How do I know which is the best health insurance plan? Should I go for individual plan or a family floater policy? These are few of the first questions that come to people who are looking to buy a health insurance policy.
Before we tell you what you should consider to select the best health insurance plan, let us share how a health insurance buyer can perform a quick quality and choose to buy one of the best health insurance policy available in the market.
So, look for a plan that:
Has high ratings from industry experts. You can also check customer reviews.
Remember, a quality health insurance plan does a good job of helping policyholder stay well as well as get better after the treatment/surgery.
Check if the plan offers a wellness program.
Has the widest network of doctors and hospitals in the list. Remember, to check network-hospitals in your area.
Offers services as and when needed by the customers while meeting their budget.
Has easy claim authorization and settlement process
While you perform the quality check on the health insurance plans, look for reasons why do you think buying health insurance is important for you?
Here are few factors that can help you decide how to select the best health insurance plan-
1. Buy health insurance when young and healthy
Health risks increase with growing age.
Younger you are, lesser will be the amount of premium- An individual’s age is the major deciding factor for the calculation of health insurance premium.
2. Take advantage of the waiting period
Nearly all health insurance policies has a waiting period for 2-3 years for certain pre-existing diseases.
When you buy a health insurance cover early in life, you can easily take advantage of the waiting period rather than serving it at a later stage when your health risks may have increased substantially.
3. Understand limits and exclusions
Sub-limits: Most health plans have sub-limits on room rent, surgeries, ICU charges, operating charges and other medical procedures. Opt for policy without sub-limits; it may have a higher premium; it is much better option in a long run.
4. Choose a policy with no sub-limits
Co-payment: Under co-payment, the policyholder bears a pre-defined percentage of the claim amount while the rest will be settled by the insurance company.While you may find the insurance plan to be quite cheap, it may not offer you compete coverage.
When you opt for a health insurance plan, you should be sure that the plan has no disease specific or expenditure specific sub-limit. In few cases, you may find such plans to be expensive but they will help you to evade greater financial risks as well as provide you with the freedom to opt for efficient medical treatment, that too at the best health care provider. A policy with no sub-limits will help you avoid unpleasant situations at the time of claims.
5. Choose adequate sum insured
Consider all your personal priorities and liabilities, before you buy a health insurance policy to make an informed choice.
Choose the policy that is in line to your by giving due consideration to factors like your age, age of all your family members, increased health care costs, etc.
6. Fill up the proposal form yourself
Most questions asked in a proposal form personal in nature. Thus, in order to give the right piece of information, one should fill up the proposal form first-hand.
Furthermore, for the insurer to be able to underwrite the policy in an appropriate manner, it is required all the details furnished are correct and true. You should never hide any information or overwrite on the proposal form. Inadequate information or exclusion of medical conditions during the proposal time can lead to issues of delayed or non-payment of claims during times of need.
7. Hospital network of the insurance company
While selecting the right health insurance plan, review the list & details of the hospital network of the insurance company. An insurer with an extensive list of hospitals in its network across cities should be your prime criteria of selection.
8. Understand your health insurance need well
Consider if you want to buy individual policies for all family members or a family floater policy for all.
For a young nuclear family, it is better to opt for a family floater policy that extents coverage to two adults and two children. Compared to individual plans, family floater come at a marginally incremental premium.
9. Claim limitation related to treatment
Carefully note the treatment-respective limits in your health insurance plan. Certain policies cap the amount you can claim for a particular surgery. Such limits would restrict your claim, even if there is a large sum insured under your policy.
10. Opt for additional coverage
Add on covers like Maternity Cover, Critical Illness Rider can be bought along with standard health insurance plans to give additional coverage for your specific needs.
11. Clearly read and understand the policy wordings
It is of utmost importance that you read the policy wordings and other documents carefully so as to reap maximum benefits from your respective health insurance policy. Every health insurer provides a policy wording document that contains details about the policy. It will help you gain a thorough understanding of the claim process, document requirements, payment options, special conditions, coverage and exclusions.
12. Gradual increase in sum insured
In the present days, when medical inflation is rising at a rapid scale, as a precautionary measure, it would be best to keep on enhancing the sum insured of your health insurance plan from time to time. You should also compare various policies available from an insurer. You can also speak to your insurance advisor to know what is the apt sum assured for you and your family.
13. Clear all your doubts before taking the final decision
Before making the final decision of buying a health insurance policy, you should read all your policy documents once again. Turn to your insurance advisor or the insurance company and ask as many questions as you can to clarify all your apprehensions. It will clear any confusion or doubts that may exist.
This is only a summary of the product features. The actual benefits available are described in each policy document, and will be subject to the policy terms, conditions and exclusions. Please seek the advice of your insurance advisor if you require any further information or clarification.