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7 Important Things To Check Before Buying Health Insurance
7 Important Things To Check Before Buying Health Insurance

Business

7 Important Things To Check Before Buying Health Insurance

“There’s nothing more important than our good health- that’s our principal capital asset”- Arlen Specter.

And, while surviving this pandemic, most of us have realized and experienced the same. If you are physically and mentally healthy, you can effortlessly fight most contingencies that come your way. Nonetheless, despite keeping up with a healthy lifestyle and diet, you might catch hold of acute diseases. To stay prepared for such adversities, it is important to keep yourself protected under health insurance, so that you don’t have to worry about any fund requirements.

A similar health insurance plan might not work for every individual; therefore, it is advisable to choose the best health insurance plan for yourself, based on your financial capacity and medical specifications. Find below some important things that you should check before buying a health insurance plan:

  1. Types of Health Insurance Plans Available

Firstly, it is important to know the types of health insurance plans available in the market.

  • Individual Health Plan

One health insurance plan may not be the right one for everyone. The insurance provider considers all the details of an individual, such as his/her age, medical history, inherent risk, etc. You can buy separate plans for yourself and your family members.

  • Family Floater Policy

Under this, a single health insurance policy offers coverage to all your family members while considering their specifications and medical history. The sum assured under this plan is shared by all the family members.

  1. The Sum Assured and the Tenure

Once you have decided the type of health insurance you need to pick, it is important to carefully choose the sum assured and the tenure. Before choosing the sum assured, it is advisable to evaluate your financial capacity while considering your regular expenses. The premium should not add to your financial burden; nonetheless, it should provide adequate coverage as well. Thereafter, you can choose the period/tenure for which you want to invest in the health insurance plan.

  1. Waiting Period Clause

The waiting period is the time during which you cannot file a claim. It is calculated from the date of buying the policy. This period might range from 24 months to 48 months, depending on your health status and pre-existing illnesses. Therefore, it is advisable to choose a health insurance plan with a minimum waiting period.

  1. Cashless Treatment Benefit

This is one of the most lucrative benefits of a health insurance policy. If the provider offers you a cashless treatment facility, you need not pay anything out of your pocket, and the provider will settle the medical bill directly with the hospital. You might have to pay a minimal amount for the facilities that are not covered under the health insurance.

Nonetheless, you need to get your treatment done from one of the provider’s network hospitals to avail of cashless treatment benefit. Otherwise, they will provide you with the claim amount or reimburse the same if you have already incurred it.

  1. Network Hospitals

It is important to go through the list of network hospitals provided by the insurance provider in advance to be aware of network hospitals near your residence and visit the same in case of an emergency.

  1. Pre and Post hospitalization Coverage

It is wise to choose a health insurance plan covering in-hospitalization and pre and post-hospitalization expenses, like, ambulance charges, doctor’s fees, medical test charges, etc.

  1. No-Claim Bonus

A few insurance providers offer bonus if the policyholder does not file the claim for a number of years. The bonus depends on the insurance provider; it might increase your coverage for subsequent years; offer a discount on the renewal or premium payment, etc. It is beneficial to choose the insurance plan with a maximum no-claim bonus.

After going through all the factors mentioned above, it is important to choose a credible insurance provider like TATA AIG. They offer end-to-end assistance to their clients throughout the tenure and have a respectable record of claim settlement ratio. You can easily apply for the best health insurance plan via their official website and secure your health and savings.

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