By Arina Smith
The need for a health insurance policy is intrinsic to your financial planning for long-term goals envisaging security and protection to your dependents. As a result of liberalization engineered by the Government of India in 2000, the health insurance sector enjoyed a huge boost. The entry of private players ushered in a phenomenal increase in the offers and a new style of management to render a high-quality service. The complex offers and the variety of insurance providers make it mandatory on your part to adopt a structured approach in arriving at a well analyzed informed decision to opt for a policy of your choice meeting your needs. To get the best health insurance you must take help of online portals which allows you health insurance comparison for all the leading insurance companies in India.
Step by step approach:
A step by step approach in the form of a checklist will help you reach your goal rather than groping in the complex world of health insurance. The chronological order of steps could be:
What is your aim?
The first question is to ask is what you want from your health insurance policy. Once you are able to determine your needs and parameters, you are in a better position to shortlist a few plans.
What is the type of shortlisted plan?
Now that you have determined your choice, it is necessary to learn more. Read the fine print and look at the offers. You need to match them with your needs and preferences and whether it suits your purpose.
Analyze the claim settlement ratio:
The trustworthiness of the insurance company can be ascertained by studying its claim-settlement ratio. The higher the ratio, the more trusted brand it is. You become aware of the treatment meted out to its customers.
Study the size of their network:
An important factor that will lead you to an informed decision is the size of the network of your insurance provider. You need to choose a company with a good network that is easily accessible to you so that you can reach them easily in case of emergencies.
How much is your contribution?
Locate for clause of co-pay, where you have to pay a part of the expense. It is not in your interest with this option and your choice should be a policy where the entire expense is borne by the company.
The coverage of the plan:
Determine if your policy offers comprehensive coverage. It should ideally include accidental injuries, critical illnesses, ambulance charges, pre and post hospitalization expenses, and some other medical expenses. You have to find out if it provides the right cover for you.
Does the plan offer a cashless facility?
A cashless facility is always preferable as you do not have to worry about raising funds in the event of medical emergencies. The insurance company pays your bill directly to the hospital. It is a wise decision to opt for the cashless facility in health insurance.
Coverage of routine examinations:
For any treatment, you need to undergo routine investigations prescribed by your doctor. Find out the exclusion clause and ensure that your routine examinations are covered under the policy.
Any special benefits?
Look for any special area of coverage in your policy; whether dental care, eye care, and similar conditions are covered in the plan. Consult your insurance company before you commit yourself to any.
Status of pre-existing diseases:
Many plans do not cover pre-existing diseases, while some remove it from the exclusion list after a period of 2 to 4 years from the inception of the policy. Ensure the status of pre-existing diseases before you finalize the policy to buy.
Period of waiting time:
Most of the policies have a waiting time before it is activated. It is important for you to know the waiting period and wise to opt for one with the shortest waiting period, else you will not be able to avail of the services straight away.
How much is out of pocket costs?
You must importantly locate clauses that define co-pay, co-insurance and out of pocket costs that are deductible from the admissible expenses. You must estimate the costs involved and opt for a health insurance without such features to benefit you the most.
Sub-limits:
Most health insurance policies have sub-limits in-built in the plans. You analyze the best possible options to choose from.
Bottom Line:
Now that you have successfully gone through the checklist, you are in a position to make an informed choice. PolicyX.com can aid you to reap the maximum benefits offered by the deep bucket of plans on offer in the Health Insurance industry. With the same, you can compare health insurance and can choose the best one accordingly.
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