Medical emergencies are an inevitable aspect of life's uncertainties, and the rising healthcare costs in India make purchasing a health insurance policy almost essential. However, with the plethora of options available, it can be perplexing to select a policy that is best suited to your needs. But there's no need to fret because we have made it simpler for you.
Here is a brief overview of the ten factors you should take into account when selecting the ideal health insurance plan for you and your loved ones.
1. The Age Criteria
If you are looking forward to buying health insurance, the age of the family members who require coverage is a critical factor to be considered. The premium cost for a family floater policy, for instance, is influenced by the age of the eldest family member. It's important to check the age limit criterion for the health insurance plan you are interested in purchasing.
2. The Right Combination of Premium and Coverage
When you proceed to buy health insurance online or discuss it with experts, it may seem appealing to choose a policy with the lowest premium. However, it's essential to understand that a lower premium may provide insufficient coverage. Sometimes, policies with lower premiums have additional clauses, such as co-payment, deductibles, and sub-limits, that may increase the cost you pay during the time of claim. Therefore, it's crucial to find a policy that offers sufficient coverage and benefits without sacrificing quality, at a premium that you can manage.
3. The Waiting Period Clause
The waiting period clause is an important factor to consider when purchasing health insurance. During this period, which can range from 24 to 48 months, the insurer will not accept claims for pre-existing or specific illnesses. You can only claim benefits once this period is over. The waiting period applies to pre-existing illnesses such as diabetes, blood pressure, and specific treatments like arthritis and cataract. Therefore, it's important to select a plan with a minimal waiting period so that you can claim the benefits in case of a health emergency.
4. Cashless Hospitalization Benefits
Health insurance companies usually have a partnership with network hospitals where you can avail cashless treatment in case of a medical emergency. This means you don't have to worry about arranging funds and filing for reimbursement later. Instead, the insurer directly pays the hospital for the treatment.
5. Pre and Post Hospitalization Coverage
When buying health insurance online, it's important to choose a plan that covers expenses incurred before and after hospitalization. This will include expenses such as ambulance charges, medical tests, medicines, and doctor fees. Most plans cover expenses during hospitalization, but not before or after, so it's essential to check for this coverage.
6. No-Claim-Bonus/No-Claim-Discount
No-Claim-Bonus (NCB) is a discount that insurance companies offer on your premium if you haven't made any claims in a policy year. The longer you go without filing a claim, the higher the discount you receive on your premium when you renew your policy. However, most insurance providers have a specified limit on the NCB, so it's important to check the details of your policy. For instance, if you have a Rs. 5 lakh health insurance plan and your insurer offers a 10% NCB for every claim-free year up to a maximum of 50%, the sum insured will increase accordingly.
Buying health insurance online has become a convenient and time-saving option. However, it is crucial to consider certain factors before making the final decision. At Ginteja, we carefully evaluate your insurance needs and come up with suitable coverage options to provide you with maximum benefits. So, what are you waiting for! Contact our experts today and insure your family!