Medical emergencies are often hard to predict, but one must be prepared for it. With the ever-increasing healthcare costs in India, it is almost imperative to buy health insurance at the earliest. However, before choosing the right policy that caters to specific needs, one must consider the following.
- The criteria of age
One of the most crucial factors in decision is the age when it comes to choosing a health insurance policy. For example, in case of a family floater policy, the cost of the insurance premium depends upon the age of the oldest member of the family. Besides, one must also clarify the criterion of age limit, like some plans may have a minimum entry age of 91 days and a maximum of 60 years. It is therefore important to compare health insurance policies before buying.
- The ideal combination of coverage and premium
Buying a health insurance premium with the lowest premium may not always be the smartest choice. While it offers common coverage at a premium that one can afford or pay, it also means that the person is getting a lesser premium at the insurance coverage cost. One must check for additional clause of deductibles, sub-limits and co-payment, and if it is the case then the person would have to pay more at the time of the claim. Be wary about these aspects while looking up health insurance online.
- The clause of waiting periods
One should be aware of the waiting period clause for being in a better position when it comes to making a decision. The insurer will not regard any claim or insistence arising out of a specific illness or a pre-existing health condition during this period. And, it may range anywhere from 24 months to 48 months, depending on the chosen plan, after which the benefits can be claimed.
- Cashless hospitalization
Health insurance companies have tie-ups with specific network hospitals from where the insured member is able to avail of cashless treatment following a medical emergency. The sum insured is paid directly to the hospital by the insurer. Compare health insurance claim process for choosing the best options as per your requirements.
- Coverage of pre and post hospitalization
Most of the health insurance plans cover almost all medical expenses of the insured member that are normally incurred during hospitalization. Some plans cover expenses before and after hospitalization as well as those incurred on medicines, medical tests, doctor fees, ambulance charges, etc.
- Maternity benefits
When it comes to choosing the policy, a common mistake is ignoring maternity benefits. With the increasing cost of maternity care and delivery, it is better to choose an insurance plan that covers certain maternity expenses as well. However, the waiting period can be between 2 and 4 years, before the benefits can be claimed for most plans.
- No-claim-discount/No-claim-bonus (NCB)
NCB is the discount offered by the insurer for all the years until a claim has been filed by the insured member. Basically, the amount of coverage is increased during the renewal of subsequent policies for the claim-free years. The NCB limit is provided in most cases depending on which the sum insured will increase.
- Facility of preventive health checkups
The cost of preventive health checkups has gone up for MRIs, cancer screenings, cardiovascular diseases etc. Health insurance online and even offline will give you the opportunity to find a plan that covers these regular check-ups. While you compare health insurance plans, make sure you clarify the coverage limit for preventive health check-ups too.
Keep all these steps in mind before you go in for a health insurance plan. Always compare plans online and choose the one which is suited to your needs.
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