Health Insurance is the best tool one can take to get rid of the fiscal burden in case of medical emergencies. None of us wants to be sick, but we can’t predict unforeseen events. Also with the aggravating inflation, the medical costs are also rising, which will have a huge impact on the finances of an individual. Health insurance protects you from these rising costs and offer many other allied benefits too.
So it really imperative for you to understand your health plan well before paying for it.
Here is a guide to suggest you about the health insurance to be taken at any age.
Evaluate Your Needs
Evaluate your needs and requirements before opting for the health plan. You need to analyze the requirement in terms of how much amount of sum assured you need to take. That again depends if you are opting for an individual health plan which will cover you only or a family floater plan which will cover your family as well including your spouse,children and parents.
Analyze Your Budget
It’s important to analyze your budget because there are varied number of options your health insurance provider will provide you. If you go on increasing your additional covers without actually requiring them. Then your premium will unnecessarily enhance.
Check for Claim Settlement Ratio
It is imperative to study and check the claim settlement ratio of the health insurance company from which you are intending to buy the health insurance plan. Opt for the health insurance provider who has a good claim settlement ratio.
Cashless Hospital Network
Check if the hospitals or medical facility you regularly visit near your place is covered under the list of network hospitals of the insurer, which provide cashless hospitalization in case of the claim. Because cashless treatments are the most convenient and save you from the financial hassles at the time of claim.
The renewability clause is very important to ensure your kind attention. Few health insurers offer renewability for a limited period, which restricts your policy to be renewed at the end of the renewable period. So check on the number of years the plan is allowing the renewability so that you are not left in a condition when you and your family need the benefits of health plan at the most specially at the advanced age.Go for the plan which offers lifetime renewability.
Range of coverage
Don’t take a health plan where you see, you have to pay the minimal premium rather try to analyze the scope of coverage the health plan is offering you. Take a comprehensive plan which covers all your health related medical emergencies. Take a holistic health plan which covers your family members as well. So check on the range of benefits which your health plan is offering you.
Waiting Period for Pre-Existing Disease
The pre-existing disease is a medical condition which you have before taking the health policy. All pre-existing diseases may not be covered by the health plans. If it is covered it will have a waiting period and not be included from day one of buying the policy. So keenly check on the waiting period timelines before opting for the health insurance plan.
The Co-payment clause is the fixed percentage of the claim amount to be paid by the policyholder and the remaining amount will be settled by your insurance company. So check on the co-payment clause before buying your health insurance.
Read Carefully the Terms & Conditions
Don’t go just on the face value of the health plan. Take out some time to read those terms & conditions mentioned in the health plan brochure or document. It is vital to know what are those terms & conditions, making a right choice of the health plan for you and your family.
Your health is precious and so is your family’s. Any medical emergency can be emotionally disheartening ,but don’t make it financially disheartening as well. Buy the right health insurance plan online and protect yourself and your family too.