With so many insurance providers now offering mediclaim policies, selecting one from the plethora of options can be daunting. The complicated policy wordings and jargons further add to the confusion. Read this post to know 5 of the most important things that one should check when buying a mediclaim or health insurance policy.
With the rising cost of medical facilities, a health insurance policy is now much more than just a tax saving instrument. But first-time insurance buyers would agree that the plethora of options in the market often makes the selection difficult.
Moreover, while the insurance providers try their best to help customers understand the policy, the majority of them struggle with the complex technical jargons. If you too are planning to buy a health insurance policy for the first time, here are 5 things that you should definitely check before making a decision-
- Insurance Coverage
One of the most important considerations of health policy is insurance coverage. This is the maximum amount the insurance provider will pay for covering your medical costs in a year. Your age can help you select the right coverage amount. The older you are, the higher are the chances of you suffering from a medical condition.
But also note that higher coverage will also mean a higher premium. So, do take your income into account when selecting your health insurance plan.
- Waiting Period
If you have an existing medical condition, the insurance would only cover the same after a waiting period. This waiting period can range from 2 years to 5 years and varies between insurance providers. When selecting health insurance, make sure that you do keep this waiting period in mind.
This is one of the reasons why it is said that you should buy health insurance when you are still young. The health insurance premiums for younger people is considerably lower, and you can easily navigate through the waiting period easily with lesser chances of suffering any ailments.
Most of the insurance policies now come with clauses such as co-pay and sub-limits. Policies that come with such clauses will require you to pay some percentage of the medical bills while the rest will be paid by the insurance provider. This is especially true for policies that are cheap.
When going through the fine print of the policy, do check for words such as “co-pay”, “limits” and “sub-limits” as such policies would not pay 100% of the medical costs when you file a claim.
- Claim Process
The claim process of your insurance provider should be simple and quick. In case of a medical emergency, you’d want your insurance provider to disburse the treatment amount as quickly as possible.
When selecting an insurance provider, ensure that you check their claim process. The faster and easier it is, the better it is for the policyholders. If they also have reliable customer support, this is an additional benefit.
- Network Hospitals
The cashless settlement is one of the most significant advantages of a modern mediclaim policy. However, this option is only available when you visit one of the network hospitals of the insurance provider. Many of the top insurance providers now have hundreds and thousands of hospitals in their network.
Select one such provider to ensure that you can easily use the cashless settlement facility in case of a medical emergency. This will eliminate the need for you to pay the medical bills first and then get it reimbursed by your insurance provider. With the cashless settlement, the insurance provider will directly settle the medical bills with the hospital.
Get the Best of Medical Care with a Health Insurance Policy
Purchasing a health insurance policy with a reasonable coverage amount is one of the simplest ways to get the best of medical treatment. While selecting the right health policy is not the easiest of decisions, the selection is not as complicated as people assume it to be.
No matter if you are looking for an individual policy or a family floater plan, make sure that you do check the things listed in this post to make the right decision.