Many individuals have come to appreciate the need for adequate health insurance in light of the devastation caused by the COVID-19 epidemic. With rising healthcare costs, many individuals may find it financially challenging to obtain high-quality medical services and the associated costs for hospitalization. In the event of a medical emergency, rather than purchasing insurance at the last minute, be ready with appropriate coverage to guarantee a smooth ride.
As a result, it has become imperative that you and your family engage in a health insurance plan that provides financial assistance.
Ten things to keep in mind when buying health insurance
Health insurance is between you and the insurance company. In health insurance, the insurer bears a part of the burden when you face any sort of medical urgency. In India, many people mistakenly believe that health insurance is a tax-saving instrument, which is a very incorrect assumption.
As stated before, the primary objective of health insurance is to secure you economically in the case of a medical emergency or other unforeseen circumstance. Consider the following factors when acquiring health insurance to guarantee that you are receiving your money’s and time’s worth:
Opting for health insurance at an early stage
Buying health insurance early in life is a good idea. You don’t have to go in search of the best health insurance at the older stage of your life; instead you have to make fewer claims at a younger stage, and remember, buying health insurance early is really a helpful plan.
Choosing the right insurance company
The insurance company plays a very vital role when it comes to health insurance. The speed of the processing varies from company to company, so you should select the best insurance company. The internet has made it easy to search for the best insurance companies by going through the reviews of the customers and then selecting the company on the basis of that.
Specific treatment and diseases
The insurance company’s plan lists some specific diseases and treatments for which coverage is available for a specific duration. For example, the coverage for piles, hernia, fistula, etc., is only available after the first 2 years of the policy. Be clear about the coverage you are getting with your insurance.
Clause governing the waiting period
The waiting period means that the insurer will not accept any claims for pre-existing illnesses arising during this period. It can range from 24 months to 48 months depending on the plans that you have taken. As long as the waiting period is short, you will be able to access your benefits in the event of an emergency, so look for an insurance plan with a short waiting period.
Hospitalization with cashless benefits
Many health insurance companies have tie-ups with network hospitals where the insured candidate can avail themselves cashless treatments in the case of an emergency as it saves them from the paperwork that is necessary at the time of admission. And the insurer pays the amount directly to the hospital. It would be helpful if you checked with the insurer for the list of empanelled hospitals and to know the networks of hospitals in your vicinity.
Room rent limit on the insurance plan
Hospital room rent charges are so high these days, depending upon the type of facilities they provide to the patient. The treatment cost can also go high if the patient is admitted to a room that has more cost than the allowed amount. The policy should keep in mind the room rent charges of the hospitals before taking insurance, because, at last, the rent is more expensive than the treatment, so you don’t have to bear the load of the hospital bill.
The co-payment clause
The co-pay clause makes the policyholder pay a predefined percentage amount in the hospital, and these types of policies cost less and offer less compensation, as you don’t have to pay the whole amount but a considerable part of it. This copayment clause has made it easy for the insured person to bear the cost of the hospital bill, and therefore, you should get proper insurance considering the small details.
Health checkup facilities
When we talk about the cost of preventive health checkups, the cost of these checkups has gone up. Many checkups, like cancer screenings, MRIs, and heart checkups, have risen in cost, and when you get the cost of these checkups covered in the insurance policy, why not take the insurance policy? You can save money while taking such insurance policies that cover the list of preventive health checkups as well.
Taking care of maternity costs
Many people, while taking health insurance, ignore the benefits of maternity leave, as the cost of maternity expenses and delivery expenses is rising. It would be preferable if you had a health plan that covered maternity costs as well. Usually, there is a waiting period before claiming these benefits. For instance, if you are getting married and planning to have a baby in 2 or 3 years, then you can take advantage of this health plan. Purchase the plan that covers the medical expenses apart from the delivery expenses and also has a look at the limitations that the plan offers.
Verify the terms of the policy and observe the insurance company’s claim procedure for health insurance. When it comes to paying health insurance claims, a simple claim method is a huge help. Do research well.
As you are now aware of the factors to consider when selecting an insurance plan, conduct a thorough investigation into the benefits and drawbacks that a health insurance policy provides, as this research can assist you in selecting a good insurance plan.
There are so many things that a person should ask before pursuing a particular plan, and some of the most important things are mentioned above. While your health insurance policy will definitely save you from unwanted health expenses, if you haven’t bought a policy for yourself, now is the right time to get one.
Also Read: All You Need To Know About COVID Insurance