Top 7 aspects to compare when buying a health insurance plan
Insurance can be the saviour of not only one who takes a policy but also for the family members, which depend on him. If one has to suffer from any unforeseen condition where he has to pay heavy medical bills or treatment cost the value of health insurance can be understood. For a common man, till nothing such happens, it is just an additional expense, and therefore many people avoid going for a health insurance plan. However, with the rising awareness in society, people now have understood the need and role of the health insurance plan. Many buyers feel confused while going for health insurance as they do not know the points that they must be kept in mind while going for the same. Here are some important points of comparison that can help one choose a health insurance plan wisely.
- Select the right service provider: This is the first point where the buyer feels confused. In the market, one can find many service provider who offers almost similar insurance plans. For a common man, the premium is the main point to compare as he may not be aware of the technical terms and other conditions mentioned by the service provider. With a comparison of premium, one needs to check term, the sum assured, coverage of diseases, claim settlement system, and many more things. One also needs to check the claim settlement ratio of the service providers and decide accordingly.
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- Check for the sub-limit: In many cases there are sub-limit set by the service provider such as a cap on room tariff, types of treatments and other parts. One needs to check this aspect in little depth, and if he is not sure of the terms, he needs to contact an expert who can guide him well. In case of a floater policy, this term is more important to be checked as in this policy; various members are included under the same policy.
- Coverage for pre-existing diseases: Usually, the service providers in this market do not cover the diseases from which the policyholder already suffers. However, in this condition also one can find a massive variation as many companies cover such diseases after 90 days while some cover them after 1 or 2 years also. These diseases may include diabetes, blood pressure and kidney stone etc. One needs to check this clause before going for purchasing the policy. In case of any confusion regarding the same one needs to talk to the customer care executive of the concerned service provider.
- Cashless claims: The claim is the most vital part of the insurance field. One needs to know it in advance that if he goes for the insurance of a particular service provider, he will have to go for reimbursement or can have cashless claim benefit. In this regard also various service providers have different stands which one must check before buying the plan only.
- Get the plan at a young age: The health insurance has a direct relation with the age of the policyholder. If one starts getting health insurance at a young age, he can have a higher sum assured at lower premium and benefits of no claim bonus for a longer-term. If one goes for the health insurance, say after the age of 35, he may have to pay higher premium also. He may have to undergo the medical process and pay rated up premium if there is any health issue seen in his reports. Hence getting health insurance at a young age is recommended by the experts.
- Individual plan or coverage for a family: This is another point where one may feel a little confused. The family floater policy can be a better option for a small family with a young age while for a large family where seniors are aged, it is better to go for the individual health insurance plans. In individual plan, the given sum assured is for a particular policyholder only while in floater the same sum assured is utilized by all the members till the balance is left.
- Sum assured: The sum assured is the biggest concern for any health insurance plan buyer. It is also directly associated with the premium amount, and hence one needs to choose the same wisely. In case of low sum assured, one may be out of coverage if there is a critical illness or any illness which involves longer medical treatment. In case one goes for higher sum assured, and there is no claim he may have to bear a heavy cost of premium without any reason. Hence one needs to take this decision prudently and after considering various factors of his health and options.
These are some of the major points that one needs to compare between the plans offered by various service providers and go for a plan that can help him get desired benefits.