Useful tips for purchasing a good health insurance plan

A good number of insurance companies have been offering health plans of different types. However, only a few people have actually availed of the services. There may be several reasons for such aversion towards insurance, especially health insurance – such as ignorance, lack of trust, aversion to premium outgo, etc. It may also be that people who are interested to get the best one, get confused with the technical aspects and plan causes.

With some tips, you can remove your ignorance about this industry and make the right choice:

  • Going basic: You should not get enticed with the additional frills that are promised by the plans when doing a comparison. The plan needs to have basic required coverage. Search for organ door expenses, all-inclusive day care list of treatments, higher ambulance charges limits, OPD expenses, etc.
  • Verifying pre-existing clause: For couple of years, pre-existing diseases would not be covered in the plan. Hence, the waiting period for such diseases is to be checked. An ideal choice would be to go for plans having low waiting period, since it offers coverage much earlier.
  • Checking sub-limits and limits: Although ambulance expenses, surgical expenses and room rent are covered, few plans may have sub-limit or limit against such costs involved. A plan having the highest limits or no sub-limits is the best choice to ensure that unnecessary tension is not caused by the uncovered hospitalization bills.
  • Knowing about the exclusions: All treatments or ailments are not covered simply by purchasing a health plan. Also is present an exclusion list apart from pre-existing clause, excluding specific ailments, instances which may lead towards injury and treatments. HIV/AIDS, for example, are part of exclusion of every plan. Hence, including injury because of substance or alcohol abuse.
  • Verify company’s claim policy and settlement ratio: Claim settlement ratio has been regarded to be claims settled proportion by insurer against total claims raised. The provider’s commitment towards settling your claims is indicated by higher ratio, which is good. Also, the company’s settlement policy is crucial. It is essential to verify if claims are settled by the company through reimbursement or cashless manner. The latter is undoubtedly a great choice, since huge bills are not to be met initially.
  • Cross-referencing network hospital list: Getting admitted in any network hospital is essential for making cashless claim, technically known as Preferred Provider Network. List is to be checked for knowing the insurer tied-up hospitals and if the preferred choice is mentioned in the list, to ensure claims is easy.
  • Checking discounts: Variety of discounts are offered by health plans to provide additional benefits. Besides universal No-Claim-Bonus, premium discounts could be present to purchase 2 year plan to enjoy healthy lifestyle or cover family members. Plans offering increase in Sum Assured is to be selected in No Claim Bonus, rather than discount in premium.
  • Premium evaluation: This does not mean purchasing the lowest cost plan. Rather, it means comparing essential plan features against cost for determining if a better bargain is being availed. Features required can be compared against other company plans for deriving the best plan at competitive price having similar features.

The above tips can help you decide on the best health coverage for self and family.

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