7 Facts to Help You buy the Best Health Insurance
In Indian Insurance market there are plenty of options that are available with wide range of advantages. In matters of selection of mediclaim policies, customers ought to focus on the terms and conditions which could limit the perceived advantages of going for a Mediclaim policies which secures the finances in case of the medical emergencies.
It is a tough ask to select on right individual health insurance from a wide range of the options that are available today. With rising hectic lifestyle where everyone lacks time for caring about their health and also rise in medical cost healthcare plans have become a crucial thing to have. Ignoring taking of health insurance could place further strain on the financial health of people. Hence skipping the taking of the policy or choosing any of the policies without taking into consideration the important facets could prove to be a disappointing factor.
In Today’s world, treatment of medical emergencies which include diseases, accidents and sicknesses could leave the person in severe financial crisis unless the person has comprehensive health insurance which takes care of all necessary expenses. You would need to consider many factors including
- Sum Insured: In any Mediclaim policy the sum assured is the main limit. Any cots which are incurred over and above the sum assured would not be payable by the health insurance company. Buying enough cover from an early age is strongly recommended as it helps you in hiking a claim generated when the age increases.
- Floater/Individual Policies: Many customers are confused on deciding between taking a family floater or Individual policies for every member of the family. In family floater the whole sum assured is available for the whole family, in case you want to opt for family floater then you should go for a higher sum assured.
- Extent of Coverage: You need to compare the plans on basis of the features it offers and the premium that has to be paid. The cover options available to you needs to be thoroughly analyzed before settling down on an option.
- Waiting Period for Pre-Existing Illnesses: Check on the waiting period that has been mentioned in the policy document in relation to the preexisting conditions. This period varies from one insurer to other.
- Co-Payments/Deductibles: Sub-Limits in health insurance are availed in form of co-payments and the insurer would ask the policyholder to pay a share of the expenses amount. Under deductible the insured would have to pay a certain cost and when expenses exceed certain limit insurer will start paying for it.
- Exclusions: You should carefully go through the exclusions list which is stated in policy to avoid any type of future hassles. You should shortlist an insurer who has more network hospitals.
- Insurance Company History: You should not blindly go for the plan that has been suggested by your friends and family. You should know about the claims history and the claims settlement record of the Insurance Company.