Not every illness require immediate medical assistance, we live in the era where over the counter medication is easily available and advised widely by our family and Doctors for instant treatment. It’s only when we suffer from serious ailments we require medical assistance to overcome the trauma and pain. To ensure quality treatment and financial stability while getting medical treatment, it’s essential to have a health insurance plan by your side.
To understand the entire process of choosing a health insurance plan, let’s take a look at the parameters that needs to be considered before buying a health insurance plan.
How to find out which plan is aptly designed for your medical needs?
With the rise of awareness about health insurance, there a mass emergence of health insurance companies who have come up with numerous health insurance plans with attractive premiums and wider coverage. Health Insurance plan is designed for every age and strata of lifestyle you are leading, you can choose the right health insurance plan as per your medical requirements and number of member to be insured. On buying a health insurance all your medical emergencies and treatment costs get covered, without having you to run errands during the time of medical necessity.
- Family floater is a great option
Opting for family floater is always a best option as the sum insured can be shared amongst your family members. You won’t have to buy separate policies for every family member, and can pay a single premium amount for securing your family. Hence, the health insurance plan which covers family is the best suited.
- Choose sum insured
You can choose a lower sum insured if you are buying the policy at an early age, however if you are insuring your parents then you may have to opt for a higher sum insured. Sum insured is the highest amount up to which your medical expenses get covered, so higher the sum insured higher will be the premium amount.
- List of network hospitals
Always check the list of network hospitals before choosing an insurance policy or company. Higher the number of network hospitals, higher chances of getting medical attention at your nearest hospital.
- Minimum waiting period for pre-existing illness
Most health insurance companies have a certain years of waiting period for covering pre-existing illness. So lesser the waiting period, better the policy as it would start covering your pre-existing illness a bit early.
- Maternity Cover
Many health insurance companies in India offer maternity cover with a specific waiting period, post which your delivery and new born medical expenses get covered.
- Day care treatments
Like we discussed earlier, advancement in medical science has helped in reducing the treatment and hospitalization duration. Hence, a lot of patients get discharged within 24 hrs of hospitalization
such treatments are called as day care treatments. Opt for a health insurance plan, which covers day care treatments too.
- Claim settlement ratio
A good and reputed health insurance claim can vouch upon its highest claim settlement ratio with various rewards and ratings received by accreditation authorities.
- Lifelong renewability
Go for a health insurance plan which can be renewable up to lifetime; this helps you to continue one plan forever without changing the plans every year.
If you are looking for a budget health insurance plan that has lower premiums and higher cover, go for top up plans that usually come with an aggregate deductible.
The above mentioned are the parameters that would help you in choosing the right health insurance plan without much hassle. Do calculate premium and review the policy coverage before enrolling yourself for any health insurance plan.