Health insurance policy is essential for all age groups people, as it protects you from any healthcare crisis by providing financial assistance during any mishaps. Having health insurance plan for you and your family protects you from the financial strains of medical ailments and sudden emergencies. Therefore, to choose right health insurance plan, you need to invest little time and energy in researching. But people often ask on what basis they should consider buying the insurance plan.
Here we are to guide you on how to choose the right health insurance coverage and in what basis you should make your decision.
How To Choose Right Health Insurance Coverage?
When it comes to choosing best suited coverage according to your needs, here are some parameters to always look for before making any decisions.
Identify Your Needs
There are various different health insurance plans that insurer offers. If you want a medical coverage for only yourself, you can opt for individual health insurance plan. And if you want to cover your family healthy too, go for family floater health insurance plan, as it insures each members of your family.
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Similarly, if you have any elderly people aged 60+, you can buy a senior citizen medical insurance plan for them. So, first and foremost clear your mind for whom you want insurance plan before moving on to next.
Look For Adequate Sum Insured Amount
Sum insured is the amount for which you get covered against your paid premiums. To ensure that all your medical needs are taken care of and your treatment cost is covered entirely by the insurer, you should consider choosing a medical insurance plan with maximum possible sum insured.
But remember, the higher the sum insured, the higher will be your premium. However, if you opt for sum insured, you will get less coverage, leading to increased out-of-pocket expenses. Try to consider your family members, your residence city, and future medical inflation before selecting any coverage amount.
Select Right Health Insurance Plan
You can choose a comprehensive health insurance plan that covers your medical expenses, OPD treatments, hospitalisation bills, homecare treatments, and daycare procedures. These coverages also includes conditions like critical illness by considering your family history and your medical history. Choose the right plan that offers all these coverage benefits.
Scrutinise Plan For Sub-limits
When choosing sum insured and coverage options, consider Sub-limits in terms of room rent capital, and other such limits. In these cases, if your limits on expenses exceeds the sum insured, you will have to pay the remainder from your own pocket.
In case of senior citizens, insurers often ask to opt for co-payment clause in which you pay a predetermined part of sum of your own pocket. This is done to reduce the premium burden on you. However, you are free to reject this and opt for no co-payment clause.
Compare the Premium Amounts
Always compare different plans in terms of premiums and coverages. It is often recommended that you do not compromise on coverage amounts just to keep the premium low. So, look for such holistic coverage options at an affordable premiums.
Claim Settlement Ratio
The Claim Settlement Ratio is a critical factor that is essential to consider while buying medical insurance plan. This ratio indicates the percentage of individual claimd settled by insurer over the total numbers of claims registered in a given financial year.
Pre-existing medical condition coverage
If you or any of your family member for whom you are taking plan is having any pre-existing medical condition or disease, make sure to disclose this to your insurer. Accordingly, check for coverage options and look for the plan that offers less waiting period.
Usually, if someone has pre-existing condition, insurer offers coverages with waiting period of 1 to 4 years, after which you can request a claim for your condition. However, you can connect with your insurer and negotiate on the waiting period depending on the severity of your condition.
Conclusion
Health insurance plan is a valuable tool curated to specifically focus on your medical needs. These plans allows you to pay your medical bills without having huge burden on your pocket at the time of crisis. The right health insurance plan covers all your hospitalisation and medical expenses by smoothly assisting your in a stressful situation.
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While choosing the right fit for you, also pay close attention to the terms and conditions of the policy. Chola MS is one such health insurance provider, who remains in touch with its policyholder throughout the journey and offers best possible coverage options depending on the person’s need.
