In order to make the best buying decision, you must consider the following factors before shortlisting a health insurance policy:

Claim Process – The smoother the claim settlement process of a medical insurance company is, the better it will be for the insured. This is because if the insurance company is not good at handling the claims of the insured, then it fails the entire purpose of having a health insurance policy. Good customer support is an additional benefit that you must look for.

Family Members to be Covered – You must consider the family members for whom you want coverage. Under family floater health insurance plans, you can seek cover for yourself, your legally wedded spouse, children, parents, and grandparents. You must also keep their age, present ailments, and family medical history in mind. Also, you must be aware of any pre-existing conditions that they have and share with the insurance company, before buying the policy. So, choose a health insurance policy that covers all of them at an affordable premium.

Sum Insured – Sum insured should be chosen wisely as it covers you and your loved ones for medical expenses incurred during the entire policy term. You should look at the income as well as your age to decide the sum insured that you should opt for under your medical insurance policy. Make sure to choose a sum insured that is not insufficient as well as the one for which the premium is not too high.

Add-on Benefits – Add-ons are additional benefits that you can include in your health insurance policy, for extensive coverage. You can choose them voluntarily by paying an extra premium at the time of policy purchase.

Network Hospitals – Availing treatment at network hospitals is very convenient as they allow cashless treatment to the insured. This is why you should check the number of network hospitals an insurance company has. It is recommended to choose an insurance company that has a high number of network hospitals. Also, make sure to select the one nearby your place of residence in order to save time in case of an emergency.

Coverage Benefits – One of the most important factors to consider is coverage benefits. Different health insurance plans come with different coverage features which you should choose as per your requirement. Common coverage benefits under health insurance plans include in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, road ambulance expenses, daycare expenses, domiciliary expenses, etc.

Lifetime Renewability Benefit – The chances of getting ill in old age are higher and hence if you buy a new health insurance policy at that time, it would cost you comparatively more. Therefore, you must choose a health insurance policy that comes with a lifetime renewability benefit.

Free Medical Check-Up – Many health insurance plans cover you for free medical check-ups. You must check the same before shortlisting a policy.

Waiting Period – The waiting period is the time at which an insurance company does not cover you. This is why you should choose a health insurance policy that comes with the least waiting period. There are different types of waiting periods such as initial waiting period, waiting period for pre-existing illnesses, waiting period for specified illnesses, etc, which you should be informed about, before shortlisting a health insurance policy.

Premium – It is recommended to choose a health insurance policy that comes at an affordable premium so that you are able to continue with the policy for a long period of time without any financial strain. However, choosing a medical insurance policy with a low premium is not always advisable as it may not get you enough coverage in case of an emergency.

Type of Policy – To identify which type of health insurance policy you want for yourself or your loved ones, you must evaluate your needs thoroughly. After that, you can choose from different types of health insurance plans available in the market such as individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, critical illness insurance plans, maternity insurance plans, children health insurance plans, disease-specific health insurance plans, etc.

Exclusions – Exclusions are the conditions for which you cannot make a claim, under your health insurance policy. Hence, when choosing a policy, you must opt for the one with the least number of exclusions. Some common exclusions under health insurance plans are treatment required due to self-harm, treatment required due to participation in adventure sports, etc.

By Millan

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