Buying Health Insurance In India

5 Things To Keep In Mind While Buying Health Insurance In India

November 30, 2020

Treating health complications can add up to a substantial amount that can burn a hole in your pocket. Moreover, when you research health insurance policies, you will come across tons of options to choose from. This abundance of choices makes it challenging to make a reliable decision. Following are the things that you need to consider when choosing a health insurance policy.

The Right Combination Of Coverage & Premium

When you get access to a lower premium, a health insurance plan becomes more lucrative. Lower premiums are effective as long as you are getting extensive coverage. Another lesser attractive option is getting a lower premium at the cost of your insurance coverage. You should consider the former approach as it would not impact your cover. Consider the additional clause of sub-limits, deductibles, and co-payments.

Criterion Of Your Age

When it comes to the health insurance plan, age is one of the primary factors. When investing in medical insurance, consider the age of your family members who will be included in the plan. The age of the eldest member of the family will determine the premium cost. Additionally, you also need to consider the age limit criterion. For example, different health plans have a minimum entry age limit of 91 days, whereas the maximum entry age of up to 60-years.

Check-Out The Sub Limit

Irrespective of the premium you are paying for your parent’s medical insurance, some providers have determined sub-limit for specific treatments. For instance, policyholders may be only able to claim Rs. 30, 000 for a hernia operation even if you have coverage for Rs. 5 lakhs. The premium, which you are paying may be high, but the sub-limit will restrict you from claiming more for that particular operation. When purchasing medical insurance policies for family, make sure that you choose a plan, which has no sub-limit for certain medical treatments even with a high premium.

Check The Network Hospitals

Health insurance providers collaborate with different hospitals from where policyholders can acquire cashless treatment. These medical centres come within the network of insurance companies and are known as network hospitals. When you go to a network hospital, you can focus on the treatment and let the insurance companies take care of the billing. The only time you need to pay out of the wallet is when your expenses exceed the coverage amount.

Verify The Claim Settlement Ratio

The prominent reason that people invest in claim settlement is to make sure that the insurance provider is able to help us when we require medical treatment. In emergencies, you do not need to be in a position where the insurance company refuses to settle your claim or only approves a small part of the claim. So when choosing a health insurance plan, check out the claim settlement ratio offered by the insurance provider. This ratio shows the claim numbers settled claims by the company.

Final Thoughts

A health insurance plan needs to be carefully taken by considering all the important facets. A well-informed decision will allow you to get the most out of your money while delivering peace of mind.

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