As the number of insurance companies keeps on increasing, it is necessary to understand and compare the salient features of various medical insurance policies. Read on to know the best tips to buy a comprehensive mediclaim policy for yourself and your loved ones.
With increasing medical treatment expenses, it makes sense to invest in a medical insurance policy. By choosing a good health insurance policy, a patientcan get the proper medical attention in case of an illness or accident without worrying about the bills.
Here are the best tips that will help you to choose the best medical insurance policy for you and your loved ones:
- List of Empanelled Hospitals: Every insurance company has a list of empanelled hospitals that support cashless settlement. If the treatment is within the scope of your insurance coverage, you are entitled to a cashless treatment at these hospitals enlisted. Therefore, you must choose an insurance plan that has a big network of hospitals to help you during crucial times. Make sure that the insurance policy covers the best hospitals in your city with state-of-the-art infrastructure and experienced doctors.
- The reputation of the Insurer:The insurance company must be capable of delivering the service as promised while buying the policy. A good insurance policy will have a straight-forward and easy claim procedure. Checking the claim settlement ratio gives you a good idea about the credibility of the insurance company. Additionally, check the online reviews of your insurer to ensure that it provides satisfactory service.
- Sum Assured: As the cost of medical treatments continues to increase, decide the sum covered under your health insurance so that it stays relevant in the future as well. For example, a Rs 5 Lakh medical policy might seem sufficient for now, but it might not be able to cover all your medical requirements after 10 years. Additionally, since the medical treatments are generally more expensive in metros, make sure that your health plan has sufficient cushion in case you live in a metro city intend to relocate to one in a few years.
- Annual Premium:The most important thing to consider for any insurance policy is its affordability. As the coverage of your medical policy increases, the premium amount will go up as well.It doesn’t make sense to take a health plan you can’t afford. You can compare policies from different insurers and select the plan that fits your budget and provides maximum coverage according to your needs.
- Inclusions and Exclusions of Policy:Make sure that the policy covers all your current and future health-care needs. Comprehensive health policy must cover all vital treatments and illnesses, including any hereditary health conditions. Similarly, every insurance policy will have an exclusion list mentioning the health issues that are not covered. Go through both these lists carefully to avoid any confusion or disappointment later. Understand and clarify every clause mentioned in the policy, before purchasing one for yourself. There is usually a waiting period after which some of these excluded conditions are also covered. Make sure you understand about such terms and conditions. You can go online to have a thorough understanding of the finer details of health insurance to get the best mediclaim policy.
Compare and Buy the Best Health Insurance Policy
To select a proper health insurance plan, you must know your requirements and budget. By comparing and reading the fine details of different health insurance policies, you will be able to make an informed decision. Hopefully, the tips mentioned in this article will help you in making that choice.