Tips to buy a health insurance policyby Kanika Shelatkar Insurance Consultant
A health insurance policy is one of the most important requirements in these times. The cost of quality medical care is shooting up and having a health insurance policy provides some form of protection against these costs.
But if you’ve never purchased a health insurance policy before then the whole process can get daunting. You must consider and remember a few things before you buy a health insurance policy.
Here are some tips to buy a health insurance policy:
Health insurance online: To save on premiums, it is better to purchase and do health insurance renewal online. If you purchase medical insurance offline, then the company has to spend on agent’s commission. When you buy it online through their website, the company does not have to spend on agent’s commission and they can pass on the benefits to you in the form of reduced premiums.
Policy comparison: If you are looking to buy health insurance, then you must do a policy comparison between different plans of the same insurer and between different insurers. Checking out different policies can help you understand the exact type of coverage that you need in terms of riders and add ons and the sum insured. It will also help you analyse the insurer in terms of the premium amount.
Read the terms and conditions carefully: It is very important to read the terms and conditions of health insurance plans thoroughly before buying them. Insurers put up policy wordings and the brochure on their websites. These details are also available on insurance aggregator websites where it is possible to compare policies. When you read through the policy wordings, be sure to note down the inclusions and exclusions. The inclusions and exclusions will determine whether you want that policy or a policy with more benefits. It is also important to check the network hospitals so that you find one that has hospitals close by. This can reduce the time taken for hospitalization in the future.
Check the No Claim Bonus rules: The No Claim Bonus (NCB) is one of the most important bonuses when it comes to health insurance plans. It is a type of reward given by the insurer to the policyholder for not making a claim in the previous year. The policy brochure will have rules and guidelines about how the NCB accrues and the respective benefit that comes to the policyholder from having NCB on renewal.
Check the claims process: Each insurer may have a different claims process and before you buy health insurance, it is important to check the claims process for different insurers. The process should ideally be a simple process without much documentation.
Reading through different policy brochures can help understand the type of health insurance policies that are available in the market. Once you understand this, you can buy the right health insurance policy for your needs.
Created on Aug 6th 2019 08:51. Viewed 40 times.