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Before buying a health plan, the present as well as future medical needs should be assessed in financial terms.
Indians have an immense bargaining ability, which often gets them the best of the products at best of the prices, but does that really help when it comes to health insurance? The answer is ’No’. Health insurers offer a variety of plans and more often than not, Indians are allured to buy health plans that have a lesser annual premium over others, which is definitely not a right parameter to select a health plan.
Health plan takers often end up incurring extra costs on account of such misjudgments later, which otherwise would have not been the case if a more comprehensive health cover was taken. Therefore, it is necessary to select a health plan after comparing other crucial factors, outlined below, than just annual premium cost.
Coverage Adequacy:
Before buying a health plan, the present as well as future medical needs should be assessed in financial terms. Incidents like multiple hospitalization in a single year and rising medical costs should be figured out to ascertain the coverage provided by a health plan.
Cover Exclusions:
It is important to know the health plan in and out, like what are the exclusions in the policy. Some policies impose cash limits on a daily basis, while others exclude certain diseases out of coverage. Thus, one should be bought that offers allowance according to an individual’s need.
Renewal Option:
Its better to select a policy that allows for renewal for a higher number of years. As a person grows old, his/her insurance cost surges and thus, a longer renewal option will save you in your grey years to buy an expensive new plan.
Network Hospitals:
Certain policies allow treatment over a vast network of hospital, while others don’t. So, its important to know if your preferred hospital is included in the policy for cashless settlement. Company of Repute: Healthcare providers should be selected based on the higher ratings and percentage of the claim settlement to ensure that money is not stuck in an inappropriate company.
Lastly, premium price should not be a yardstick, but pricing should not be neglected in totality. If a health policy looks way more expensive than it should be compared with similar plans by other health insurers in order to decide the final choice.
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