With rising incidences of health issues even in young people, it has become inevitable to have a good health insurance plan for everyone. But people often avoid health insurance policy because of many reasons main being a lack of proper information and aversion to the premium outgo.
TIPS TO CHOOSE THE BEST HELATH INSURANCE PLAN:
Go With Basic:
Don’t go for plans with extra frills a plan offers. Look for a plan that has the basic required coverages. Look for all inclusive day-care treatments list, organ donor expenses, high limits on ambulance charges, OPD expenses, AYUSH (Ayurveda, Yoga, Unani, Siddha and Homeopathy) treatments, etc.
Limits and Sub-Limits:
Many health insurance plans come with limits and sub-limits for some expenses such as room rent, surgery expenses and ambulance expenses, among others. Opt for a plan with no limits or sub-limits or the highest limits so that hospitalisation bills don’t give you shocks in respect of uncovered expenses.
Pre-existing diseases are excluded from health insurance plans for a specified time. Hence, at the time of buying a medical insurance, go through the list of waiting period mentioned for such diseases. Go for a plan with the lowest waiting period as it would provide cover earlier.
Along with a list of inclusions in a health plan, it is equally important to go through the list of exclusions of a plan. Every plan comes with a list of exclusions that exclude certain ailments, instances leading to and injury and treatment. Usually, most plans exclude HIV/aids, any injury sustained due to alcohol or substance abuse, any injury sustained during any adventure sports such as paragliding, skiing, etc. Hence, it is very important to go through the list of exclusions before zeroing-in on a plan.
Type of Claim Settlement:
Check whether the insurance company settles claims in a cashless manner or through reimbursement. In a cashless facility, you don’t need to pay any hospital bills on your own, insurance company settles the bill directly with the hospital, and in a reimbursement plan, first you need to pay bills from your own pocket and later claim your expenses. However, cashless health insurance plan is better as it takes away the burden of meeting the huge bills initially.
Claim Settlement Ratio:
An important parameter to choose a best health insurance plan is to choose a good insurance company. One of the important parameters to choose a good insurance company is to check its claim settlement ratio. The claim settlement ratio is the proportion of claims settled by the insurer against the total claims raised. High claims settlement ratio is a good indicator of the company’s commitment to settle claims.
For a cashless claim, you need to be admitted to a network hospital or called preferred provider network. Before buying a health insurance plan, check the list of network hospitals and whether your preferred hospital features in the list or not.
Insurers may offer different types of discounts that can give you additional benefits. There may be a premium discount for buying a two-year policy, for covering family members or for having a healthy lifestyle. Don’t forget to avail these discounts.
Health insurance plans also come with no-claim bonus (NCB). Insurers offer the no-claim bonus in two ways – increase in sum assured or reduction in premium. Of these, go for a plan that offers an increase in the sum assured instead of a discount in the premium. This is because the increase in sum assured is more applicable in the longer run when the medical costs are expected to increase.
Evaluating premium is also an important parameter at the time of buying a health insurance plan. But don’t go with a plan only because it is offering lowest premium. Compare the plan’s features against its cost to choose the cheapest plan. You can compare the features required against plans of other companies to find out which plan offers the same features at the best price.
With the availability of enormous information on the internet, comparing plans of different companies has become very easy. Hence, give a little time before making such an important decision of buying best health insurance plan.