Factors to Consider while Selecting the Best Health Insurance Policy

Nowadays, you hear a number of stories about people who have contracted fatal diseases at a young age. This is something that you work to avoid by eating right and taking the time to stay fit and active. However, in spite of these efforts, there is no guarantee that you will be free from illness.

In recent time, the field of medicine has made rapid progress, so number of revolutionary treatments, have been developed that have helped save lives across the world. These procedures are less invasive, leaving fewer scars as a result, recovery is quicker and relatively pain free.

All these treatments come at a cost, which is why there is a need to make a comprehensive plan, so that you will be in a position to pay for medical bills, without affecting your plans for the future. With this in mind, it is advisable to apply for a good health insurance policy.

This being said, there are a number of health insurance policies available in the market and it is important to consider your needs and requirements, before selecting one. Here is an overview of the various things you must consider before selecting a policy.

Let’s starts with the basic divisions that you can choose form, while selecting an insurance policy.

·         Hospital Cash Insurance: Where you are handed a fixed amount of money in cash, when you are admitted into a hospital.

·         Critical Illness insurance: This will help to reduce your financial burden, in case you are diagnosed with a major illness.

·         Accident Disability Cover: Here your income can be protected, in case your ability to earn is diminished, due to an accident.

If you have a nuclear family, it is best to take up a policy that will cover the entire family. However, if you are caring for the older members of the family, it would be best to consider a separate policy for them. This is because the premium is calculated taking the oldest member of the family into consideration.

A number of people believe that an insurance policy offered by the employer, is enough and there is no need to apply for a separate policy. However, this mistake can cost you in the long-run. If you were to switch jobs, you could be uninsured for a brief period. Additionally, if a new purchases is made a period of 45 days needs to elapse, before a claim can be made.

Another thing to watch out for is the sub-limits on your policy. You must be aware of the cap in terms of ambulance costs, ICU charges, surgeon fees, hospital room rent and surgeries. These factors will help you select the best policy and will provide you cover in terms of health and stability in terms of finances.