Medical emergencies are one of life’s many unforeseen events. With the rising expense of healthcare in India, it is almost unavoidable to purchase a health insurance policy.
However, with so many alternatives, it can be difficult to choose the insurance coverage that is perfect for you. Don’t worry, we’ve made it easy for you. Here’s a brief breakdown of the top 10 factors to consider while shopping for the best health insurance plan for you and your family:
- Choosing the appropriate insurance coverage amount
When choosing a health insurance plan, the cost should be carefully considered because it covers medical bills for a year. Consider your age; the younger you are, the lesser the amount of insurance you’ll need. To determine whether a premium is affordable, one should check at his or her income levels. Add-ons are also important because they affect premium amounts. Make sure you get a sum insured that won’t leave you short in an emergency and has a reasonable price.
- The Perfect Blend of Premium and Coverage
Buying health insurance with the lowest premium can be profitable. However, there are two sides to every story. A policy with a lower premium can be beneficial if it provides comprehensive coverage at a price you can afford. The other benefit is a lower premium for the insurance coverage.
So, the best way is to investigate the causes for a lower premium, which should not come at the expense of insurance coverage. Check to see whether there are any additional co-payment, deductible, or sub-limit clauses; if there are, you will wind up paying more at the time of claim. You should purchase insurance that provides appropriate coverage without sacrificing features and at a cost, you can afford.
- Hospitalization before and after
You go to the doctor, obtain medicines, and have tests done before being admitted to the hospital. After you’ve been admitted to the hospital, you’ll have to pay for follow-up visits with the doctor, medications, and other costs. Choose an insurance plan that includes these features as well.
- Benefits of Cashless Hospitalization
In most cases, health insurance companies provide a network of hospitals with which covered people can receive cashless treatment in the event of a medical emergency. It saves you the time and effort of filling out papers at the time of admission and claim. Furthermore, the insurance pays the hospital immediately the amount insured. As a result, you won’t have to set aside funds and then file a claim for reimbursement. It will be beneficial if you ask your insurance for a list of impaneled hospitals and are aware of all network hospitals in your area.
- Renewal for a Lifetime
Look for health insurance that can be renewed indefinitely. When you’re older, you’re more likely to contract diseases and illnesses than when you’re younger, so you should invest in a health plan that can be renewed for the rest of your life.
- Procedure for Making a Claim
Examine the policy’s terms and conditions, as well as the insurance company’s health insurance claim procedure. When it comes to paying health claims, a smooth claim procedure is a godsend. You can conduct some research, check online customer reviews, and choose a health insurance carrier with a reputation for quick claim settlement.
- Hospitals’ Network
You can get cashless treatment through the hospital network. You can receive care at any of the network hospitals without having to spend anything out of pocket if you use the cashless feature.
If you do not seek treatment at a network hospital, however, you will be responsible for paying for your own hospitalization expenditures first, and then submit your invoices to the insurer for reimbursement, which can be a lengthy procedure. Furthermore, most families find it difficult to plan for a large sum of money while dealing with a hospitalization crisis. To avoid this, make sure to purchase a health insurance plan that has the largest network of hospitals in your area or close proximity.
- Clause of Co-Payment
Many consumers are perplexed by this term and choose to ignore it at the time of purchase. It’s essentially the proportion of the total amount you’ll have to pay at the time of claim, with the balance covered by the insurer. So, when you sign your medical-claim policy, check to see whether there is a co-payment condition that could affect the amount of your claim. If at all possible, purchase a plan with no sub-limits. However, most insurance will impose a co-payment if you have any pre-existing medical conditions or have reached a specific age restriction.
- Additional Features
Appropriate coverage for out-patient department (OPD) fees and consumable items is a crucial characteristic to look for. For those unfamiliar with the words OPD expenses and consumable products, OPD expenses are those incurred without being admitted to the hospital and often include charges such as doctor consultations, medical check-ups, medicine costs, and ambulance fees.
Consumable items, on the other hand, are medical aids or equipment such as PPE kits, syringes, gloves, sutures, and tourniquets that are often thrown after a single-use. Both of these costs are typically billed to the patient and are rarely covered by standard health insurance programs
To provide adequate coverage against these costs, purchase only those policies that cover them or invest in add-ons that give complete coverage. These add-ons can be purchased for as little as 5% of the base plan price. Coverage for out-of-pocket payments and consumables has grown increasingly critical, as these account for around 20% to 30% of hospitalization costs.