5 Expert Tips: Keep in Mind Before Picking Any Health Insurance Plan
There is no dearth of firms that sell health insurance policies in India. With so many offers and lucrative deals, selecting one from amongst the many offers can be difficult. Also, the documentation and the drafts can make the decision even more confusing. Many websites allow consumers to compare insurance plans before buying them. One can prepare pros and cons list using such tools. To help with the decision of narrowing down to one best health insurance policies, here are a few tips and tricks from experts.
Five tips that will help you choose the right health insurance policy
Comparing health insurance policies
Consider the number of family members that you wish to include in your health policy. Make a note of any pre-existing conditions, medical history, age, etc. Also, make a note if someone amongst them is a chronic smoker or drinker. These factors influence your health insurance policy greatly. Only when you compare the quotations from various health insurance companies, you will be able to decide the right one for you. Also, find out about the settlement and claim process for health insurance. Choose the policy which offers a faster claim settlement process. Around-the-clock customer service centre to address your queries is an additional bonus.
The right insurance amount
The amount assured by the health insurance policy is another important factor that you must consider before buying a policy. The sum insured must be enough to cover for an emergency, leaving little scope to dig into your pockets. Also, compare the premium that you have to pay for the same amount. The premium for most health insurance policies depends on the age of the applicant. The younger the applicant, the lesser the premium. Buying a health insurance policy at a young age is always beneficial. Next, see if you can comfortably afford to pay the premium with your current salary and expenses.
Network hospitals
Every insurance company has several hospitals that have empanelled themselves with the company. These hospitals offer additional benefits to the individuals who are insured by the said company. One of the benefits is the cashless option, where the insurer settles the bill amount directly. Choose an insurer with the widest network of hospitals.
Offers and benefits
Check what additional benefits does the insurance company offers apart from the standard ones. Check if the insurance offers maternity benefits. If yes, look into the waiting period before one can claim maternity expenses. Also, check whether such benefits are offered additionally to the sum insured or if there is a sub-limit for such benefits. The next thing to keep in mind is the expenses that will be covered in case of hospitalisation. Choose a health insurance policy that covers the expenses for medicines, diagnostic tests, etc.
Renewal policy
The last thing to keep in mind while buying a health insurance policy at Mahindra insurance brokers ltd is its renewability and the terms of renewal. Experts suggest buying a policy with a lifetime renewability, these policies have better premium rates than the others. Check if the health insurance provider offers no claim or cumulative bonuses.