5 Things to Know Before Buying a Health Insurance Plan
By Akhil Chugh
Date April 17, 2022
The recent Covid pandemic impact has made more and more people realize the vitality of the right Health Insurance Plan. With the country witnessing an all-time high medical inflation, healthcare expenses are shooting through the roof. In such times, not having an adequate Health Insurance cover can be financially challenging.
An adequate Health Insurance can ensure you & your family a smooth sail through any medical emergency. However, careful research is required before opting for any Health Insurance policy as the terms & conditions could be really tricky. In order to lessen your worries, Net Brokers have compiled a list of things to keep in mind before buying a Health Insurance Policy.
Things to Remember Before Buying a Health Insurance
There are a few key things you should consider when zeroing down on any Health Insurance plan to make sure that you are buying what you actually need.
1. Age:
A person in old age is more prone to the possibility of illnesses and morbidities. The older you are, the higher the chance of you making a claim to the insurance company, and even a greater chance of you needing a higher sum insured.
Therefore, when you buy a health insurance policy, take into account your age and then assess the right sum insured amount for your policy. Do remember that the higher the sum insured, the higher the premium amount that you would have to pay towards the policy. Also, age is one of the key factors that decide health insurance premiums, with a 45-year-old paying a higher premium than a 30-year-old for the same policy. So, it is important to start early and buy a policy with the right sum assured.
2. Claim Settlement Process:
The claim settlement procedures of the insurer should be easy and seamless. The claim settlement ratio of the insurer is the best parameter to judge it. The claim settlement ratio is calculated by dividing the total claims paid by the number of claims filed. It’s advisable to go with an insurer that has a higher settlement percentage. Or else, you may need to run from post to pillar to get your medical bills reimbursed.
3. Wide Network of Hospitals:
One should always check the cashless network of hospitals with the insurance company. At the time of a medical emergency or hospitalization, the hospitals in the network offer a cashless option where the insurance company will settle the medical bills directly with the hospital. Always check if the insurer has a wide network of hospitals where you can avail of cashless treatment. It can save you a lot of time and hassles.
4. Family Coverage:
Whether you want to purchase an individual health plan or a family floater plan is one of the other important decisions to consider before buying health insurance. Family floater plans are those health policies that cover the entire family under one safety net. This means that the sum insured amount can be used to cover the treatment cost of any immediate family member named in the policy. It can include your spouse, children or parents. Buying family floater policies can prove to be cheaper than buying individual policies for each member. So, keep that factor in mind before choosing a health plan.
5. Check plan Inclusions & Exclusions:
The coverage of the health insurance plan (inclusions) and the conditions against which a claim cannot be made (exclusions) determine the scope of the insurance policy. You must have full knowledge of all inclusions and exclusions before purchasing health insurance. Being unaware of the coverages can lead to an increase in out-of-pocket expenses. And being unaware of the exclusions can lead to claim rejection.
Net Brokers Takeaways:
- There is no one-size-fits-all health insurance plan available in the market. But you can customise the base plan with add-ons at a reasonable price. Hence, select the family health insurance plan from an insurer with the best add-ons and good customer care service. Reach out to Net Brokers to help you pick the right Health Insurance plan as per your needs.
- While your health insurance policy may not generate returns, it will definitely save you from major unwanted healthcare expenditures giving you peace of mind.
- Any payment made towards the health insurance premium is eligible for a tax deduction under section 80D of the Income Tax Act.
Life is a roller coaster, and one disease can change your life within minutes. You not only need emotional strength to fight infections, but you also need to have financial stability and only a health insurance plan can provide you with the same. It is better to prepare for the worst times and minimise the damage rather than running into debts. Get in touch with us to learn more about the health insurance policies and choose the right cover that gives you maximum benefits.