The world is moving at a fast pace and life is stressful. No wonder terms like 'lifestyle diseases' have been coined. In such a scenario, the need of a health insurance plan for yourself, your family and your loved ones cannot be ruled out. However, given the number of Health Insurance plans available in the market, it is prudent to consider certain points when buying health insurance.
Go for Family Floater Plans
Prefer health insurance plans for the entire family as opposed to plans for individuals. If you are single then you can opt for Individual Health Insurance Plans however if you are living with your parents or you are married then your entire family can be protected under the umbrella of family floater insurance plans. These policies come with low premiums but cover your entire family.
High Claim Settlement Ratio
Choose a health insurance plan from an insurance provider that has a high claim settlement ratio i.e. the ratio of claims settled against the total claims received by the company. Go for a company that has a high claim settlement ratio so as to avoid rejection of claims on petty grounds.
Pick Practical Sum Insured
It is wise not only to pick an appropriate Sum Insured according to your age but also opt for a plan that provides high Sum Insured as well as Renewal Benefits on Sum Insured. If you are young and buying health insurance for a small family, go for moderate Sum Insured as it will reduce your Premium. Similarly, if you are buying health insurance with your parents then you must opt for higher Sum Insured.
Pre-Existing Diseases
The Health Insurance plans come with a set guideline for certain diseases that are not covered for a certain lock-up period (2-4 years) if these diseases are pre-existing at the time of buying health insurance plan. If you are covering your parents, then you must go for health insurance plans that have low Pre-Existing diseases lock-up time.
Exclusions
There are many policies that exclude many diseases and treatments for various health conditions like cataract, gastric ulcers, obesity, HIV/AIDS, joint replacement, dental treatments, pregnancy etc. It is better to directly ask the policy agent as well as read the policy terms and conditions carefully in context with exclusions so that you can opt for health insurance plan that comes with minimum exclusions.
Compare
Always be open to a variety of options and compare the health insurance plans available in the market based on premium, accidental coverage, network of hospitals, limitations on Room Rent, Day-Care Treatment, etc.
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