With the availability of a wide range of medical policies offering various features and specifications, the medical insurance sector has grown massively over the last decade in India. Nowadays, we have medical plans for students, young families, couples, senior citizens, diabetes, etc. Amidst all these choices, it’s normal to get lost. Hence, you need to assess your requirements before buying a medical policy. Here are 5 tips to help you choose the best health insurance policy in India:
Buy Medical Insurance Based on Your Requirements:
The first thing to do before purchasing a health insurance plan is to identify your requirements. The type of medical insurance policy to purchase must be defined by your family’s requirements i.e. the total family members, their age, etc.
For example, a primary cover of 5 lakhs is enough for a young family, whereas, a family with older members must purchase a more comprehensive floater cover. These floater plans are associated with the age of the oldest member. However, if your parents are above 50 years, it’s better to purchase a separate medical plan for them.
Cashless Hospitals Network:
In cashless treatment, the insurer pays your medical expenses directly to the list of network hospitals included under it. it is one of the more significant benefits of medical insurance, therefore, before purchasing a plan, check the entire list of network hospitals included by the insurance provider.
High Claim Settlement Ratio:
Claim settlement ratio or CSR refers to the sum total of claims resolved by any insurance company with respect to the total claims received. Therefore, while purchasing a health insurance policy, a high CSR is the most crucial factor you should consider. Purchasing health insurance from an insurance company with a high CSR will ensure that, except for legitimate reasons, your claims will never get denied. When it comes to CSR, Care Insurance has the highest 92.3% claim settlement ratio. The company handled almost 700K claims and settled almost 92.3% in the financial year 2020.
Maximum Age-renewal:
The importance of medical insurance grows with age and so does the price of purchasing medical insurance. Therefore, while purchasing a health plan you should choose a health insurance plan that can be renewed until 75 to 80 years of age.
Minimum Waiting Period:
Purchase a medical insurance plan offering the least waiting period limit for pre-existing diseases. Insurance companies have their own policies on pre-existing diseases. The waiting period in health insurance is the time period that the policyholder has to wait before being eligible to initiate any claims for the treatments for such ailments or diseases. This period can range between 2 years to 4 years, based on the health plan you opt for. It is recommended to opt for a medical policy offering the least waiting period.
A medical insurance policy is like other investment options and should be given due time, attention, and analysis. Keep the above-mentioned guidelines in consideration before purchasing a health insurance plan so that during the time of medical emergencies, managing funds is not an added concern you require to deal with.
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