Although
internet has simplified the process of buying a health insurance, the
selection of the right policy is still a confusing task. Since all
insurers offer seemingly identical plans you might be tempted to grab
the least expensive policy. However, all health plans are actually
unique in terms of claim procedure, coverage and exclusions and most
importantly premium amount. So, you need to weigh several different
factors before taking the final plunge.
Coverage
The
sole aim behind securing a health policy is to stay covered from
expenses due to medical treatments. This is why it is one of the most
important parameters that you cannot afford to ignore. First of all,
you need to determine the coverage amount and who do you want to
cover in your health plan. Once you sort out these things you can
compare health policies that meet your requirements.
Maximum entry age and age
limit for coverage
All
health insurance providers in India cover their insured people up to
a certain age. However, this limit is determined by insurance
providers. Some insurance firms offer lifetime coverage as well which
can be a good deal for you if you want to stay protected throughout
your life. Furthermore, most insurers also impose an upper age limit
to qualify for a health plan. It is very difficult to buy a health
plan in India beyond that stipulated age limit. So you need to do
research and find out which insurers offer most lenient terms and
conditions.
Sub-limits on various
expenses
Even
though insurance companies claim to cover their customers from a
range of expenditures they do come with sub-limits for almost all
facets of expenditures in the likes of hospitalization charges,
ambulance cost, room rent, diagnostic tests, medication and
consultancy fees. While going through a plethora of plans you need to
weigh these sub-limits on the basis of the expenses in hospitals that
you usually visit and distance of those establishments from the
location of your residence.
Keep a close eye on
what's not covered
There
are some specific treatments and diseases that no health plan in
India generally covers. Some treatments are permanently excluded from
coverage and some other come with time-bound restrictions. You have
to go through policies to see what treatments are left uncovered.
This will help you in shortlisting some plans that do cover certain
diseases and treatments that you want to include in the coverage of
your health insurance.
Check out the waiting
periods
Most
insurance policies don't cover medical costs of pre-existing diseases
up to certain number of years. Many insurers compel their policy
holders to wait for as long as 4 years. If you don't get the required
treatment in time the whole purpose of taking a health insurance is
defeated. Hence, you need to trace out a health insurance provider
that offer friendly waiting periods.
Claim-loading charges
It is a
known fact to you that you are eligible for claim-free discounts or
bonuses if you manage to spend a year without making any claims.
But, are you aware of the consequences of making claims? Your insurer
will most likely to charge you for loading the claim. Therefore, once
you settle with a particular insurer you should make queries about
rules regarding claim-loading.
In
essence, these are the aspects you need to compare to unearth anideal health policy.
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