Health Insurances 187 views
Buying the medical insurance should be a learned decision. You should not buy any insurance because your friends are suggesting you or your family members are saying this to you. Before buying any insurance ask yourself why you want to buy this health insurance policy? Do you think that this health insurance policy is offering you enough benefits and advantages? While buying a new policy you should always keep the benefits and your requirements in mind. Here are some key points to keep in mind while buying a new health insurance policy.
Maximum limit and sub-limits: While buying a new policy you should understand the maximum limit of your policy and sub-limits as well. These limits can affect your premium out go and your claims as well. You should understand this factor vis-a-vis your requirements and paying capacity to avail the maximum benefits from your health insurance policy.
Claim settlement record: Before buying a new policy check the background of the insurance provider. Take various points into consideration before buying any policy. Check the claim settlement record of the policy provider. Thus, you cna ensure that the claims and reimbursements would not be wrongly withheld. Always, check and ask for companies claim settlement ratio before buying the policy. If the claim settlement ratio is low, so search for another insurance provider for buying your health insurance.
Compare the plan on benefits: Don't buy a plan just because it is charging you lesser money as premiums. Less premium is not the right criteria of selecting the insurance, rather you should select an insurance on the basis of their benefits and coverage. Also, look at the other plans of various companies, compare them on various parameters and do a comprehensive study of there benefits and features and make a decision based of your comparison. The health insurance should always offer you maximum coverage and facilities which you looking forward in your health insurance. It should give you various health benefits along with risk cover.
Renewability: Check the policy on renewal and payment premiums. The automatic issuance of a new policy or the cotinuation of present policy that is effective once the old policy plan year end's is termed as renewal. At the end of the policy tenure it should be auto renewed by the policy holder. You should always renew your policy on time, in case you miss the renewal of the policy you will the benefits of insurance.
Cashless hospital coverage: At the time of buying the policy check that the policy is including the hospitals of your nearby areas. It should also provide the benefits of cashless hospitalisation and the process should be hassle free and flawless. You and your family members should not move from one place to other to claim the benefits or reimbursements of bill and other expenses. It should have tie-ups with a network of hospitals and nursing homes called a network hospital across the country. These hospitals should provide the cashless facility to the insured person without much of issues and problems.
Internal team for handling mediclaim: Check the insurance plans from insurers who have a dedicated team for handling the mediclaim. This is very useful and fast the process of medical claim settlement process. However, most of the companies have a third-party administrator to process the claims and do the proper paper work. The companies which provide the faster reimbursement of funds have their internal team to take care of the mediclaim.
Floater size: Everyone has a different family size so you should always look for the family floater size allowed under the plan before buying it. You can add your family members irrespective of their age. In a health insurance policy you can add your parents, kids, spouse, parents-in-law, siblings.
Health insurance portability: It is the best to choose a health insurance company that offers health insurance portability. Earlier, policyholders had to stick to a policy just to retain the waiting period benefits. Now with portability system allows you to switch your service provider from to another. Just ensure that you don't end up paying the fee for portability and you stick with your present policy provider. Insurance portability is a good thing if you find that you are getting better facility with some other insurance provider at the same cost of premiums.