It’s 2021; still, a lot of individuals do not consider health insurance as a necessity. As a matter of fact, a portion of these people feels that paying health insurance premium is an additional expenditure in their existing list of expenses. However, in reality, health insurance has extraordinary benefits when the matter comes down to medical treatments. What they fail to understand is - health insurance is a necessity than a luxury. Although COVID-19 has dramatically accelerated the sales of health insurance in the country, the range for the same does not match with the expectation.
Even though medical insurance is a requirement for every individual, people living in the urban area need it more. The reason behind so is the busy schedules, rising levels of pollution, stress, and lack of physical work – all of which makes them more prone to various diseases. And not to mention that the treatment of some diseases can cost you a bomb.
There are some people who want to get good health cover but end up buying a policy that does not serve the purpose. As a result, they curse the plan and do not recommend it to anyone. What they fail to do is to consider it as vital. They do not run a background check, consider the benefits and features of a plan, etc and go with the plan which their agent or friends suggest.
To make sure that you do not experience the same scenario, I’m going to talk about 6 important aspects to consider before buying a health insurance policy in this article. These tips will help you pick a policy that will not create any trouble in the event of emergencies.
1. Hospital Network
Every insurance company is associated with a number of hospitals where you can avail cashless treatment in case of a medical emergency. What you need to pay attention to is the number of network hospitals tied-up with an insurer. In addition to that, check whether you preferred hospitals there in the list. It will prove to be a boon at the time of a health issue.
2. Type of Illnesses Covered under a Plan
Not to mention that there are various health insurance companies today and all of them has different plans on offer with different features. For instance, there are some policies that include coverage for terminal illness while others don’t. Likewise, some plans keep out of accidental cases. Hence, you need to carefully go through the terms and conditions of the plan or call the customer support representative of the insurer to get a clearer picture.
3. Individual Policy or Family Floater
Family floaters policies are usually favored given that an individual is a sole earner in a family. These policies offer all types of necessary coverage and benefits in exchange for a reasonable premium. However, if someone in the family is suffering from a disease, opting for an individual policy is a good choice, since the chances of getting him/her hospitalized will be frequent.
4. Capping on Room Rent
Most insurers put a cap on room rent limits. It basically means that you can claim the expenses of room rent up to a certain limit. In addition to that, other expenses are also part of room rent capping, which reduces the claim amount.
5. Availability of Co-Pay
Co-pay refers to a feature where a policy buyer has to pay a particular amount of treatment costs at the time of claim settlement. Note that this amount varies from policy to policy. It is advisable to go for a plan that comes with a minimum co-pay amount.
Inflation is a factor which is not part of any document or terms & conditions. You have to study and analyze the rate of inflation on your own. The reason behind doing so is that today, a particular sum insured may look attractive and good in the current scenario but in future, it might become very little due to price rise.
The features, benefits and exclusions of a particular health insurance plan offered by the insurer may cause confusion to those who wish to buy a new policy or renew an existing one. There are various online portals today that offer an instant comparison of different insurance plans online. Such portals can help you to choose the policy that suits you the best and offers maximum benefits without burning a hole in the pocket.