In today’s world, where lifestyle diseases and medical bills are on the rise, having health insurance has become the need of the hour. It has become the crucial financial security net that you can depend on if you happen to find yourself in the midst of a medical emergency. But, how do you find the policy that’s best for you?
When it comes to health insurance, there’s no single policy that fits everybody’s needs. There are a number of health insurance policies in India, each with their own unique benefits and features. So, before you pick a policy, it’s important to do some research and find a policy that fits your needs.
If you aren’t sure what to look for, here’s a guide of things you should definitely check before you select a health plan:
1. The Amount of Cover You need to get in Insurance Policy
As doctors’ fees and hospital expenses are on the rise, it’s become imperative that we think about the kind of cover we need from our health insurance policy. WhileRs.5 lakh may seem like a lot of cover today, it may end up being inadequate 10 years from now. It’s a good idea to factor in medical inflation before you decide on how much cover would be enough to help you and your family member through a tough time.
2. Family Protection
When it comes to buying a health insurance policy for family, it’s important that you look at all the options. You can choose to cover everybody under a single family floater policy, or, you could choose to get individual health insurance plans for each family member. If you opt for a family floater, your sum assured will be divided amongst all the family members under the policy.
3. Limits on Treatments and Co-Payment
Depending on the kind of policy you choose, the cover you will receive for certain treatments, such as a cataract operation, could have a cap. For example, the limit on a cataract operation may beRs.40,000. If you choose to go to a doctor who chargesRs.45,000, the extraRs.5,000 will be an out-of-pocket expense for you.
There are also co-payment clauses in insurance policies, which require the insured party to cover up to 20% of the claim settlement amount. Depending on the kind of treatment you’re claiming for, you could end up spending quite a lot of money
4. Cashless Claim Facility
You should check the insurance provider’s list of network hospitals, to see if you can avail of cashless claims at your preferred hospital. Most providers have a well-connected network of hospitals where insured individuals can get treatment done without having to pay anything upfront.
Now that you know what to look out for, you can easily decide what kind of health plan would be ideal for you and your family members. Remember, insurance is a necessity, not a luxury.