Some parameters to keep in mind while comparing Health Insurance
We all are aware of the fact that how much the need for health insurance on the rise. Health insurance is a type of insurance that covers all the medical expenses of the policyholder(s). So, it is a good investment but one must ensure to take a plan that is suitable for him/her.
Following Are the Parameters to Compare Health Insurance
Scope of Cover
This is the main point to keep in mind while taking health insurance plan. Don’t just take a plan solely on the basis of less premium. You should also look at what the plan covers. The plan that you buy should be comprehensive and cover all your medical insurance needs.
This is important as one should check for the age limit till which the policy can be renewed. If it is only for some time during your younger age then it should be such that it should cover your old age too. So, the policy should be renewed continuously. Most health insurance policies these days offer the benefit if lifetime renewability
It is good to check the waiting period as different plans have different waiting periods especially for any Pre-existing medical conditions, ranging from 1 year to 4 years Every insured has to serve a waiting period for any pre-existing illness as well as for common illnesses like Cataract etc.
Super Top Up Plans
Choosing the right top-up plan is important. All of us cannot afford the medical insurance coverage due to the high premium, so opting for a Super top-up plan can be ideal for such customers. The Top-plans normally have a reduced premium owing to the deductible component which has to be triggered inorder to activate the plan.
Cashless Claim Transaction
Before buying health insurance plan one should check whether your nearby hospitals are part of the cashless network list for that insurer. If it is there then you don’t need to run around collecting documents and papers at the time of hospitalisation. This will help you immensely at the time of emergency hospitalization especially.
So, the direct transaction happens between hospitals and insurance provider leaving the policyholder to the needs of his/her ailing family member.
More Factors for Health Insurance
Buying Family Floater Insurance Plan
If you are a family, then it is good to take family floater health insurance plan. because it provides you a higher amount of coverage with a lower premium as compared to the case when each family member is being covered separately under individual plans.
With this scheme one will be able to restore the sum insured that one has already spent during the policy period for previous claims. But the catch with the restore benefit is that the restored sum insured cannot be used to claim for the same member for the same ailment for on which the original sum insured was exhausted.
Types of Health Insurance Policy
Individual Health Insurance Plan
This is for individuals and covers certain illnesses and offers advantages like reimbursement and discharge expenses, pre and post hospitalization benefits among other benefits.
Family Floater Plans
It offers you the chance to include all your family members under a single health plan.
Senior Citizen Plan
Senior citizen plans are specially designed for anyone aged above 60 years and it offers protection during old age from health issues. Although the premium for such plans are comparatively on the higher side owing to the higher risk of claims, such plans offer you the chance to cover your aged and dependent parents, helping cut your medical expenses in the long run.
Advantages of Comparing Health Insurance Policy
Every company has different health plans to offer. But it is up to the individual that he takes the plan according to his or her family’s medical needs. This is necessary to get the full benefits of the policy. So here are some benefits:
Sum Insured If you choose the plan that has more sum insured then you don’t have to pay extra from your pocket. This all helps in times of crisis. You should ensure that you get the best coverage amount. Also, it is advisable to opt for plans with restore benefit especially if you are purchasing a family floater plan.
It is a feature in which a set percentage of all claimable amounts of amount has to be paid by the insured from his pocket and the rest is paid by the insurance company. Co-pay is a limiting factor present commonly in Senior citizen plans. So always opt for the plans which has a lower co-pay.
Comparing Health Insurance Online
Due to so much busy schedule one finds it difficult to visit health insurance centers and compare plans so now health insurance plans can be compared online too. You get accurate information online. It also helps users in saving their time. Then one can check more details online so they can choose the right health insurance plan.
Importance of Health Insurance
Buying health insurance is very necessary as it can help anyone in case of any crisis. It includes medical and hospitalization costs. This policy helps to reduce your financial burden and covers most of your expenses. Besides this, the cashless facility is offered by all health insurance companies today. There are added benefits like restoration, maternity benefit etc. also provided by most plans. So, choosing the right health insurance plan is very important.