4 Things to Remember When Buying Health Insurance Online AFN News
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4 things to remember when buying health insurance online
Posted on December 26, 2021
Thinking wisely and planning ahead ensures a calm and chaos-free life. At present when medical expenses are increasing dramatically, it is still important to keep financial safeguards to deal with any kind of medical emergency. A health insurance policy covers your medical expenses for medical requirements. It acts as a protective shield against heavy medical expenses and allows you to enjoy quality health care.
There are many insurance companies in India offering different policies with a multitude of benefits. Many companies also offer bespoke policies. You can buy a health insurance policy online or offline. You should only choose a policy after carefully checking all the available options. Choosing the insurance policy that meets all of your needs is important. Take a look at the 4 Important Things to Consider When Buying Health Insurance Policy Online.
A health insurance policy should cover the maximum of expenses related to the health of a family. Typically, employer insurance only covers people working in an organization and not their families. If you have a dependent family, it is advisable to opt for family floating plans. These are full plans, where you don’t have to buy a separate policy for each member. With rising medical and treatment costs, you need to choose the right amount of insurance. A blanket of Rs. 15-20 Lakh is recommended for a family of three to four members. It is very important that you guarantee a restoration clause in the family floating plan. This option will support you financially in the event of multiple hospitalizations in the same year within the family.
The premiums for the health insurance policy are not the same for each individual. It depends on various factors such as family medical history, age of policyholder, lifestyle, pre-existing health issues, geographic location, occupation, body mass index, whether the policyholder has previous policies or not and some other aspects. Since the health risks associated with young people are relatively low, Indian health insurance companies offer them health coverage with lower premium rates than older people.
To be a justified health insurance policy, your premium doesn’t have to be cheap. You should see if the plan benefits include pre and post hospitalization costs, child care costs, transportation, etc. There shouldn’t be any hidden or excess charges that might show up later in a claim. A policy that does not exceed your budget should be chosen from the many policy options available in the market. Always start with a reasonable premium and then revise the plan. Increase your coverage only when your income, family or health needs change. You can check the premium quote online by providing all the necessary details and using a health insurance premium calculator.
Before you focus on your health insurance policy options, carefully consider all of the benefits it offers. From the plethora of health insurance policy options available, you should see which one fits all your needs. To compare health insurance policies online, you can visit the Finserv MARKETS application. You may be asked to fill in details such as your name, age, city in which you reside, details of family members, existing illnesses if any, required sum insured, etc. Once this information is filled in, you will be able to see the policies that match the criteria you entered and the premiums you need to pay for them. The Finserv MARKETS app offers a comprehensive list of policies offered by various health insurers. Before choosing the health insurance policy, always check the factors mentioned below-
- Premium – Never choose a policy just because it offers a cheap premium. Check the coverage and all the benefits it offers.
- Sum insured – The sum insured by the policy is important because it must cover your needs and those of your family. A policy of Rs. 15-20 Lakh will be ideal for a family of three to four members.
- Benefits of coverage – Choose a policy that offers broad coverage, including child care procedures, maternity benefits, etc. As health complications increase in old age, so does the cost of health coverage.
- List of network hospitals – The insurance company should settle medical bills directly with the hospital rather than charging you upfront and then requesting reimbursement. Choose companies that have a large network of incorporated hospitals, as well as those whose list contains hospitals and doctors of your choice.
- Claims settlement rate – Always favor companies with a high claims settlement ratio. You can check this online.
- Waiting time – Opt for policies that have a shorter waiting period, so you don’t have to wait years to claim health insurance.
It is very important that you carefully read and understand all the features of a health insurance policy when purchasing one online. You should take note of any exclusions so that you can decide if the policy meets your needs. Health policies may have a maximum limit on rents for hospital or intensive care rooms. Make sure the health policy you choose doesn’t have limits like this, as it could impact medical expenses like doctor’s fees and associated operating room costs. .
Check if the policy has a mandatory co-payment clause. It is important that a policy does not have one. As part of the quota, the policyholder will have to contribute to the claim out of his own pocket. Understand the policy coverage, any exclusions, and the waiting period after which coverage for certain illnesses must begin. You should never hide facts related to your state of health as this could complicate the procedure when settling the claim.
Your health insurance policy may not generate any income or returns, but it will certainly save you from huge unanticipated health expenses. So, keeping all of the above mentioned points in mind, get the right health insurance plan for your needs. Buying a health insurance policy for you and your family is also a very thoughtful way to show how much you care!