The need for an adequate health insurance plan is beyond explanation. It offers financial coverage for the medical expenses and absolute peace of time during difficult times. As a matter of fact, many people in India are still reluctant to buy a health plan. Because of this attitude, 80% of the people face financial crises arising due to medical emergencies.
Know that you cannot keep using your life savings to cover the treatments and medical expenses. If you keep doing so, you will have little to no money left for other financial necessities in life. Therefore, having health insurance is a must in today’s time.
In this article, we are discussing a few smart tips to consider when buying the right health insurance plan in India. Let us begin.
- Early Protection
You tend to live a healthy life when you are in your 20s. In fact, many of you do not have any critical health conditions. Hence, when you buy a policy at an early stage in life, the chances of the application being rejected are less. Also, the premiums charged are quite low as the insurer takes you as a low-risk applicant.
- Claim Process
It is necessary that you choose an insurer that offers quick claim settlements. Having to go through a simple and hassle-free claim process is a relief. Also, check whether your insurer offers cashless claim settlements wherein the insurer compensates the incurred expenses directly with the hospital.
- Sum Assured Amount and Policy Tenure
When buying health insurance, you must choose a sufficient sum assured amount that covers all the medical expenses. Also, make it a point to increase the health coverage, time and again. Do not choose a sum assured amount that falls short during emergencies only because it offers low premiums.
- Hospitalisation and In-Patient Treatments
Before you buy the health insurance plan, check the different expenses it covers under hospitalisation, in-patient treatment, and other treatments. It is wise to choose a plan that ensures coverage of pre- and post-hospitalisation, OPD, and post-retirement medical expenses.
- Critical Illness Cover
Most health insurance plans will not cover critical health conditions right away. Many insurers have a waiting period that you need to wait for before you start claiming for any critical illnesses. It is recommended to choose a health insurance plan with a small waiting period and offers coverage for critical health conditions at the earliest.
- Network Hospitals
The insurer you choose should have a wide range of network hospitals where you can seek cashless services. With the facility of cashless claim settlements, the insurer pays the expenses incurred during your treatment directly to the hospital.
- Insurance For Your Loved Ones
Choose a health insurance plan that extends coverage to your loved ones as well. Check the premiums charged when adding a family member to the policy. Check whether the insurer offers the facility of paying health insurance on EMI. Also, reconsider the sum assured amount and make sure that it is sufficient to cover all the members in the health plan. Look for an insurer that offers reinstatement benefits, as it comes in handy when you exhaust the sum assured amount.
With these smart tips, you will be able to buy a health insurance plan that fulfills your requirements and ensures optimum coverage to you and your loved ones during medical emergencies.