Isn’t it comforting to know that if your health takes a turn for the worse, you and your family will be financially secure? While offering access to high-quality medical care, a health insurance policy alleviates the burden of arranging for a large sum of money during a medical emergency.
Purchasing a health insurance plan, on the other hand, can appear to be a daunting task to a first-time buyer. You may need to compare several health insurance policies based on their benefits, total insured, premium, claim process, and other variables. The interesting thing is that you only need to consider a few factors to make the best decision. The best place to begin is by deciding what you want to be covered under your health plan. Do you require basic hospitalization coverage or protection against chronic illnesses such as cancer, heart disease, and so on? Do you want to be covered for both OPD and COVID-19 treatment? You will be able to obtain a health insurance policy that meets your needs if you write down your current expectations.
There are numerous health insurers and policies on the market, making it difficult to choose the best one. A health insurance checklist of vital questions can assist you in determining the best policy that gives the most benefit.
To assist you in selecting the best-suited medical insurance, here is a list of recommendations that will prove valuable while comparing health insurance policies online —
Health Insurance Checklist:
In recent years, the Indian health insurance business has revolutionized, with a focus on simplifying health insurance coverage by digitizing the entire purchase journey. With new-age technologies and a plethora of plans on the market, the health insurance checklist below will assist you in selecting the best health insurance policy:
- Early investment
Some individuals believe that only those in their 40s or 50s require health insurance, which is not the case. It is always preferable to obtain insurance as soon as possible. The premium is also affected by a person’s age. If you purchase a health insurance policy later in life, you will have to pay a higher premium and vice versa.
- Finding right coverage
If you already know what you want your medical policy to cover, check for coverage that meets your needs. Some people are covered by group health insurance through their workplaces. However, because it is basic insurance, the coverage may not be adequate for everyone. As a result, you must have an individual health plan as well. You never know how likely it is that you may get a certain ailment in the future. As a result, it is preferable to incorporate it in your coverage ahead of time for peace of mind.
- Individual or Family Floater Policy
Understanding your needs will go a long way toward assisting you in finding the best health insurance plan. One of the key needs is whether the health insurance plan is for you or your family. You can get an individual health insurance policy for each member of your family, or you can purchase a “family-floater” policy that covers everyone in a single plan.
Individual policies are a useful resource in all scenarios; nevertheless, they are more expensive than family-floater policies. The family-floater insurance is a fantastic cover because it allows you to use the complete coverage among family members as a group. Furthermore, when a person chooses the family-floater plan, the total insured is greater than with an individual policy.
- Compare plans
You’re halfway done when you’ve assessed your needs and determined the type of coverage you desire. Go online now and compare health insurance coverage, features, and pricing from several insurance companies. However, don’t settle for the first medical plan you come across. The insurance company you select will also be critical. Examine their ratings and claim settlement ratios before making an informed decision.
- The extent of coverage
A low-cost insurance plan should not be your sole consideration when purchasing individual or family health insurance plans. So, when purchasing an all-inclusive health insurance plan, make certain that you have comprehensive health insurance coverage. You should evaluate the coverage based on the benefits it provides in exchange for the premium you pay.
During the policy period, there are essential features such as Out Patient Department (OPD) coverage, pre and post-hospitalization, teleconsultations, maternity coverage, day-care procedure, wellness programmes, alternative therapies, and rewards for being healthy, among others. Consider insurance that extends beyond the standard hospitalization coverage provided by ordinary insurers.
- Cashless cover
The cashless health insurance acts as a buffer for an unexpected hospitalization that may necessitate urgent money. Cashless hospitalization, whether planned or impromptu, provides a hassle-free and paperless experience. For a hassle-free experience, find the ideal digital general insurance business that provides services online rather than the typical form-filling activity.
- Waiting period for pre-existing conditions
Before any catastrophic illnesses can be covered by a health insurance policy, there is a waiting or cooling period. In addition to evaluating health insurance premiums, you should also examine the waiting period for pre-existing diseases or disorders.
Rare plans need a two-year waiting time, and in some situations, a four-year waiting period. While this may cause you to postpone your decision to purchase health insurance, you must understand the value of health insurance and how it can assist you during hospitalization, particularly in an emergency.
The Insurance Regulatory and Development Authority of India (IRDAI), the country’s insurance sector regulator, defines pre-existing disease as any ailment, condition, injury, or illness that was diagnosed up to 48 months or two years before purchasing the health insurance plan. For full coverage, choose a policy that does not contain sub-limits on severe illnesses. Here are some instances of pre-existing conditions that typically require a waiting/cooling time before the policy will provide coverage:
- Diabetes
- Hypertension
- Thyroid
- Cataract
- Hernia
- Non-infective Arthritis
- Osteoporosis
- Osteoarthritis
- Varicose veins
- Psychiatric illness
- Inclusions and exclusions
You should be familiar with the medical treatments and conditions that your health insurance plan does not cover, as well as the plan’s benefits. Before choosing a plan, carefully examine the list of exclusions. Exclusions apply to all types of insurance coverage. Before you choose a plan, you should be aware of the list of exclusions. This will prevent unexpected medical charges for a service that is currently covered, or if you discover after the treatment that the policy does not cover the treatment of the specific sickness.
We all aim to live happily, despite the possibility of medical emergencies that can strike any time. With healthcare costs rising, it’s more important now than ever, to get yourself a comprehensive health insurance cover. Get a health insurance policy today to protect yourself from financial instability.
