8 Factors To Consider Before You Buy a Health Insurance Policy!
With health insurance plans becoming the need of the time as the cost of medical services, you may see many service providers offering you plan laced with benefits.
Yes, since many players offering various types of health insurance policies, buyers are spoiled for choices as seeking one that suits their needs is a tough job.
Other than the sea of medical insurance plans calling themselves best health insurance plan, it is the jargons and fine prints of the policies that also confuses one.
Thus, it would be better to provide you a list of some factors considering which buying a health insurance plan could become an ‘easy-to-do’ thing to do.
Claim procedure
If your prospective health insurance service provider offers a lucid and simple claim process, it will help you grab a quicker settlement.
Thus, the easy claim process and its speed along with a good customer support should be what to look for!
Waiting period
Even the best health insurance plan provider will have a waiting period for pre-existing diseases. Such periods can range from two years to five years and will vary from one service provider to another.
Thus, keep the waiting period in mind while deciding on a policy. A good thing would be to purchase a health insurance plan when you are young as the chances asking for a claim is less, and you can easily let the period pass.
Family health insurance
If you are buying health insurance plans, ensure that you do that considering your family members and age. Before signing a deal, consider their existing diseases considering their medical history.
Select the right insurance amount
Assess your future needs and then only apply for a right amount so that it could be enough for you and you would not need to pay out of your pocket.
The best thing would be to opt for a good amount of insurance coverage that meets your income level. Thus, chose an assured sum which won’t fall short in the case of an emergency.
Network hospitals
Before purchasing a health insurance policy, you should also check cashless network of hospitals available with the company.
Taking the services of a network hospital will help your insurer settle the bill directly with the hospital. Leading insurance companies have more than 2000-5000 hospitals in their chain.
Maternity benefits
With medical costs skyrocketing, the cost of pregnancy such as pre-natal and post-natal expenses have surged as well.
If you are a woman, it is good to avail a health insurance policy that offers maternity benefits. For this, you should also see the waiting period involved and apply earlier than a period you would be pregnant if you have an idea.
Cumulative bonus
You can enjoy some cumulative bonus when you don’t apply for a claim in the previous year of the policy. Hence, even if your policy is not claiming any benefits, you can keep accumulating bonus year after year.
The bonus is nothing but an increase in the assured sum on the payable premium or a mixture of both.
Free medical check-up
While buying a policy, look if it’s offering you a free medical check-up or not. Also, make sure that it does not affect the premium when there is a renewal of the policies.
The Bottom Line
You just went through some of the major factors that an insurer should consider while applying for the best health insurance plan.
Considering them beforehand will help you make the most of the policy and will serve the purpose you are buying it for!
Category: Insurance
