We all know that unpredictability and uncertainty come complimentary with life. With the healthcare cost rising every day, investing in health insurance has become inevitable.
However, with various available options, it may get confusing to look for an insurance policy that works for you perfectly. We have made it easier for you by listing the things you need to consider before buying the most suitable health plan for yourself and your loved ones.
The Appropriate Combination of Coverage and Premium
It can be attractive to invest in a health insurance plan that offers the lowest premiums. However, there may two sides to this. A plan with a lower premium may be good if it offers you an extensive cover at an insurance premium, which you can afford. Another aspect is the lower insurance premium at the expense of your insurance cover.
Hence, the ideal approach is to find the reasons behind the reduced amount of premiums because it shouldn’t be at the expense of your insurance cover. You must see if there is an additional clause for co-payment, sub-limits, and deductibles. If such clauses exist then you would actually be paying more during the time of claim.
You must invest in a policy, which offers a sufficient amount of coverage without any compromises on the benefits and at an affordable insurance premium.
1. The Age Factor
Your age is amongst the main determining factors in the case of health insurance. While buying a medical policy, we need to consider the family members’ age who are being insured. For instance, in a family floater plan, the premium cost depends on the eldest family member’s age.
Moreover, you also need to keep a check on the age criteria while buying a health plan. The medical insurance plans include the minimum age and maximum age limit, which may differ from one plan to another. However, there are some policies, which don’t include any restrictions when it comes to the age criterion. Therefore, you have the opportunity of choosing accordingly.
2. Selecting the Best Health Plan
Selecting a health cover requires a thorough analysis of a person’s personal needs as well as financial priorities. For a few of you, the need might be getting a huge cover for your loved ones. For others, the need might be something else. The following are some criteria that can help you in selecting an ideal health insurance plan.
- The Phase of Life- Choose the premium amount based on the phase of your life, that is, married or single, having or not having kids, student or working, or even retired at that.
- Lifestyle- Your lifestyle is based on factors such as income, city, occupation, and eating habits. This majorly helps in deciding the amount of sum assured needed in your health plan.
- State of Health: Some of the health conditions that are to be kept in mind while choosing a policy are recent hospitalization (if any), hereditary issues, risky lifestyle, and previous illness. While buying a plan for your future, check the illness included in it.
3. Network & Non-Network Hospitalization
Network hospital refers to the one that signs agreement with a specific insurance provider for offering cashless treatment to the person holding insurance with that insurer. On the other hand, a non-network hospital refers to the one that neither signs an agreement with an insurance provider nor does it offer a cashless treatment for that matter. A person will be charged for the treatment provided and claim according to the reimbursement procedure of the provider.
Sometimes the network hospital may not offer you a cashless treatment; however, the reimbursement of the amount charged or the claim can be done later. Usually, the reason for the deal maybe not having all the necessary documents or issues where immediate approval cannot be offered.
4. Non-Network Hospital Treatment Cost Reimbursement
Each insurance provider has some hospitals in their network that offer cashless treatment. However, it may not always be possible to be admitted to one of the network hospitals and some people would wish to get their treatments in their regular or trusted hospitals.
Therefore, if you want to get treatment from a non-network hospital, then you will get reimbursed for reasonable expenses backed by the bills based on the policy held by the policyholder. You have to contact the insurer earlier or within 24 hours of the patient getting admitted with the details as listed below.
- Name & address of the hospital, contact details, etc
- Nature of your disease
- ID Card number for Health Insurance
The claim gets registered and the claim number will be given to the policyholders. The form of claim settlement is either sent to their house or to the hospital. They need to submit this claim form along with some documents as listed below.
- Bills for medicines and hospital prescription
- Diagnostic tests or medical reports
- Hospital bills and payment receipts
- Other important details and documents
5. Investing in Insurance even while you are Healthy
No matter you are healthy and young, have not visited a doctor’s clinic for quite some time now, you must still have a health insurance plan. Basically, it provides coverage against unexpected events in the future such as an accident or emergency.
It is not compulsory for your health plan to cover your expenses for the regular visit to your doctor; however, it is designed with a broader approach in mind. The one offering you coverage against huge treatment costs such as of injury or illness. Emergencies do not knock your door before arriving; hence, it is better to be ready for a battle against any such situations.
6. Buying a Health Plan Online
Now that we are in the digital era, you do not have to run behind agents anymore for securing a good insurance deal. You can easily go online and visit different insurance comparison websites where have the option of comparing different plans on the basis of the insurance premium, coverage, the sum assured, benefits, and more.
Such a time-saving effort will get you the best deal at the best possible rate. You can purchase or renew the plan online and even make payment of the premium. You can easily avoid lengthy documentation as well. All of this makes the digital system of insurance a great option to indulge in.
The Bottom Line!
Health is that part of life that has become a matter of concern for most of the people no matter what their gender and age is. Therefore, it is imperative to hold health insurance.
While dealing with the ever-rising number of diseases and their expensive treatment, insurance will act as a support for you and your family. However, before you put your hard-earned money in a medical insurance policy, you should get to know a few important things about them. The above-mentioned points will help you in getting a clearer picture of medical insurance.