So, you have finally decided to buy a health insurance for yourself. But are you confused on how to decide on which one to buy? Here are the top 10 tips for buying health insurance:
1. Wisely Select the Insurance Company:
Generally, the companies offering health insurance either are life insurance or general insurance companies. The experts say that it’s better to select a general insurance agency over the one, which offers life insurance, as a company which offers life insurance is into policies that will repay the deceased family members and won’t be focused on the health insurance.
2. Plan for Your Future Needs:
You have to think of all the needs that may arise in your future. If you’ve a family with elderly parents or you’re newly married and planning to grow your family in near future, it’s important to think about policies that will also cover old parents or perhaps cover maternity cost.
3. Make Informed Decisions About the Kind of Health Insurance:
Try and read all you can about various options, the health insurance agency can offer you with. Ask questions. Usually, if you’ve a family, then it is wise to select the family floater plans. It is more effective and economical for the long run. Likewise, opting for cashless policy over reimbursement kind of policy might suit some but might not be advantageous for all.
4. Select the Correct Amount as the ‘Sum Assured’:
The ‘sum assured’ is the highest amount which an individual who is insured will be covered for or reimbursed in one year policy. Basically, it’s the base for your future medical claim. Before you select the sum assured, consider the rising medical cost. Simultaneously, the sum shouldn’t be too high to be hard for you to reimburse the premium.
5. Check Empanelled Hospitals:
Each insurance company has certain empanelled hospitals; they have their tie up with. These hospitals are educated on how to resolve the claims of any patient who has specific company’s cover. Thus, it is most excellent to check out which hospitals are covered under the insurance agency. Checking for their forte, distance from your house and reputation is important. It is because in emergency you most likely are to visit the hospital which is nearest to your house.
Another vital concern is that there must be hospital with varied areas of expertise under the insurance agency– it is much better to get a choice when certain illnesses are concerned instead of going to same hospital which may not offer you with suitable care.
6. Understand Premium Calculation Process:
Premium is the amount you pay to an insurance company while purchasing your insurance policy. Though the formula for calculating one’s premium generally has common formula, but there are few factors that might change while charging premium. A few of the key factors include— the ‘sum assured’, number of times you’ve used your policy and for what amount. Talk to the insurance agent on the sum of premium you’ll need to pay every year and how that company will charge you for various services offered by it.
7. Always Read the Fine Prints:
All health insurance policies have a lot of clauses in them – what are commonly known as the ‘fine prints’. Reading them completely is very vital. And if you don’t know them, do ask certain questions.
8. Read Review and Compare the Policies:
In case of any medical emergency it’s imperative that you as well as your family have full peace of their mind when money matters are considered. Therefore, speak to your friends that might have same policy, or else read reviews about policy you’re about to purchase. Another excellent tool that can be used is comparing the policies offered by different companies. Knowing that the agency takes care of all your finances flawlessly is essential for stress free recovery and smooth stay at that hospital.
9. Check the Policy’s Flexibility:
In case of any illness, it’s essential that the company lets the insured individual to have a little flexibility in paying out the premium for used amount. A premium is again calculated at the ending of the policy year and will be increased based on the sum the policy is used for. Hence, it is essential that whichever policy you select allows you the flexibility of paying old premium amounts for a little time, after what you can begin paying your increased premium amount without interests or other charges charged on it by the company.
10. Check Whether the Company Offers any Discount or No-Claim Bonus:
If you’ve not claimed insurance in your policy year, a few companies either offer you a discount or a bonus amount on the premium for the next year. It is known as ‘no-claim’ bonus. This is an excellent feature and an incentive also to keep yourself healthy and fit.
