6 Things To Consider Before Buying A Health Insurance

In today’s unprecedented time’s life is filled with uncertainties and medical emergencies are one of them. With the cost of healthcare services increasing every year, a good health insurance policy is inevitable. 

 

Choosing health insurance plans for families could be rather confusing. Here is a quick list of things that you must consider before purchasing health insurance for yourself and your family members.

 

1. The Age factor

Age is one of the most important factors in a health insurance policy. You must evaluate the age of the family members who are being insured. For example, in the case of the family floater policy, the age of the eldest family member is considered while estimating the premium. Apart from this, one must also consider the age limit for various policies and choose a policy depending upon your needs. Like in some cases, the minimum age limit is 91 days and the maximum could be 60 years. While some others could have a minimum of 25 years of age entry and a maximum of 50 years. Some might not have any age limit. According to your needs, choose your options wisely. According to a new rule by IRDA now policy renewals will be done till the age of 100. 

 

2.  The Right Combination of Premium and Coverage

Lower premium rates could be lucrative as well as deceptive at times. Health insurance with lower premiums offering extensive coverage is a lucrative offer. But low rates of premium could also mean a compromised insurance coverage. So look out for reasons of a lower premium and ensure that insurance policy coverage is not compromised. Choose insurance that provides adequate coverage without any compromises at affordable premiums. 

 

3. The Waiting Period Clause

 

The waiting period is a deciding factor in a health insurance planner as timely claim of a policy is the basic purpose of insurance. It is important to keep in mind that the insurer will not accept any claim during the waiting period for pre-existing illnesses and certain diseases. The waiting period ranges between 24 months to 48 months depending upon the plan you have chosen. It is usually recommended that one should choose a plan that has a minimum waiting period to be able to claim the benefits at the time of a health emergency. Nowadays there are certain plans which ask for extra premiums for reducing the pre-existing waiting period. This is also a good option for those who wish to start their cover at the earliest.

4. Cashless Medical Benefits

At the time of a health emergency, panic is everywhere. One of the ways to reduce it a bit is to avail cashless hospitalization benefits. Often health insurance companies have a network of hospitals where the insured members can avail such benefits. It saves you from tedious paperwork during the admission and claim process. At times, insurers directly pay directly to the hospital enabling faster and cashless treatment. So, it is always advised to check with your insurer for the shortlisted hospitals in your vicinity. You can ask your advisor to procure the list of hospitals or you can check it from the company website. 

 

5. No Claim Bonus/ No Claim Benefits

NCB refers to the bonus offered by the insurance company for all the years when no claim was filed. That means, your coverage amount is increased at the time of subsequent policy renewals for all claim-free years. 

 

Usually, health insurance providers specify the NCB limit. And the increase in the sum insured would depend on the limit that is specified by the insurer. The NCB factor is different with different companies. 

 

6. What are the coverage & features they are offering? 

 

Nowadays there are many options available in the market. With the increase of Health insurance companies, new features are also introduced by them with loaded features. You have to be very vigil while choosing the plan. Companies should provide modern treatments like deep brain stimulation, oral chemotherapy to robotic surgeries and stereotactic radio surgeries, stem cell therapy, and more, Alternative treatments like AYUSH – Ayurveda, Unani, Siddha, and Homeopathy treatments, Coverage for Domiciliary Treatment and home care treatments, Emergency road and air ambulance, Health Check-Ups from day 1coverage and many more such benefits. 

Last not the least, a smooth claim procedure is a half work done at the time of health claim settlement. So, check thoroughly with the policy wordings and the claim process followed by an insurance company. Choose a health insurance provider that has seamless claim settlement services. Always ask for a Policy wording copy along with the brochure or one-pager so that you should know all the minute details. Don’t just rely on an advisor, they will do their work of explaining the policy and its features, but you should also read complete documents before buying health insurance. Clapping is always done with both hands and not possible by one hand, likewise, it’s our moral responsibility to read all the documents and then proceed.  ( please rewrite if this sentence is wrongly written)

 

At Khasnis Prime Wealth, we guide you through the best well-researched health insurance plans.