Given the rising cost of healthcare, it has become crucial for people to purchase health insurance plans. Finding the ideal healthcare insurance policy can seem daunting. There are so many options available in the market, each with unique benefits. When you’re looking for health insurance plans, you need to evaluate your needs. Here’s a look at a few things you should consider before you purchase your health policy:
1. The Age Criteria
When it comes to health plans, you must check the age criteria for every type of policy before you pick one. Some family floaters will not cover newborns until they are at least 91 days old. Others may not insure family members over the age of 60 or 65. Depending on your family structure, you need to evaluate the minimum and maximum age limits and pick the best health insurance based on your needs. If a policy works for a friend, you cannot assume it will work just as well for you.
2. The Premium to Coverage Ratio
best health insurance companiesin India offer competitive premiums without lowering their coverage. Don’t forget to check the limits on the pre- and post-hospitalisation covers as well. Some policies will cover expenses for 30 and 60 days, respectively. Others provide 60 and 90 days of coverage before and after a covered hospital stay.
3. The Waiting Periods
All health insurance plans provide their waiting periods clearly in the policy documents. It refers to the time during which certain medical costs do not get covered. For example, most policies will cover non-emergency medical expenses only 30 days from the date of purchase. Other procedures, such as a knee replacement, may only get covered after two years of continuous coverage. Some policies only cover maternity expenses after four years. You should pick a policy that offers the least inconvenient waiting times.
4. No-Claim Bonus
Every healthcare insurance provider offers something called a No-Claim Bonus. If you do not file a claim during a policy year, your insurer rewards you. For health plans, they increase your sum insured for the following year without changing your premium. Before you pick a policy, check the kind of benefits and no-claim bonus you can enjoy.
5. Network Hospitals
All health insurance plans offer cashless claims at select hospitals that are part of their network. Should you get a covered treatment at a network hospital, your insurer will settle the claim directly. You do not have the pay the entire amount upfront and ask for reimbursement later. Instead, you only need to pay the deductibles and for whatever isn’t covered by your policy. Look through the network hospitals offered by various insurers. If you have a preferred hospital where you want to get treated, you should make sure it’s part of your insurer’s network.
Purchasing the best health insurance policy for your needs doesn’t have to be a task. All you have to do is evaluate the plans properly. By considering these factors carefully, you can quickly zero in on the ideal healthcare insurance plan for your needs.