One of the biggest challenges in life at any given day is a medical emergency. The rising cost of healthcare in India has made things more complicated, and hence it has become important for the general public to consider purchasing a health insurance policy. One also needs to take care of the elders in the family with the geriatric costs to be considered. Thus medical insurance becomes an inevitable choice.
The rise in demand for medical insurance policies has given rise to multiple vendors in the market, thus providing various choices to the consumers. However, choosing the best medical health insurance policy can make things complicated for you. Still, if you are aware of the prerequisites of selecting the one that suits your requirements, things might be easier for you. Below are a few factors that would help you know about a medical insurance policy.
Premium and coverage:
At the surface, you would think that buying health insurance with the lowest premium is a great idea. Note that a policy with a lower premium will be appropriate only if it provides you with broad coverage at a price you pay. You need to understand that a higher premium would carry its benefits of high-quality service & hospital network but can affect your budget. Therefore it is essential to find the middle route and choose a vendor who has an average premium, better coverage, transparent charges, better customer service and a good track record of fulfilment. In other words, you should buy a policy that provides sufficient coverage, without sacrificing on the benefits and at a premium you can afford.
You need to consider the age of the family members while buying a medical health insurance policy. As in a family floater scheme, premium costs will depend on the age of the eldest member of the family. Additionally, while buying a health insurance policy, you will need to find out the age limit criteria so that you do not end up buying a policy that does not help you during the times of distress and emergency. Quite often, the elders are the ones who need medical assistance, and hence a good medical insurance policy would consider such needs and try to be as flexible as possible.
The waiting period:
If you know the waiting period clause, then you’d be in a better position to decide about buying a medical health insurance policy. During this time, the insurer will not consider any claim resulting from pre-existing diseases or particular illnesses. And depending on the provider and the contract you have selected, it will vary between 24 months and 48 months anywhere. Also, you will only be eligible to demand the benefits after the time is over.
This waiting period shall extend to pre-existing conditions such as thyroid, blood pressure, diabetes, etc. one might have before purchasing the program.
Broad cashless network:
Health insurance providers are typically connected to a network of hospitals where patients can leverage the cashless facility in the event of a medical emergency thus saving you from the endless paperwork that is needed. The insurer is now paying the deductible amounts directly to the hospital.
Hence it would be helpful if you review the list of empanelled hospitals with your insurer and know what all of the hospitals on the network are in your city.
Many insurance benefits cover the medical costs incurred when hospitalizing. Buy a health insurance package covers costs incurred before and after hospitalization, as well as miscellaneous expenses incurred on ambulance charges, medical tests, medications, doctor fees, etc.
The expense of cardiovascular disease preventive health checkups, cancer scans, MRIs, etc. has gone up. If you can get it protected in your health insurance policy and pay the same for your insurer then you should go for it. There you certainly can save some money. When deciding on a health insurance policy, make sure you also review the coverage cap for preventive health checkups.
A best medical insurance policy is not only a combination of the above factors but also should meet your requirements and monthly/yearly budget thus providing you with much-needed peace of mind.