‘Your body will be around a lot longer than an expensive handbag. Invest in yourself,’ is a saying which highlights the importance of protecting your health. Having a health insurance plan does just that. It covers the unexpected exorbitant medical costs to maintain your health and treat illnesses and accidents. It is important to select a policy that covers all your needs.
There are many health insurance providers offering different plans with various benefits, and top-up options. You may buy a low-premium insurance plan which may not cover your claims. On the other hand, you may purchase a high-premium plan only to realize that you never needed the extra coverage. Hence, it is necessary to compare health insurance plans before opting for one.
If you are facing the confused proposition of choosing a policy, ask yourself these questions to make a well-informed choice:
What type of plan should I go for?
There are many plans available in the market: individual plans, family floater plans and unit linked health plans. An individual plan is the simplest policy available in the market. It covers hospitalization and medical expenses till the pre-decided limit is reached.
Family floater plans are cheaper than individual plans and covers the entire family.
In unit linked health plan, a part of your premium is invested and the other part is used as health cover.
Which hospitals are included in the hospital network list?
Every insurer has tie-ups with a different number of hospitals. These hospitals are known as network hospitals. Policyholders can avail of the hassle-free cashless facility if they get admitted at network hospitals. In case of non-network hospitals, the insured has to foot the bill and get reimbursed after the insurer has approved the claim.
Do the insurers provide cashless reimbursement facility?
Conventionally, a policyholder would pay the medical expenses and the insurance company would reimburse the amount. However, this process is lengthy and could strain your finances. To solve this, the facility of cashless insurance was introduced. If the policyholder is hospitalized at a network hospital, he does not have to pay at all.
Hence, make sure that the provider you chose has a cashless facility. It saves the lengthy reimbursement process and need for arranging cash at the last minute.
What is the cost of the plan?
Due to medical inflation and other factors, the premium costs are increasing. In order to avoid unwanted spending, conduct a mediclaim policy comparison. Do a cost-benefit analysis and chose a plan that covers your needs without burning a hole in your pocket.
Should I declare previous claims and policies?
Many health insurers charge a higher premium if you have made a claim in the previous years. Higher the number of claims made, higher is the risk perceived by the insurers. Hence, choose those insurance companies which do not take previous claims into consideration.
Does the insurer cover regular medical check-ups?
Some health insurance providers provide free medical check-ups if you have a history of no claims. Additionally, some policies entitle the insured to receive regular check-ups. Buy a policy from such providers, as you don’t have to pay for additional expenses.
Whether you are choosing a plan at work or on your own, make sure to do a health insurance comparison. Ask yourself the above questions to narrow down your list of the various providers. Choose the plan that meets your needs and covers you and your family from against enormously rising medical bills.
