Living in 2018, you must have heard and come across the term ‘health insurance’ very often. This is because everyone recognizes the importance and necessity of having a health insurance policy. That is why they are choosing to invest their hard-earned money in these plans. However, before you also do the same, make sure that you consider the following factors-
1. Claims process- Before you buy a health insurance policy, make sure that you know how the claims process works. The claim process must be swift and easy to deal with, for ensuring that you get your money as soon as possible. Additionally, the claim settlement ratio of the chosen insurance company must be impressive; otherwise, you may have to face a lot of hassle to get your claim settled.
2. Sum insured- The most important part of buying a health insurance policy is to decide the sum insured amount. While selecting this amount consider your age, current medical condition, and medical history, and go for an amount accordingly. The younger and fitter you are lower will be your sum insured. Another component that you should consider is your current monthly income so that you select a sum insured that will be easily affordable.
3. Lifetime renewability- As you grow older, you tend to become more vulnerable to medical complications and ailments. It is during this time, that you will need medical and financial coverage more than ever. Hence, when you are scouting for a health insurance policy, look for one with the lifetime renewability option.
4. Waiting period- Almost all the insurance providers these days impose a waiting period for pre-existing diseases, which normally range from 2 years to 5 years. However, this varies from one insurer to insurer. If you purchase a health insurance policy when you are young, there are considerably fewer chances of you filing for a claim, and you will be able to clear the waiting period in no time.
5. Maternity benefits- Insurance providers have understood the importance of including maternity benefits in health insurance policies due to the increasing medical expenses during pregnancy and after childbirth. Before you finalize a policy, consider the sub-limits and the waiting period for claiming maternity benefits. The policy must also provide coverage for outpatient expenses.
6. Network hospitals- When you are going through several health insurance policies check the list of network hospitals. Network hospitals are those hospitals where you can avail cashless hospitalization and treatment. You will just have to show your health e-card at the hospital desk and your insurance provider will pay for the expenses directly. You will not have to pay a single dime.
Even though health insurance is necessary for ensuring stability, you must do proper research before buying one. If you end up buying a policy in a hurry and without checking it first, then you will be wasting your hard-earned money.
1. Claims process- Before you buy a health insurance policy, make sure that you know how the claims process works. The claim process must be swift and easy to deal with, for ensuring that you get your money as soon as possible. Additionally, the claim settlement ratio of the chosen insurance company must be impressive; otherwise, you may have to face a lot of hassle to get your claim settled.
2. Sum insured- The most important part of buying a health insurance policy is to decide the sum insured amount. While selecting this amount consider your age, current medical condition, and medical history, and go for an amount accordingly. The younger and fitter you are lower will be your sum insured. Another component that you should consider is your current monthly income so that you select a sum insured that will be easily affordable.
3. Lifetime renewability- As you grow older, you tend to become more vulnerable to medical complications and ailments. It is during this time, that you will need medical and financial coverage more than ever. Hence, when you are scouting for a health insurance policy, look for one with the lifetime renewability option.
4. Waiting period- Almost all the insurance providers these days impose a waiting period for pre-existing diseases, which normally range from 2 years to 5 years. However, this varies from one insurer to insurer. If you purchase a health insurance policy when you are young, there are considerably fewer chances of you filing for a claim, and you will be able to clear the waiting period in no time.
5. Maternity benefits- Insurance providers have understood the importance of including maternity benefits in health insurance policies due to the increasing medical expenses during pregnancy and after childbirth. Before you finalize a policy, consider the sub-limits and the waiting period for claiming maternity benefits. The policy must also provide coverage for outpatient expenses.
6. Network hospitals- When you are going through several health insurance policies check the list of network hospitals. Network hospitals are those hospitals where you can avail cashless hospitalization and treatment. You will just have to show your health e-card at the hospital desk and your insurance provider will pay for the expenses directly. You will not have to pay a single dime.
Even though health insurance is necessary for ensuring stability, you must do proper research before buying one. If you end up buying a policy in a hurry and without checking it first, then you will be wasting your hard-earned money.
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