Ensure that you take a policy that offers the most comprehensive network of major hospitals across your city and in your immediate vicinity
The rise in covid-19 cases has led to increased demand for insurance policies in India. A health insurance policy has become essential for the consumer as well as his/her loved ones during these uncertain times.
How you choose the right policy with the right benefits is a big decision. Here are five crucial tips to consider before buying a health insurance policy:
You need to factor in medical inflation. A health insurance cover that seems adequate now may be insufficient a decade down the line. Thus, it would help if you ideally opted for a mix of reasonable premium and sum insured policy. And with medical costs rising, a higher insurance bar can ensure that your medical needs are taken care of without breaking the bank. Ankit Agrawal, co-founder and CEO InsuranceDekho.com said, “By paying a comparatively reasonable health policy premium each year or buying a super top-up policy along with your existing health cover, you can beat the medical inflation while opting for quality treatment without worrying about how much it will cost you."
Claim settlement options
Ensure that you take a policy that offers the most comprehensive network of major hospitals across your city and in your immediate vicinity. Often people who seek treatment for an ailment or are hospitalised discover that their insurance policy does not cover the hospital. That can be a very expensive oversight.
Necessary treatments and value additions
To avoid paying out of your own pockets, choose a health policy that does not have a co-payment scheme. Agrawal said, “You should also make sure that the sub-limits on treatment have an affordable capping, especially if one is hospitalised for some severe ailment and the expected amount exceeds the actual medical bill. Thus, it would be best to avoid such circumstances by buying a comprehensive health policy. The policy will help reduce the out-of-pocket expenses up to a specific limit." However, other than paying premiums, you will still have to compulsorily pay a certain percentage of your medical bill, despite coverage.
About the insurance company and the working policies
Do a background check on the insurance company, the claim settlement figures, and the customer service it offers. Ensure that the insurance company has a relatively high claim settlement ratio so that you will also be able to claim your coverage.
The right policy cover for the need of you and your family
Know your needs. There are two sets of health insurance policies - an individual health policy and a family floater policy. Agrawal said, “A family floater covers the entire family unit under a single health policy. While, an individual health policy, as the name suggests, covers a single person. It can be bought for yourself or an individual family member. It can also be customised based on said individual’s pre-existing conditions and needs. So, you need to decide which kind of policy should you buy and should have to be on the top of your list."
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