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Things You Should Know About a Health Insurance

There are many health insurance policies mapping to different companies doing the rounds of the Indian financial market. Intimidating jargons, so many options only make buying the right health insurance a confusing and daunting task. Even though it is a tough task, considering a few factors can help you zero down on a health insurance plan that suits your requirement. Purchasing a health insurance plan involves a lot of money. Hence you must make a selection carefully. A single little mistake can threaten your financial planning. If you plan to buy a health insurance plan, you must keep the following factors in mind to make the right purchase decision.

The Waiting Period

Most of the insurances have a waiting period attached to them for people with pre-existing diseases. The waiting period can range from 2 to 5 years. It differs from insurer to insurer. When you want to buy a health insurance plan, you must keep that number in mind especially if you have pre-existing diseases under your belt. Hence it is best advisable to purchase a health insurance plan in your youth because statistically speaking there is a lower chance of you filing a claim and if there is a waiting period you can wait with ease.

Claiming Process

The most important factor that goes into purchasing a health insurance plan is its claim process. The quicker the claim process is, the better it is for the person insured. The claim process must be simple and fast in order to make it to your health insurance plan purchase list. If the health insurance plan has great customer support attached to it then it’s an add-on advantage you should keep an eye open for.

Selecting The Appropriate Insurance Amount

While deciding on the amount of the health insurance plan that you are opting for, you must consider crucial factors such as your age, your income level and the affordability of the premium. Statistically, the younger the insured is the sum insured he/she needs is lower. While making a selection be sure to choose an amount wisely and ensure that you select a sum that does not fall short during a health emergency, Ensure that it covers your yearly medical expense. Another crucial thing you must keep in mind is that whether or not there are any additional add-ons because they increase your premium amount.  Hence you must select an insurance amount that covers a medical emergency and is not too hard on your pocket.

Family Health Insurance

When you are considering buying a health insurance plan you must consider important details related to your family members such as the age of your family members, their present ailments if there are any, and your family’s medical history. Before you select a health insurance plan, please ensure you have full knowledge of any preexisting diseases of your family member.

Maternity Reimbursements

With medical expenditures increasing day in day out, the pregnancy expenses have also skyrocketed. Hence it has become essential for womenfolk to purchase a health insurance policy that covers maternity costs. If you want to buy a health insurance plan that offers a health benefit, then you must ensure that it covers inpatient and outpatient expenses. You must also check for all the inclusions and the exclusions of the policy. You should also check whether or not a waiting period applies to the insurance policy in consideration.

Pre-Post Hospitalization

Prior to hospitalized you make a couple of doctor visits, purchase prescribed medicines, undergo prescribed medical tests, and after you are released from the hospital, you still undergo treatment, incur medical expenses that are inclusive of follow up check ups, consumption of medicines, etc. You must ensure that the health insurance plan you select covers these facets of your medical requirement.

Network Hospitals

When you are making the crucial decision of selecting a health insurance plan, one of the vital considerations should be the cashless network of hospitals covered by your insurance provider. When you are faced with hospitalization or a medical emergency, for the hospitals that are a part of the cashless option list of your insurer, your insurer settles the medical bills directly. Select an insurer that has a comparatively high number of hospitals in their cashless network of hospitals such as HDFC ERGO that has more than 5000 hospitals as a part of their cashless network of hospitals.

Cumulative Bonus

Some of the insurance companies provide the policyholder a bonus that is cumulative in nature if he/she doesn’t make any claim in the preceding insurance policy year. You can collect this bonus year after year. You can receive the bonus in the form of a discount on the premium you pay, a rise in the insured amount or a convenient arrangement of both.

Lifetime Renewal

If you want to invest in a promising health insurance plan, then you must ensure that it offers lifetime renewability. You must look for a policy that comes with a lifetime renewability option because when you are older, you have a higher probability of suffering from illnesses or diseases in comparison to when you are in your youthful years.

Whether you are looking for an individual insurance plan, a coinsurance plan or a family insurance plan you must consider all possible aspects related to the insurance policy you wish to make an investment in. Nobody likes to go shopping for a health insurance plan, but it is extremely vital to invest in one keeping in mind the possibility of unforeseen medical emergencies and to plan adequately for the foreseen ones. As much as we like to think positive the truth is that life is very unpredictable, the more financially you are covered, the better it is for you and your family, should you be stuck in a sticky medical situation. Considering the above crucial aspects will only make the daunting task of buying the right health insurance plan a little more organized, systematic and as per your real requirement and affordability.

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About the Author: Praveen Unnikrishnan

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