Saturday, 25 May 2019

5 Things to Keep in Mind When Choosing a Health Insurance Policy

With medical expenses at all-time high, buying a health insurance is the one of the most things to do. A health plan covers the cost of medicines, treatments, hospitalization, and everything related to healthcare that you and your loved ones need. So what should you keep in mind when choosing a health insurance policy? We will tell you about the 5 most crucial things to remember when looking for a health plan.

  1. Type of Coverage

Type of coverage is the foremost thing to check. Do you want a family floater plan or an individual plan? An individual plan could be the right choice if you do not have dependent parents and are unmarried. However, if you have a spouse, kids, and dependent parents, then you can check out for family floater plans. The premiums for this plan would be lower than individual plans for each family member.

  1. Sum Insured

The sum insured translates into the maximum liability that the insurance provider needs to pay in the event of a claim. As medical costs are increasing every year, you must look for a sum insured that is optimal. Consider the members covered under the health insurance plans, expected healthcare expenses, existing illnesses of the members, and then decide on a sum insured.

Many of you may have employer-sponsored group health plan. In that case, you can opt for a lower sum insured policy for an independent health plan. Do remember that a high sum insured also comes with a higher premium so you must also assess your capacity to bear the premium amount.

  1. Limits and Sub-Limits

Many health plans come with sub-limits, such as that for doctor’s fee, hospital room rent, etc. For instance, if you pick a room that has a higher rent than the sub-limit, then your hospitalization claim will reduce. It is advisable to specifically look for a plan with no sub-limits or the ones with higher sub-limits.

You should check the plan for specified limits, like for ambulance cover, maternity cover, domiciliary hospitalization, etc. Knowing the sub-limits and limits will keep you informed of expenses that you may have to bear from your own pockets.

  1. Network of Hospitals

Most of the health insurance companies today provide the facility of cashless claims. Here, the hospitals bills are directly settled by the company. However, the condition attached for such a facility is, you have to get the treatment at one of the hospitals that is tied-up with the insurance company. When buying the policy, you must thus, note the list of tied-up hospitals with the insurance-provider, and choose a preferred one from the list to smoothen the claim process.

  1. Coverage Features

Every health insurance plan has a range of coverage features that you must study before you choose a policy. Find out the coverage benefits, compare the plans based on the required features, and then shortlist a few, from which you can select the best suitable one.

Apart from keeping the above-mentioned factors in mind before purchasing a health insurance plan, you must also consider the waiting period, co-pay clause, and the renewal clause.

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