7 Tips to Help You Purchase the Best Health Insurance Plan

If you are banking only on the Health Insurance provided by your employer, you are risking your financial health. Medical expenses have skyrocketed over the years. At the pace it is increasing currently, getting insured with the best policy will keep you be free of financial worries. Buying it blind-folded will only let you regret later.

 

Here Are 7 Tips That Will Help You Purchase the Best Health Insurance Plan:

 

1.       Adequate Sum Assured

Healthcare costs are higher in the city compared to a town. If you are residing in the city like Delhi, Mumbai, Bangalore, etc. ensure that you opt for a sum assured that is adequate. Higher the sum assured, higher is the premium.

 

2.       Look for Benefits Offered

Most policies come with add-ons or extra benefits, the premium for which may be higher. Buying such a policy may entitle you to enjoy ‘out of pocket’ expenses, hospital cash benefit, and more. Few policies also come with maternity benefits whereas some cover critical illnesses too. Include cover for critical illness and other lifestyle-related diseases and make sure you opt for cashless hospitalization.

 

3.       Room Rent Sub Limit

Have you ever experienced sharing your room with a co-patient in the hospital though you have a health insurance card? You wished you were allotted the room with no co-patients! It is the room rent benefit that determines this factor. Check with your insurer the amount provided on per day basis for availing a room in the hospital while undergoing treatment. The higher, the better; alternatively, you may opt for a policy that offers a single private room irrespective of the amount specified.

 

4.       Low Waiting Period for Pre-existing Disease

It is no surprise if you were detected with a pre-existing disease at the time of Buying a Health Insurance Policy. Such a disease is not covered under individual or floater plan at the time of buying but comes with a waiting period that may range from 24 months to 48 months. Look for a policy that comes with a low waiting period for pre-existing diseases.

 

5.       Choose the Right Insurer

Consider checking the claim settlement track record of the chosen insurer. Higher the number of claims settled, better it is. Ensure that your insurer has the least number of consumer complaints. Besides, not all insurers may have a tie-up with the hospitals in your locality. Hence, before you finalize a plan, check the list of hospitals your chosen insurer is networked with.

 

6.       Read the Terms and Conditions

Do invest your time in going through the terms and conditions put forward by your chosen insurer. Not reading the fine print may prove a blunder later. Sub limits and exclusions, waiting period and other limiting factors – everything is covered in the ‘terms and conditions’ section.

 

7.       No Claim Bonus

In case you make no claims in a particular year, the sum insured percentage increases with no increase in premium. Besides, there are also plans which will not impact your already accumulated no claim bonus if you make a claim. Read the ‘no claim bonus’ clause before you buy.

 

Consider the aforementioned factors before buying a Health Insurance Policy. Keep yourself and your family insured for health. Enjoy a financially secured healthy life year after year!

 

Also Read: Are You Sure You’ve Taken The Right Health Insurance Plan for Your Parents? 

 

 

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