Over the past few years, more and more people are realising the importance of having a health insurance policy. People understand that health insurance plans are probably the best way to manage the financial turbulence a medical urgency can cause. However, when it comes to buying a health plan, most of us find it confusing to choose the right one.
As health insurance needs differ from person to person, thorough research is recommended while choosing a plan that is in line with your requirements. Listed below are some of the top factors affecting health insurance.
10 Factors to Keep in Mind while Buying a Health Insurance Plan
Keeping these factors in mind when buying health insurance would help you make a smarter and more practical choice. Here you go:
1. The Need for Health Insurance
First things first, you need to chalk out your health insurance needs, and only then you’ll be able to select the most appropriate plan. A number of factors will determine your health insurance needs; thus, be patient when listing your expectations from the plan.
For example, if you and your spouse are young and healthy, you may opt for a family floater plan, but if anyone in your family is more prone to illnesses, buying a separate cover is more advisable.
2. The Health Insurance Coverage
It is crucial to understand the health insurance policy you’re planning to buy fully. Not knowing the inclusions and exclusions can often land you in a fix, and when raising a claim, the coverage might be less than you expect. It is essential to understand clauses such as co-payment, room rent sub-limit, deductibles, etc., so there are no surprises when a claim is raised.
Being unaware of the coverage may increase the out-of-pocket expenses or even cause a claim.
Also, remember, the higher the sum insured, greater the coverage, and thus, the sum insured is also one of the important factors affecting health insurance.
3. Your Age at Entry
Your age plays a very important role in the time of buying health insurance. In most cases, healthcare requirements are largely based on an individual's age.
For example, a 25-year-old may have maternity cover as a definite requirement as he/ she might plan a family soon. However, that would not be the criterion for a 45-year-old couple. Therefore, choosing a health plan has to be based on your current and future healthcare needs.
4. The Scope of Health Insurance Coverage
The family members that you wish to cover in the health plan would also affect the coverage.
For example, Sameer Batra is a 25-year bachelor. His father is a retired army officer, and both his parents are covered under the Central Government Health Scheme. For Sameer, an INR 10 lakh policy might be good enough.
However, for Reshma Nair, a 35-year-old entrepreneur, who needs coverage for her husband and two children, a policy worth INR 25 lakhs is a bare minimum.
5. Waiting Period
Waiting period is a time period when specific coverage is not admissible. It is applicable on all health insurance plans and can range from 30 days to 48 months. However, with Care Health Insurance, accidental injuries can be claimed from day 1. If you have any pre-existing diseases or are looking for specific coverage, make sure to consider the waiting period before making a choice.
>> Also Know: Things you Should not Miss about Waiting Period
6. Pre and Post-Hospitalisation Cover
Coverage for pre and post-hospitalisation expenses is probably one of the MOST powerful and yet underrated benefits in health insurance.
At Care Health Insurance, we understand that medical expenses are not limited to hospitalisation and thus offer coverage for up to 60 days of pre-hospitalisation and up to 90 days of post-hospitalisation expenses. Thus, a large number of diagnostic tests, post-treatment follow-ups, and medicines costs can be covered without any out-of-pocket expenses.
7. No Claim Bonus
It may come to you as a surprise, but you can save more by not claiming your health insurance. If you do not file a claim in a policy year, most Care Health Insurance plans would offer you a discount called NCB discount on your upcoming premium. Make sure you understand the terms related to NCB benefits.
8. Cashless and Reimbursement Claim
Cashless hospitalisation is a great feature that your health insurance can offer. Under this clause the insurance company settles the medical bills directly with the hospital. You only have to pay the uncovered expenses, if any.
Cashless claims can be raised only at a network hospital, however, if you take treatment at a non-network hospital, you can pay the bills upfront and then request reimbursement post-discharge.
9. Cover Enhancement
By considering add-on covers wisely, you can ensure a great deal. With an array of add-on covers under Care Health Insurance increasing your basic insurance coverage is possible. These covers include- cumulative bonus super, annual health check-up, wellness benefits, PED waiver etc. All you need is to compare and buy the one that suits your requirements.
10. Wellness Benefits
To encourage the customers to maintain good health, many health insurers offer wellness benefit under value-added services. This includes e-consultations, OPD consultations, health check-ups and more. These value-added services can be accessed through their user-friendly digital platforms.
The Bottom Line
Health insurance is indeed an important investment. Here’s hoping that the listed factors will help you in making the right decision. In case you need more assistance in choosing the right coverage, you can speak to our customer care executives and seek any clarifications you may need.
Disclaimer: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
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