Factors to consider before buying medical insurance?

Having a financial cushion for your medical emergencies is much needed in today's times. With the unhealthy lifestyle and increasing pollution, diseases and health conditions are inevitable. Medical insurance guards you against any medical expenses you incur. 

Many policy providers offer different plans with attractive offers. It can get confusing to choose the right one. It is essential to get a plan that provides good coverage against your premium. There are factors that you should consider before buying health insurance, which are:

Sum insured: Consider the coverage amount that fits your needs. For this, assess your family and individual health conditions. Other factors to watch out for are your age, add-ons you opt for, medical inflation, etc. All these directly impact the premium amount. Hence, ensure to finalise the amount with a manageable premium to pay. 

Coverage type: This is one aspect that many tend to ignore, but it affects your experience during a medical emergency. The coverage depends on the terms and conditions of medical insurance policy companies. They have limits on the sum assured for specific procedures like ambulance, treatments, etc. Hence, it is essential to check this for gaining clarity.

Network hospitals: When we face medical emergencies, there is hardly time for clearing bills amidst the stress. Therefore, insurers have a network hospital for clearing the bills directly. You get the benefit of cashless treatments where the insurer now pays the expenses to the hospital. Make sure to check the network hospitals for claiming this facility. 

Claim settlement ratio: This is important for any general insurance type. It refers to the claims settled by the insurer, time taken, and the ease of the process. It lets you get the best plan with great changes in claim acceptance. Hence, check the settlement ration for making an informed decision. You will find this on the insurer's website and customer reviews.  

Critical parameters: Understanding the terms concerning medical health insurance gives you clarity on what you get. Sum limits refer to the limitation on the assured sum on specific aspects like room rents, ambulance, etc. Co-payment needs you to pay a portion while the insurer pays for the remaining treatment. The waiting period is the duration after which you can claim the insurance amount for pre-existing illnesses, maternity benefits, etc. 

Inclusions and exclusions: These are mentioned in the fine print of policy providers. Make sure to read it thoroughly for understanding what is included and excluded. It is important to avoid complication during claims. The exclusions are permanent, and insurers do not provide the sum on it. For instance, cosmetic treatments and dental surgeries often get excluded from health plans.