Things to Consider while buying your Next Health Insurance
COVID-19 pandemic has taught us many things, and amongst all, it has made everyone realize the importance of health insurance. However, like COVID-19, any uncertainty can knock on your door at any point in life. Hence, it would be best if you were prepared, at least financially, such that your day-to-day lives remain stress-free. You might already know about the importance of health insurance, but with the growing possibilities of uncertainties, you might consider taking another health insurance policy. However, before diving into the buying process, you should consider certain important factors that can help you buy the ideal health insurance plan.
Health insurance is a concept of providing financial security to you and your family during medical emergencies. Therefore, it becomes crucial for you to pick the right health insurance policy with the right kind of benefits matching your requirements and budgets. So here are 5 essential things you should know before buying your next health insurance policy.
5 things to consider before buying a Health Insurance Policy
- Medical inflation
- Type of health insurance policies
- The reputation of the insurance company
- Cashless claim facility
- Limits on Treatment and Co-Payment
1) Medical Inflation: A 5 lakh or 10 lakh insurance policy might look like sufficient health insurance cover now, but 10 years down the lane, it might not be adequate to cover all your medical expenses. Therefore, you need to consider the medical inflation at present or in the future, considering how the medical expenses are high today and what they were 20 years ago. While planning for your future, you should take into consideration all possibilities, such as running short of the coverage amount. Therefore, you should opt for a combination of the sum insured and premium, such as in case you choose a policy with a large sum insured, you might have to pay higher premiums. So, it is better to think through all the aspects before taming the buying decision.
2) Type of Health Insurance: While buying an insurance policy, choosing the right kind of health insurance policy is important. Primarily there are two main categories of health insurance policies – an individual health insurance policy and a family floater policy. As the name suggests, an individual health insurance policy is for a single person or can be bought for any individual family member, whereas a family floater covers the entire family under a single policy. So, first, decide which kind of health insurance plan will suit you the best and then opt for the one. Do remember that an individual health insurance policy can be personalized based on an individual’s pre-existing requirements and conditions.
3) Reputation of the Insurer: Before buying a health insurance policy, you must check the credibility and reputation of the insurance provider. Look at the claim settlement figures, brand reputation, and customer service they offer. Do remember to opt for an insurer with a high claim settlement ratio such that you could claim your coverage hassle-free.
4) Cashless Claim Facility: Among several benefits of health insurance, one of the main benefits includes a cashless claim facility wherein if the insured gets hospitalized and seeks treatment with the aid of health insurance, then the bill is directly settled by the insurer with the hospital authority. However, it would help if you got hospitalized at a network hospital listed in the policy document. Therefore, you should check the insurance policy having tie-ups with a large number of hospitals near you and across the country.
5) Limits on Treatment and Co-Payment: While choosing the health insurance policy, opt for the one which does not have a co-payment scheme to save the most and stay away from unwanted stress, due to the reason that in such a health insurance policy, apart from paying the premiums and policy amount, you also need to mandatorily pay a certain percentage of your medical bill despite having the health coverage. You also need to ensure that the treatment limits under your chosen health insurance policy have a decent high cap-off for major events like surgery where the expenses might exceed the expected bill amount. As otherwise, the extra payment will have to be incurred from your pocket, which does not suffice the purpose of a health insurance policy.
Health insurance policy is a necessity looking at today’s unpredictable scenario. And the sudden attack of COVID-19 has proved that life is certainly unpredictable; therefore, every individual should be prepared to face the worst and backed up with tools like a health insurance policy. The write-up entails the five essential pointers that might help you in picking your next health insurance policy with the right benefits. You can speak to insurance experts at iiflinsurance.com to gather more details on how you can buy the right health insurance plan for yourself and your family.