Factors to Evaluate While Comparing Health Insurance

India's medical insurance industry is undergoing a massive change. Individuals are now increasingly opting for health insurance plans. However, the cost of medical insurance is also increasing day by day. In such a scenario, the best thing to do is opt for a company that provides the most beneficial plan suited to your specific needs.  Before you finalize on a plan, compare health insurance plans and make a choice depending on your needs.  Consider the following factors to choose the best-suited plan:

 

Average coverage amount

Find out the range of health services that are covered by your health insurance plan. These could include medical tests, maternity care, emergency room, prescription drugs, etc. Check which services are covered and which are not. If you need a particular service, like orthopedic care, ensure that your plan offers that type of coverage.

 

Cost of premiums

Make smart choices while finalizing on a health plan. Health insurance comparison should be conducted on a cost-benefit analysis. Some plans may charge a higher premium, but you may not necessarily require the additional perks. On the other hand, you may buy a low cost plan, which may not cover your ailments. Hence, avoid unwanted spending and pay only for what you require.

 

Does the insurer have cashless facility?

Every insurance company has tie-ups with a list of hospitals, known as network hospitals. If you get admitted in any of the network hospital, you don't have to pay for any expense as the insurer settles the money with the hospital. This is known as a cashless facility.  Cashless facility avoids the lengthy reimbursement process and the need to arrange cash at the last minute.

 

Co-payment options

Some health insurance companies have co-payment plans – where the policyholder pays a fixed percentage of the total medical bills and the company pays the rest. A co-payment plan should have lower premiums for it to be worth considering. If you are still young and healthy, this sub-limit plan is best suited for you as it cuts down your premium cost while providing a basic cover.

 

Choice between reimbursement or cash allowance

Many fail to understand the difference between a cash allowance and a reimbursement plan. In a reimbursement policy, the amount you have paid for medical expenses is reimbursed back to you. In a cash allowance policy, you get a fixed lump sum for every day you spend in the hospital. This amount is irrespective of how expensive the hospitalization cost is. Both plans have their pros and cons. Evaluate which type works best for you.

 

Does your plan offer portability?

Health insurance portability allows policyholders to opt out of their current plan and sign with the insurance company they prefer. It allows the insured to switch without losing continuity benefits with respect to pre-existing diseases, waiting period and other benefits associated with the previous plan. While comparing various plans, keep in mind this factor, as you may want to change your insurance provider in future, in case of any unforeseen circumstances.

 

 

Check the age until renewals is allowed

Check how many years your health insurance plan proposes to cover you. You should not be left without a cover when you need it the most. Make sure that the renewability option is available after the age of 65.

 

Every person needs medical care at one point or the other in their lives. Getting a health insurance plan protects you from unexpected and high medical costs. Compare health insurance policies on the basis of the above factors. Choosing a fitted plan today will go a long way in ensuring a better tomorrow.