A Step-by-Step Guide To Choosing Your Health Insurance

However, the necessity for health insurance goes far beyond tax benefits, and the insurance your employer offers may not offer adequate coverage in the long run.

A Step-by-Step Guide To Choosing Your Health Insurance

The cost of medical treatment has been skyrocketing in India. Medical inflation has also outpaced general insurance. Additionally, lifestyle-related ailments are also on the rise at a much higher pace than earlier. It has become crucial to obtain health insurance if you want to stay up with the rising prices of healthcare and make sure you are protected from all medical expenses.

Guide to Buying Best Health Insurance

If you work for a corporation, your company will provide you with health insurance. Or perhaps you bought a health insurance policy to benefit from tax deductions. However, the necessity for health insurance goes far beyond tax benefits, and the insurance your employer offers may not offer adequate coverage in the long run.

Here are some tips to help you buy the best health insurance for you and your family.

1. Look at the Coverage: The first thing you should consider when you are selecting a health insurance plan is its coverage. Find a plan that includes coverage for a variety of illnesses, pre- and post-hospitalisation costs, transportation, day-care, and any special illnesses you may be more susceptible to, given your family's medical history. Make sure the policy takes into account all of your family members' needs if you intend to include them in your coverage.

2. Pre and Post-Hospitalisation Coverage: Both pre- and post-hospitalisation charges are typically covered by health insurance. Typically, pre and post-hospitalization care are covered by health insurance for 30 days and 60 to 90 days, respectively. It is important to read the policy’s fine print to determine the precise coverage to be certain.

3. Compare Premium Costs: You might be able to select a small number of policies that meet your needs based on coverage. The next ideal step is to compare the premiums or costs of various insurance online to find one that best fits your needs and budget. Given the wide variety of health insurance options available, each with a different cost, if you shop around carefully you can find a reasonable deal.

4. Examine the Hospital Network Coverage: Different insurance policies have connections to different hospital networks. It is important to know that the insurer’s network covers your preferred hospitals and doctors if you wish to continue to receive your treatment from a certain hospital. To make sure that the claim settlement process is straightforward, it will also be beneficial if you look for a health insurance plan with a broad network of hospital affiliations.

5. Check for Cashless Hospitalisation: The benefit of cashless hospitalisation can be availed only when the insurance pays the hospital directly for the medical costs the policyholder incurred. Therefore, it is more crucial to consider whether the insurer offers a cashless facility with the top/best hospitals in the city rather than the overall number of hospitals with whom they partner. So, keep an eye out for the provision of cashless hospitalisation in your insurer’s network of hospitals.

6. Check for Lifetime Renewability: It would be in your best interest to choose a plan with lifetime renewability given the inflation in healthcare costs and escalating health insurance premium rates. This will guarantee that you and your family have long-term healthcare coverage.

7. Take a Look at the Ratio of Claims Settled: The percentage of claims that a health insurer resolves overall out of all the claims received is known as the claim settlement ratio. To ensure that your claims will be settled, choose an insurance with a high claim settlement ratio.

8. Check for Co-Payment Provision: Insurance companies frequently demand that the policyholder foot a percentage of the bill for hospitalisation or medical care. To avoid having to pay a sizable sum out of your own money during a medical emergency, you should look out for this clause. It is crucial to know that in the case of a senior citizen policy, the waiting period and co-payment provision are interconnected. This is because their policy typically features a shorter waiting time for pre-existing conditions.

9. Waiting Period for Pre-Existing Conditions: During the waiting period, your health insurance coverage is inactive and you are unable to submit any claims. Make a note of all the pre-existing medical issues you have before purchasing your health insurance policy. Check your health insurance to see whether these are covered. Every health insurance plan has a waiting time for medical conditions that already exist. It is preferable to select a plan with a short waiting period so that it can be used more quickly in an emergency.

10. Review the Exceptions: An exclusion is when health insurance coverage does not cover a certain surgery or sickness. The exclusions are, however, always noted in your policy documents. There are some exclusions that health insurance companies do not cover. For instance, not all health insurance policies pay for the costs of pregnancy and mental health conditions. The best course of action would be to review these exclusions in advance and confirm them with your provider so that you are not taken by surprise when the time comes to settle your claim.

11. In-Patient Hospitalisation: In-patient hospitalisation is the term used to describe when a person remains in a hospital for a period longer than 24 hours. For inpatient hospitalisation, all health insurance policies offer high coverage or up to 100%. Find a plan that will give you the most coverage possible.

12. Day-care Therapy: Some procedures or therapies, such as chemotherapy, cataract surgery, dialysis, etc., do not require a patient to stay in the hospital for a full 24 hours. Day-care treatment refers to these procedures or treatments that can be finished quickly in a hospital. Choose a plan that offers coverage for most day-care centres possible.

13. Room Rent Allowance: A cap may be placed on the room rent by some health policies, but not all. If your total coverage amount is Rs. 5 lakhs, your eligibility for room rent would be Rs. 5,000. It might also be a predetermined sum, such as Rs. 1,000, Rs. 2,000, or Rs. 3,000, or it could be 1% of the whole coverage amount. Find a policy that does not have a limit on room rent, and if it does, find out exactly what that limit is.

14. Sub-Limit: A policy may have restrictions on specific treatments, ailments, or facilities. These restrictions are known as sub-limits. There might be a limit on things like room rent, childbirth, cataracts in each eye, etc. So, it is crucial to compare various health policies while learning more about them.

Selecting the best policy for you and your family is an important financial and medical choice. Learn about the various insurance options by Chola MS, compare insurance options online, and pick the policy that best satisfies your needs and budget.


(Note: The article is written by the Brand Desk)

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