There are plenty of health insurance companies in India. It is difficult to select the best health insurance plan that will suit your needs. The best health insurance policy will benefit you in more than one way. It is important to check many factors before you select your plan. Precautionary checkup about factors will turn out to be a huge advantage for you in the future.
Following are the points to go through before buying health insurance:
A family floater is the first thing to pick when you have decided to cover yourself or your family with health insurance coverage. You can switch to family floater health insurance plan once you are married and have children so that all members can be covered with one sum insured. You can cover your spouse and kids in one floater policy. You can cover your parents with a plan designed specifically to cater to their needs, health insurance for senior citizens.
The sum assured should be adequate to cover all your health needs. The selection of sum assured is the first step while choosing a health insurance policy. Your coverage should be based on your history of family illness, residential city, etc. It also depends on the cost of living.
There are sub-limits mentioned in all health insurance plans. Sub-limits are the capping of reimbursement limit under some cost heads such as hospital room rent or ambulance cover. Despite the sum insured, one might need to cover extra costs. It is essential to stick to the limits.
- Waiting Period for a Pre-Existing Illness
Pre-existing diseases are covered in a health insurance plan but only after a predefined waiting period is mentioned by your insurance provider. To ensure easy claim settlement it is necessary to disclose the pre-existing diseases before buying health insurance. Disclosing such information while purchasing the policy will help you during an emergency and the insurer can keep you covered.
- Network Hospitals
Before buying the health insurance it is important to go through the list of hospitals. One should check that the major hospitals are a part of the network. Always go for insurers who have a higher network of hospitals to avail cashless hospitalization.
- Premium Calculation
Many factors are taken into consideration for the calculation of premiums. Age is the primary factor for calculating the premium. You must know your policy premium amount. Other factors like policy benefits, inclusions and coverage are also to be considered before choosing the health insurance plan. With the help of a health insurance premium calculator, you can know the premium prices of your desired policies
The selection of the right health insurance plan will help you at the time of the financial crisis. During a medical emergency, the lack of adequate medical insurance coverage might leave you with an acute shortage of funds. This will help you avail the best private healthcare. Thus, it is important to consider not only the above points but also to go through all the clauses, inclusions, exclusions of the health insurance plan.