Choose right financial shelter to cover medical crisis‌
In India, there are over 25+ insurance companies offering hundreds of medical health insurance plans and yet she stands at a mere rate of about 18% when it comes to purchasing health insurance plans. The reasons could be many such as ignorance, lack of awareness of policies, higher expansion of the sector, no policy renewal etc. Most of the people in India are not aware of the benefits of health plans available in the markets. They feel a burden in paying the mere costs of premium compared to heavy financial loss during health crisis. Yes, a health crisis is never good; it brings loads of tension, mental, physical, financial and emotional stress along with it. Therefore, owning a suitable health plans is the ideal way to combat against the unhealthy situations of life. But do you know how to zero in on the best available medical health insurance plans in the market? Are there any parameters to select them? And if there do you know them? We are sure 85% of the
people will lack the awareness skill. Relax! We will help you sort this out. There are certain tips that you can follow to help you choose the best health plan available in Indian health insurance markets. The article shares some of the secret tips for finding efficient health cover.
Basic Policy Health policies are vast and there are loads of frills and promises in the policy. Firstly, identify you and your family health needs, check your income source and try to buy a plan which has the basic required coverage.
Look for inclusive like day care
treatment, ambulance charges, OPD expenses, room rent etc. Limits and sub-limits Although room rent, surgery costs and ambulance charges are covered in your plans they would still be some form of limit or sub-limit against such expenses. Opt for a plan which has no-sub
limits or the highest limits so that the hospitalization bills don’t obstruct your treatments due to the uncovered expenses. Pre-Existing Clause Pre-existing diseases are excluded from the plan’s coverage for a couple of years. Every company has its own norms to incorporate them in your medical health insurance plan. So when you are buying a plan, always check the waiting period mentioned for such diseases. The plan with the lowest waiting period should be an ideal choice as it would provide coverage earlier.
Company’s claim settlement ratio The claim settlement ratio is the proportion of claims settled by the insurer against the total claims raised. Company with high ratio indicates there is sense of positivity in having business with them. Furthermore, the settlement process is also important. It should be smooth and hassle-free. Check whether the company settles claims in a cashless manner or through reimbursement.
Cashless is the best choice because it takes away the burden of meeting the huge bills initially. Premium Evaluation Evaluating the premium costs helps you compare the plan features against its cost to determine whether you are getting a good deal out there. You can compare the features required against plans of other companies to find out which plan offers the same features at the best price. Discounts Medical health insurance plans comes loaded with different types of discounts which give you additional benefits. Apart from No Claim Bonus, there may be premium discounts for buying a twoyear plan, for covering family members, buying from particular credit/debit offers, company offers or for having a healthy lifestyle. For No Claim Bonus, go for a plan which offers an increase in the Sum Assured instead of a discount in the premium because increased sum assured is more beneficial in long run when the medical costs are expected to increase. [Source: https://medium.com/@sanjaybist/choose-right-financialshelter-to-cover-medical-crisis-1cb6df8b3cf8#.65cimjm1i]