurance company has a tie up with certain empaneled hospitals to provide cashless treatments. It is good to opt for a health plan that offers wide network of empaneled hospitals surrounding you. This is because during a medical emergency, you can rush to the closest hospital to avail cashless benefit.
- Claim settlement ratio:
Claim settlement ratio is the company’s efficiency to settle a claim. This simply reflects the proportion of claims honored against the total number of claims raised by the insured. A company would be deemed fair if it has the highest ratio of claim settlement.
So, it is always recommended to compare health insurance before settling on one. Look for the above mentioned point, seek help from brokers like Coverfox.com to choose the ultimate plan as per your health requirement.