Summary: Too many choices making it difficult for you to select the right health insurance policy? Here are a few things that can make it easier for you to take the right decision. 

The ever-increasing healthcare costs have made it inevitable for people to invest in health insurance. Nevertheless, with so many providers getting in touch with you through health insurance live transfer leads, it can get very confusing to select the right health insurance plan that works best for you. Here are a few things you need to consider before buying a health insurance plan:

Age

Age plays a major role when it comes to buying health insurance. Apart from your age, you will also have to consider the age of all your family members whom you want to insure. The cost of the premium that you will have to pay, especially in a family floater policy, depends largely on the age of the eldest member of your family.

The age limit criterion may vary from one health insurance plan to another. You might have to check with your provider about the minimum and maximum entry age limits. You can also find plans that have no restrictions on entry age. Explore your options and choose the health insurance plan that suits you the best.

Premium and coverage

You might be tempted to buy a health insurance plan that has the lowest premium. But lowest premium will also mean very limited coverage. Coverage is as important as the premium that you pay. Hence it is very important to select a plan that helps you strike the perfect balance between premium and coverage.

Always make sure you find out the reason behind the low premium before buying a health insurance plan. Limited coverage may not be the only reason behind a reduced premium. Look for any additional clauses about sub-limits, deductibles, and co-payments that might require you to spend more money out of your pocket at the time of claim. Ideally you should go for a policy that comes with an affordable premium, adequate coverage, and good benefits.

Waiting period 

Almost every health insurance will have a waiting period during which the insurer may not accept any claim for any specific treatments or pre-existing illnesses. You will have to wait for this period to get over before you can claim any benefits. Make sure you find out how long you will have to wait and check out the pre-existing illnesses and treatments that are not covered during the waiting period.

Network

Most health insurance providers provide cashless hospitalization if you choose a hospital or doctor from their network. You might want to look at the list of hospitals and doctors in this network. Find out what treatments are covered and what aren’t. See if you can visit the specialists directly or need to go through a reference from a primary care physician. Check out the formalities in case you want to choose a hospital or doctor outside the network. 

Pre and Post Hospitalization Coverage

Most health plans might cover the medical expenses that you incur during your hospitalization. But will they cover the costs that you may incur before and after hospitalization? These can work out quite expensive if they include medical tests, doctor fees, and ambulance charges. If you don’t want to pay for these expenses out of your pocket look for a plan that covers pre and post hospitalization expenses, along with hospitalization.

Maternity Expenses

Most people tend to ignore the maternity benefits while choosing a health insurance policy. But with the maternity care costs hitting the roof, it is always better to get a plan that covers your maternity expenses. You may have to wait for about 2 to 4 years in order to claim these benefits. See what works for you and plan your family accordingly. Apart from the delivery costs, make sure the plan you choose also covers the medical expenses of the newborn baby.

No-Claim Bonus or No-Claim Discount

Most of the insurance providers offer you a discount or a bonus for the years that you don’t file any claim. Basically they provide a higher coverage when you renew your policy. Nevertheless, there is always an NCB limit which might vary from one insurer to the other. Make sure you understand all aspects of this before purchasing your health insurance.

Coverage of Preventive Health Check-up 

Prevention is always better than cure. But prevention of diseases also means regular health check-ups and screenings, the costs of which are constantly going up. If these are not covered by the health insurance plan that you are buying, it may not be worth investing in it. If you are a person who believes in going for regular health check-ups, make sure your health insurer covers you for these. Even if you have to pay a little extra towards the premium, you will still end up saving a lot of money. 

Co-Payment Clause

Not all buyers of health insurance understand this clause and this is why most of them ignore it while purchasing health insurance plans. Co-payment basically refers to the percentage of amount that you will have to pay at the time of claim. This clause is generally included by the health insurance provider if you have crossed a certain age limit or have any pre-existing medical illnesses. Make sure you take a look at this clause before buying the plan.

Claim Process

The claim procedure can be a pain when it comes to settling health claims. Conduct a thorough research, go through some of the customer reviews, and look for a health insurance provider who provides seamless claim settlement services. This can save you a lot of headache during hospitalization.

If you are a company buying a group health insurance plan for your employees, you can discuss your requirements with a health insurance provider and get a customized plan made accordingly.