So many questions do not have to worry because we are here to guide you on how to choose the best health insurance plan according to your needs. What points should you consider when buying a health insurance plan so that your plan is useful when it is most needed? Let’s take a look at the 7 key points listed briefly that we believe is the secret to choosing the best health insurance plan for you.
# 1 – Decide the type of plan
When buying a health insurance plan, decide what type of coverage is required: individual or family floating. While the individual insurance plan covers only you, a family floating policy is an umbrella policy that covers your family members in the same plan. An individual policy is ideal for you if you are a young adult and do not have dependent parents. With a lower premium, you can buy an individual insurance plan. A family man, on the other hand, cannot afford to insure himself alone. His family, that is, his spouse, children and even parents depend on him to pay his medical expenses. As such, you must invest in a family floating plan that provides coverage to your dependent family in a single plan.
# 2 – Adequate coverage amount
The next big decision is to finalize the amount of coverage that should be taken advantage of. Currently, the cost of any treatment is high and with an increasing trend in medical costs, these costs are expected to increase over the years. Therefore, it is prudent to buy a plan with an optimal coverage amount that is sufficient to cover medical costs as they accrue. However, the greatest impediment to obtaining greater coverage is the subsequent premium that becomes unaffordable for the common man. So what is the solution? Recharge plans available in the market are the answer to your question. These plans help increase coverage with a low premium. Therefore, buy a regular health insurance plan and complete it with a recharge plan and you can enjoy high coverage at lower costs.
# 3 – Consider the benefits or coverage provided
Each health insurance plan comes with its own list of benefits, also known as coverage. Most medical plans are hospitalization benefit plans. They cover the expenses covered at the time of any hospitalization of the insured. While some of the points are universally available in all plans, others are included in some plans and excluded in others. The list of common benefits includes hospitalization expenses, which include renting the room, renting the ICU room, doctor’s visit fees, procedure charges, pre and post hospitalization charges, hospitalization procedures day care, etc.
Other coverage options that are included at the company’s discretion include organ donor expenses, maternity and newborn coverage, Ayush treatments, Ayurvedic and homeopathic treatment expenses, etc. Then, before buying a plan, consider the list of coverages that the plan provides or does not provide and see if the coverages not provided are related to your life or not. For example, you may not be interested in Ayush treatments and your exclusion does not influence your decision.
# 4 – Pre-existing illness clause
If you are completely healthy when you buy the plan, consider it a blessing. But it can be affected with certain diseases such as diabetes, hypertension, etc. When buying the plan, they are called pre-existing diseases. Each insurer excludes pre-existing illnesses from the scope of the plan’s coverage during a certain period called the Waiting Period. If you suffer from such diseases, follow a plan with the shortest waiting period to include your condition as soon as possible.
# 5 – Claim process
Without cash or reimbursement: there are two ways in which the insurer can settle your claim. Under the installation without cash, if you seek treatment at a network hospital, the insurer directly liquidates medical bills with the hospital without having to get involved. Under a reimbursement claim mode, you will first have to pay the bills and then get the reimbursement of those bills from the insurer. The claim settlement reimbursement method can be a curse because the costs involved may not be affordable and also the process involved is quite cumbersome.
# 6 – List of network hospitals
Rather a subpoint of the previous point, a network hospital is one that has a link with the insurer to provide you with a cashless bill settlement service. Each insurer has a list of such hospitals with which it is linked and considering the list is important because it must know to which hospital it should rush in case of emergency or if the local hospital is among the list of network hospitals and would honor its policy and offer of services without cash.
# 7 – Discounts and bonuses
Who doesn’t like a good discount or that extra benefit that comes at no additional cost? Most health insurance plans have the concept of No Claim Bonus, in which an additional benefit is provided to the client if there has been no claim in the previous years. This bonus is granted in two ways: it implies a reduction of the premium for the following year or an increase in the amount of coverage at the same premium rate. While a premium discount sounds tempting, an increase in coverage is a better long-term option when medical costs are expected to rise.
Insurers also offer other discounts such as a family discount of 5% to 10% if more than one member is covered by the plan or a discount of 10% to 20% if the two-year premium is paid together. Then, when buying a plan, look for these discounts, as they will reduce your premium and also increase coverage.
The above tips are the mantra to take advantage of the best health insurance plan both for you and your family so you have a secure future.