Undoubtedly, modernization, digitalization & IT speculation have brought in the revolution in the lifestyle and culture but it has brought along lifestyle diseases with high medical cost. It has made life vulnerable to emergency expenditures. ‘Health Insurance’ is the key to overpower these expenses. It covers list of diseases, hospitalization, pre-existing illnesses and other related emergency expenditures.
Peeping through the complex structure of these Health insurance policies, once must understand what is being bought. You should take few things into consideration before buying a suitable and much needed health insurance policy.
Recognizing your needs and listing them down will be better. Prudently, take into an account your family size, their current health conditions and future health needs before deciding on the Sum Insured amount for your health cover. Rising medical expenses in your city, incidences and chronic ailments should also be taken into consideration. Getting the idea of all these things will give you a clear hint about what health cover you genuinely require.
Premiums, deductibles and coverage are the deciding factors. Insurance plans may vary widely in terms of premiums, deductibles and coverage. There are some mediclaims which look after everything except exclusions. However, there are policies which holds lower premium with ‘Co-payment’ mechanism. These are the factors which potential buyers should think upon.
Coverage should be given importance and not premium. Policy should never be evaluated by comparing their premiums. Instead, study the policy carefully. For the same premium and a given sum insured and age, policies differ in features offered. You must check for all the features offered and limitations cited in an insurance cover and choose the one that provides maximum benefit and is affordable. It is always advised to declare correct information pertaining to pre-existing diseases and personal health. It will help you to grab a hassle-free claim settlement
Insurance is more towards the emotional promise made by the insurer. Make sure that your insurer fulfils it and stays with you when you really need it. It is important that you analyze and verify the services offered by the insurance provider. The percentage of claims settled, the time taken to settle claims, claim processing structure, cashless service, network of hospitals etc. should all be compared before selecting the health insurance provider. Such information can be either availed through search engines or individual companies’ website as public disclosures.