Health Insurance: Things to keep in mind while buying a health insurance policy

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September 11, 2020 3:55 PM

As a policyholder, you can save a certain percentage on the premium cost if you opt for a co-payment option. Also, opting for a long term policy ensures further savings.

health insurance, family floater plan, mental illnesses, mental illness cover, covid-19, IRDAI, Max Bupa GoActive plan, Manipal Cigna ProHealth Insurance , HDFC Ergo Critical Illness PlanHere are some things to keep in mind while buying a health insurance policy;

In current times, especially during the pandemic, it has become imperative for all to be covered by a health insurance policy. With the country witnessing disruptive lifestyle changes, a constant increase in medical inflation, and the rapid spread of chronic diseases, it is need of the hour for us to opt for an insurance policy. Also because, the older you get, the harder it becomes to get a policy with lesser restrictions, and lower premiums.

Having said so, it is not suggested to go and by any health insurance policy that you find. There are certain things that you need to consider while buying a policy. For instance, Rakesh Goyal, Director of Probus Insurance, says, “As the medical expenses are elevating from time-to-time, it is better to go for a higher sum insured policy.”

Additionally, certain plans also come with a co-pay option, which means that the insured will pay a certain part of the medical bills, and the remaining amount has to be taken care of by the policyholder. Under such a case, experts say, one must go with a policy that comes with lower co-pay, keeping in mind to opt for a suitable percentage. Goyal says, “You can keep your premium cost at the lower end, even if you are looking for a higher sum insured plan. This can be achieved by opting for top-up or super top-up add-on covers.”

One of the main criteria that policyholders look at while buying a policy is the premium to be paid. Even though that is not the only criteria to look at while choosing a policy, it is a driving agent. However, to get the best policy at a reasonable premium, industry experts say, policyholders should enroll more members of his/her family in their plan to bring down the premium cost of the family insurance plan. As a policyholder, you can save a certain percentage on the premium cost if you opt for a co-payment option. Also, opting for a long term policy ensures further savings. Keep in mind that you can raise the sum insured with no extra premium for every claim-free year. Policyholders also get tax benefits on premiums under Section 80D.

Here are some things to keep in mind while buying a health insurance policy;

– Select the right insurance amount as per your needs and suitability. See to it that you pick the right combination of premium and coverage. Goyal says, “A health insurance plan with low premium rates might not always offer the coverage you are looking for. Also, check for additional clauses in advance so as to avoid any unpleasant surprise during the claim process.”
– Opting for a health insurer that provides seamless claim settlement service will ensure faster and simpler claim processes. Policyholders are advised to go through the customer reviews or do some research in order to find such insurers.
– One should also consider the cashless network hospitals. Goyal says, “By opting for a cashless option, the insured can get his or her bills settled directly with the insurer. Also, one should note that the insurer has a good number of network hospitals within your vicinity, so as to provide ease during medical emergencies.”
– While you are buying a family health insurance plan, do consider the age of the family members that are to be insured. Age could have an impact on the cost of the premium. Also, check for the age limit criterion while buying the cover.
– Understand the waiting period well in advance, as not all diseases are covered from day one of your policy.
– Check if your plan offers pre and post hospitalization coverage. Most insurance policies, now offer pre and post-hospitalization.
– Additionally, find out if your plan offers maternity benefits as the medical expenses for pregnancy are on the higher end.
– Also, check if your policy offers a free medical check-up.
– Check if the plan you are planning to buy has No Claim Bonus or No Claim Discount facility.
– Look at the coverage limits that your policy has for preventive health check-ups.
– Also, check if your plan has any co-payment clause that might affect your claim amount.

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