A few things you should consider while choosing the right health insurance policy.
Published on February 20th, 2019
In the last decade, the healthcare costs have grown by a substantial amount. Therefore choosing an appropriate health insurance policy has become mandatory to ensure the costs remain under control.
However, there are different types of health insurance policies available, and choosing the right insurance plan that suits your requirements is a daunting task at hand.
Here, we are share with you some things you should keep in mind while choosing a suitable health insurance policy.
1. Claim Settlement Ratio
The name itself suggests quite clearly what exactly this means. The claim settlement ratio is the percentage of people who actually get their claims paid in comparison to the total number of people who actually asked for a settlement.
This would give you an idea of how efficiently the service provider could get your claim settled during a medical emergency. No one wants to get stuck in the hour of need.
Always look for an insurance company which has a claim settlement ratio of 90% and above, and that is an assurance in itself.
2. Health Cover Required
Before you choose the best health insurance plan, you need an idea of what your typical health care costs are. You will have to figure out the amount of health cover you need based on the city you live in, ailments you can prone to and your family history. While doing your math, do not ignore the inflation aspect to it.
Plus your age is an important factor too, because after reaching certain age you may need a substantial health insurance cover as with age, health deteriorates, which incurs hefty medical expenses. Make sure you have taken an adequate cover, and you do not have to get it changed frequently.
3. Family Floater Vs. Individual Policies
If you have a family it would be advisable if you take a family floater plan. This means that all your family members like children, parents, and spouse would be included in the cover.
Keep your needs in mind before taking a decision. You should also keep your parents in a separate policy as the risk element is higher.
4. The Waiting Period For Pre-Existing Diseases
Health insurance policies cover preexisting ailments too, but there is a waiting period to take benefit of that. It is wise, if you disclose the ailment at the time of signing up, else your claim might get rejected. Also, take your pick of a company which has a shorter waiting period in this case.
5. Compare The Insurance Plans
Last but not the least, make sure that you compare all the plans carefully and then make your choice. After narrowing down your choice to 2-3 policies, you can check out the other factors which make them different.
These could include things like maximum renewal age, hospitals included in their network, sub-limits on the expenses incurred and riders like critical illness and accidental rider, no claim bonus benefit etc.
A quick go through of all these points would pave the way and you would be able to choose the policy that would work the best for you.
Health insurance is a necessary financial instrument that anyone needs to keeps a curb on his healthcare costs. If you are also planning to buy one for yourself or your family do keep an eye on the above factors.
Since most insurance policies are long term investments, it is crucial that you take enough time to do your research and decide.