Insurance policy can be the savior not just for the person who buys the policy but also for his/her family members who depend on them. If one ends up suffering from any unforeseen condition where he has to pay heavy medical bills or treatment costs, then only the value of health insurance can be understood. For a common man, till nothing such happens, it is just an additional expense, and therefore many people avoid going for a health insurance plan.
However, with the rising awareness in society, people now have understood the need and role of The Health Insurance Plan. Many buyers feel confused while going for health insurance as they do not know the points that they must keep in mind while going for the same. Here are some important points of comparison that can help one choose a health insurance plan wisely.
- Select the right service provider: This is the first point where the buyer feels confused. In the market, one can find many service providers that offer almost similar insurance plans. For a common man, the premium is the main point to compare as he may not be aware of the technical terms and other conditions mentioned by the service provider. With a comparison of premium, one needs to check the policy term, the sum assured, coverage of diseases, claim settlement system, and many more things. One also needs to check the claim settlement ratio of the service providers and decide accordingly.
- Check for the sub-limit: In many cases, there is a sub-limit set by the service provider such as a cap on room tariff, types of treatments and other parts. One needs to check this aspect in little depth, and if he is not sure of the terms, he needs to contact an expert who can guide him well. In case of a floater policy, this term is more important to be checked, as in this policy various members are included under the same plan.
- Coverage for pre-existing diseases: Usually, the service providers in this market do not cover the diseases from which the policyholder is already suffering. However, in this condition also one can find a massive variation as many companies cover such diseases after 90 days while some cover them after 1 or 2 years too. These diseases may include diabetes, blood pressure, and kidney stone, etc. One needs to check this clause before going for purchasing the policy. In case of any confusion, one should talk to the customer care executive of the concerned service provider.
- Cashless claims: It is the most vital part of the insurance field. Before buying a health insurance plan, one should ask about it in advance. He should make sure that the particular service provider offers the advantage of cashless claim benefit. In this regard, various service providers have different stands that one must check before buying the plan.
- Get the plan at a young age: Health insurance policies have a direct relation with the age of the policyholder. If one starts getting health insurance at a young age, he can have a higher sum assured at lower premiums and benefits of no claim bonus for a longer-term. If one goes for the health insurance, say after the age of 35, he may have to pay higher premium also. He may have to undergo the medical process and pay rated up premium if there is any health issue is spotted in his reports. Hence, getting health insurance at a young age is recommended by experts.
- Individual plan or coverage for a family: This is another point where one may feel a little confused. The family floater policy can be a better option for a small family having younger members, while for a large family where seniors are aged, it is better to go for the individual health insurance plans. An individual plan, the given sum assured is only for a particular policyholder, while in floater the same sum assured is utilized by all the members till the balance is left.
- Sum assured: The sum assured is often the biggest concern for any health insurance buyer. It is also directly associated with the premium amount, and for this reason, one needs to choose the same wisely. In case of low sum assured, one may run out of coverage if he suffers from any critical illness or any illness which involves longer medical treatment. In case one goes for higher sum assured, and there is no claim, he may have to bear a heavy cost of premium without any reason. Hence one needs to take this decision prudently and after considering various factors of his health and options.
These are some of the major points that one needs to compare the plans offered by various service providers and go for a plan that can help him get the desired benefits.