7 Must-to-Know Tips to Buy Health Insurance in 2019
It is 2019. And pollution is rising. Flood is wreaking havoc. Quality of food is deteriorating. Our health is suffering. Diseases such as cancer and kidney-related conditions have become common.
Though advanced medical treatment has made it possible to treat critical diseases, high costs prevent a common man from availing the best treatment. That’s why purchasing health insurance sounds a good idea as it gives you financial support in an emergency.
The best part is that many health insurance companies in the country are offering customized health insurance plans to fulfil the requirements of every individual. Among different policies, the best plan is one that comes up with comprehensive coverage at affordable premiums.
If you want to buy a health insurance , you should keep in mind the following tips.
Tips #1: Search for Top Health Plans
It’s good to exercise your due diligence and check different health insurance policies online before finalizing any plan. Explore a wide range of similar plans available in the market. Generally, insurers bifurcate health insurance policies into standard brackets depending on the coverage and the premiums. Say, for instance, Platinum, Gold and Silver health insurance plans may be different variants of the same plan. You should assess your requirements and choose a plan that is suitable for you i.e. a plan that comes with the right balance between coverage and premiums.
Tips #2: Look for Optional Coverage
Apart from the basic cover, you have an option to choose extra coverage to empower your health insurance product. Additional coverage may lead to increased premium rates, but it can let you have extra coverage. Some of the optional coverage includes maternity cover, critical illness cover, personal accident cover, OPD cover and so on. Other benefits include Daily Cash for hospitalisation, nursing at home and many others.
Tips #3: Buy Health Insurance Through an Insurance Broker
No doubt, insurance companies are committed to maintaining a greater level of transparency when it comes to buying health insurance directly from them. They let you read the policy details on their website. But, they may only tell you the benefits of their policy and hide certain conditions. In contrast, when you buy a policy through an insurance broker, you get the opportunity to compare different policies of different insurance companies. You’re able to choose one that suits you the most. So, always try to buy health insurance through an insurance broker.
Tips #4: Assess Service Quality
What matters the most when buying a health insurance policy is the claim process. It matters the most for the policyholder as well as the insurance provider. The claim settlement process determines whether the policyholder is satisfied with the service and whether or not he or she has received quality support during the claim settlement. It is advisable to check the insurer’s Claim Settlement Ratio (CSR). The CSR will help you to be aware of the insurer’s credibility in the market.
Tips #5: Check Network Hospitals
Best health insurance companies come along with the best hospitals in their network. And they provide a cashless treatment facility in such hospitals. With this option, you don’t need to pay the entire bill amount, except for some nominal charges in case of hospitalisation. The insurance company settles the hospital bills. Therefore, it is important to check whether the insurance company has a tie-up with your preferred hospital or a nearby reputable hospital which is known for having good doctors.
Tips #6: Check Co-Pay/Sub-Limit
In health insurance, there are conditions like sub-limits and co-pay. Usually, insurers apply sub-limits on certain medical expenses. For example, you can find a few policies in which a certain percentage of the sum assured is applied to room rent in the case of inpatient hospitalization. So, you need to be aware of this percentage.
Few insurance policies also come with limits for specified operations or surgeries. So, even if you have purchased a policy with the sum insured of Rs. 6 Lakh, there could be situations when your policy would cover only 50% of the sum insured for the medical treatment required.
Also, read the benefits of top-up insurance plans
Tips #7: Look for the Portability Option
Do you already have health insurance that caters to all your medical needs? You can port this policy into another insurance plan available at a comparatively low premium. You can choose to port into a new policy by some other insurance provider if the need arises. For this, you need to inform your insurer at least 2 months before the policy renewal date.
Also Read
Is Early Investment in Health Insurance a Better Idea?
TATA AIG Introduces Comprehensive Medicare Health Insurance Policy
Summary
Choosing the best health insurance at the best premium rates should be your priority. Hope, the above tips can help you find the best health insurance plan online. If you still have any difficulty, take help from your insurance broker or agent. Or you can directly call your insurance company.
