A Complete Checklist for First Time Health Insurance Buyers

Health Insurance

Isn’t it reassuring to know that you and your family have a financial safety net if your health takes an unexpected turn? While promising access to quality medical treatment, health covers wash away the stress of arranging for a substantial amount of funds during a medical emergency.

However, purchasing a health insurance plan can seem like an intimidating exercise to a first-timer. You may find yourself having to compare numerous health insurance policies based on their benefits, sum insured, premium, claim process, and other factors. The good news is—you need to evaluate only a few elements to make the right choice. The best place to start is by deciding what you would like to have covered under your health plan. Do you need basic hospitalization cover or protection against chronic ailments like cancer, heart stroke, etc.? Do you seek cover for OPD and COVID-19 treatment as well? By listing down your current expectations, you will be able to find a health insurance policy that suits your needs.

To help you pick the best-suited medical insurance, here is a compiled list of tips that would come in handy while comparing health insurance policies online –

Sum insured must provide sufficient cover: Before purchasing health insurance for your family, ensure that the sum insured of the plan is adequate to meet your entire family’s medical needs. Consider the family members’ ages, pre-existing illnesses (if any), etc.

Easy claim process: The easier the claim process is, the faster the claim is settled. Choose a health insurer that has a seamless and fast claim settlement process. To find such insurers, policyholders should read customer reviews or do some researchon the track record of the company in this respect.

Also Read: Is your Health Insurance Enough to Cover the ‘Omicron’ Covid-19 Variant?

Know the premium amount: Premium is the amount you must pay to your insurer to keep your policy active. It increases with an increase in the sum insured. Also, if you choose add-ons, your family’s health insurance policy premium will be more.

Free medical check-ups: It’s always preferable to choose a policy that offers a free medical check-up for the insuredmembers. What’s more, when policies are renewed, this additional feature does not affect the premium.

Cashless network hospitals: Always check with your health insurance company regarding their cashless network of hospitals and other healthcare centres. With the cashless facility, insured members are saved the hassle of first paying bills and then claiming a reimbursement as their insurer settles their bills directly with the hospital, if it is from within the network. So, it is important to choose an insurer with a large number of network hospitals to help you in a medical emergency.

Pre and post-hospitalization: Pre-hospitalization expenses include charges such as medical tests performed before a person is admitted to the hospital. All relevant expenses or charges incurred by an individual after hospitalization are included in post-hospitalization expenses. Ensure that your plan includes pre and post-hospitalization coverage as these expenses could add up to a considerable amount.

Waiting period: In most cases, insurers impose a waiting period for pre-existing conditions. Be aware of the waiting period in advance, as not all diseases are covered from the first day that your policy becomes effective. During the waiting period, you will be unable to claim reimbursements for those ailments. Therefore, choose a health insurance plan with a short waiting period, especially for conditions that you may have a predisposition towards.

Know policy exclusions: You should be aware of what medical procedures and conditions your health insurance plan does not cover, just as you should be aware of the plan’s benefits. Take time to read the list of exclusions before deciding on your plan.

We all aim to live happily, inspite of the possiblity of medical emergiencies that can strike any time. With healthcare costs rising, it’s more important now than ever, to get yourself a comprehensive health cover. Get a health insurance policy today to protect yourself from financial instability.

Care Health Insurance is a specialized health insurer offering health insurance services to corporates, individual customers, and financial inclusion employees. Care Health Insurance currently offers products in the retail segment for Health Insurance, Critical Illness, International Travel Insurance, Maternity, etc. So don’t wait any longer to protect yourself and your finances and make the most of your money by selecting an ideal health cover provided by one of the best health insurance companies in India at a relatively low premium.

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