How to Choose the Best Health Insurance Plan?

In the vacillating healthcare environment of today’s times, having a health insurance is a prerequisite, especially because of the expensive treatments and care required. With the right health insurance, you can take care of your illness, without falling into dire financial straits.

However, a lack of understanding about the various options and benefits, makes us perceive that health insurance is not a must-have, but just good to have. With rising costs of healthcare, buying health insurance can help you avoid the anxiety and disappointment that comes along with a medical emergency.

The right health insurance plan can help you get optimal coverage for lower premiums. Here are a few things you would need to remember, when looking for

To find the best for your needs, there are a few things that you would need to remember. This will help you get optimal coverage at a low cost.

Evaluate your needs:

Insurance plans offer a number of benefits based on your needs. If you have been diagnosed with a specific disease, a critical illness plan may be more beneficial to you. If you have a family, a floater health plan may be a better buy. Go for a policy that provides adequate coverage at an affordable premium. Compare different policies online to make an informed decision.

Coverage restrictions:

Many health insurance products have limits on the types of medical expenses to be covered. For example, room charges, surgery expenses, etc., may have pre-defined limits that you need to be aware of. Being aware of such limits can help avoid unpleasant surprises and get you the maximum possible coverage on certain hospital expenses.

Pre-existing conditions:

Insurers seek to limit their liability in case of pre-existing medical conditions. Read the terms and conditions with regard to pre-existing conditions carefully to minimise waiting periods and get the best possible coverage.

Inclusions and exclusions:

Under the terms of the policy, insurance companies specify illnesses or situations to which coverage may or may not be applicable. If you sustain an injury while playing a sport or fall ill because of substance abuse, your insurer may refuse to pay for your treatment. Be aware of such conditions that would be applicable to your health insurance plan.

Indemnity or reimbursement:

Health insurance claims may be settled by your insurance provider directly with the hospital or reimburse you after you pay the bills. A growing number of policies offer cashless health insurance coverage at affiliated hospitals. Ensure that the mode of claim settlement is clear before you opt for a plan.

Claim settlement:

The ratio of claim application to settlement is a good indicator of the health of the insurance company. Take the time to review their claim settlement history by talking to their customer service team or checking their annual performance reports.

Cost versus benefits:

Though you would naturally prefer a low-cost insurance plan, think about the benefits you stand to get in return. Many insurance companies offer competitively priced policies but may not always have the same level of coverage.

Before you buy health insurance cover for yourself or your family, take into account your long term needs. For example, if you have recently been married, a health insurance cover with maternity benefits may be a good option.

jake Author

Leave a Reply

Your email address will not be published. Required fields are marked *