We often realise the importance of a health insurance policy, only when we face situations where we need it the most. And most people really do not know how to choose the right health insurance policy suitable for them in line with their financial budget and their needs. Let us take a look at some of the key things to be kept in mind for consideration while planning for a Health Insurance Policy.
Plan for your Future Needs
Carefully examine what are the probable healthcare needs which might arise in future. An example is to choose plans which covers ageing parents or plans which takes care of maternity costs, if you have old parents or if you are newly married respectively.
Select the right amount as benefits
The benefits in Health Insurance means the maximum amount a person will be reimbursed for healthcare, in a policy year. And this is going to be the base for all your medical claims. While selecting the benefit amount, we might need to keep in mind the rising medical costs and the probable situations which might come up for the year. Keep in mind that the amount should not be too high also, to avoid difficulties in paying high premiums which may not be supported for your financial inflows.
Select the right type of Health Insurance Plan
It is is must that you understand about various types of health insurance plans and the benefits of each. The one which you select should be able to address your need and situation. As an example, it is better to go for a family floater plan, or a plan offering cashless benefits in case if you are well connected around with hospital networks.
Pick the Insurance Company wisely
It is always advisable to pick up a Health Insurance Plan from a General or Health Insurance company. The focus on designing a health insurance product will be more for such companies than a Life Insurance company which offers Health Benefits along with life plans. And some times the price of health insurance plans offered by the Life Insurance companies are higher than those offered by General or Health Insurance Companies
Evaluate Empanelled Hospital
In the case of an emergency you are most likely to visit a hospital hear you and there you need to be able to avail the benefits of the health insurance plan you have taken. Therefore it is better to check the hospitals empanelled by the Insurance company offering the plan. Understand the specialities offered by those hospitals which are nearby as you will be able to avail a wide range of services with your health insurance plan.
Understand how the premium is calculated
Though the premium calculation for health insurance plans is standard, there are variations based on the services which each plans offer. It is advisable to understand the premium calculation in detail while selecting the options and services in an insurance plan.
Comprehend the Clauses
Most of the Health Insurance plans come with a fine print of clauses. It is advised to understand those clauses in detail before finalising on the plan. Some of the common clauses you might need to understand are on pre-existing diseases, age limits, maternity clauses, hospitalisation benefits etc.
Know more about the flexibility of the policy
Get clarity on the flexibility offered on the insurance plan by the Insurance Company in terms of premium payments in case of an illness or inability to pay the premium due to an emergency. Also check the benefits on no claims (bonuses or discounts) offered in the plan by the company.
Always go through Reviews and Comparisons
One of the key objective of having a health insurance plan is to have peace of mind for you and family in case of an unexpected medical situation. Therefore always get to know reviews on the plans before you finalise and try to compare options and identify one which suits you the best