Things to Keep in Mind While Buying a Health Insurance Policy

The need to have an appropriate health insurance plan has indeed gone up, especially after the COVID-19 pandemic bothering us for over two years now. Life has become all the more uncertain and rising medical costs have been a burdening reality all over. In such tumultuous times, the right health insurance plan for self and family members can keep sudden medical expenses at bay, and keep us financially secured without having to disturb our savings.

 

Let’s read on to know what factors to consider while buying a health insurance policy and make an informed decision towards secured healthcare-

1. Age Limit

While purchasing health insurance, consider the age of the family members who need to be insured. If you opt for a family floater policy, then the cost of the premium would depend on the age of the oldest family member. Check what is the minimum and maximum entry age limit covered under these health plans and select accordingly. 

2. Adequate Coverage 

Always choose a health insurance plan that provides you coverage against a wide range of medical problems, issues and diseases. The list of benefits should ideally include pre and post hospitalisation, day-care expenses, genetic illnesses that you may be prone to, etc. 

3. Comparison of quotes online

It is always wise to research well and compare health insurance policies online. Click on options like ‘Get quote’ online and determine an estimated premium amount for different policy options you’ve explored. Compare the quotes and select the best one. 

4. Inclusions and exclusions of the plan

One should be completely aware of what the health insurance policy covers and what it does not. This helps us understand how comprehensive the policy is. Having half-baked knowledge about the policy can lead to claim rejections and unnecessary out-of-pocket expenses. 

5. Network hospitals

Check if the insurer has a wide network of hospitals where cashless treatment can be provided. It will help you to avoid any more expenses during medical treatments.

6. Claim settlement ratio (CSR)

Claim settlement ratio refers to the number of claims settled by the insurer out of the total received claims. Always choose an insurer that provides a high claim settlement ratio. This determines the ability of the insurer to settle claims and helps you make a wise decision. 

7. Pre/post hospitalisation

Choose an insurance plan which diligently covers the expenses that usually occur before and after hospitalisation, i.e. in visiting and following up with a doctor, buying medicines, undergoing any tests, etc.

8. Lifetime renewal

As one gets older, he/she gets more susceptible to health issues. Hence, one should select the health insurance policy which offers the option of lifetime renewability. With this, you also would spend less on the premium amount provided you take the policy as early in life.

9. Waiting period

The waiting period is the time after buying the policy until you cannot raise any claims. It can be from 6 months to a few years, varying according to the insurance company and your opted plan. The waiting period is usually applicable to pre-existing diseases and maternity benefits. 

10. Co-payments

Co-payment means a part of the hospital bill which has to be borne by the policyholder before the insurer pays his share. In a co-payment situation, the policyholder needs to pay mostly 10%-20% of the hospital bill from his or her own pocket. For eg., if the treatment cost comes around Rs. 10 lakhs, the policyholder will pay Rs. 1 lakh from his own pocket as per the 10% co-payment clause in the health insurance policy. Hence, always buy a health insurance plan which doesn’t or have minimal co-payment involved. 

 

Hope the aforementioned tips gave you an adequate idea about how to buy health insurance plans diligently. So, don’t delay this further - go on, research well and purchase one for yourself and your family in case you haven’t got one. 

Health Insurance Plans Available at Bajaj Markets