The illness of a family member causes a great deal of emotional and financial stress. With rising costs of medicines and healthcare facilities, an illness of a family member is enough to use up all the savings of a family. Health insurance policy helps to cover the hospital expenses and medical bills arising due to ill health of covered family members. This helps to provide financial stability and helping hand in times of need.
Checklist to refer to before you buy your health insurance
Selecting the right insurance company is very important when opting for health insurance. However, it is a very daunting task to scan a large number of insurance providers and select one. Here are some of the pointers to help you select a good health insurance provider.
Check the settlement ratio and the time taken to honor claims
While shopping for an insurance provider, select the one which has higher claim settlement ratio and faster settlement rate. Higher settlement ratio indicates that the insurer is willing to honor genuine claims. The faster settlement time indicates the process is swift and you need not keep waiting for the company to process your claims and make payment.
Co-payment is the amount required to be paid by the policyholder. Most of the health insurance policies have a co-payment clause. A low co-payment might involve higher premiums while a high co-payment may result in lesser premiums.
Check the list of hospitals accepting the insurance policy. The policy should be accepted in the modern hospitals all over the country. Most of the critical illnesses require treatments in hospitals away from your city. So check the hospital chains included in the list. Select a policy which has wide acceptance.
Pre and post hospitalization expenses
Go through the terms and conditions of the policy regarding the eligible pre and post hospitalization expenses included in the policy. Some policies only cover the hospitalization expenses while others cover the pre and post hospitalization costs incurred. The expenses should be incurred in the treatment of the concerned ailment, to be considered for inclusion in the policy.
Opt for a health insurance policy that offers lifelong renewal. This is very important when you are signing up for the policy at old age or taking a policy for your aged parents.
Regular medical check-ups
Opt for a policy that entitles you to free health check-ups at regular intervals, at least once in a year. The health check-up must be comprehensive and include important tests like ECG, blood sugar and lipid profile test, chest X-ray etc.
The health insurance policy must cover the costs of maternity and childbirth. Check for the waiting period of the cover and also the permissible claim amount, before signing the contract.
Cover for critical illness
Buying health insurance cover is difficult when you suffer from a certain illness like diabetes and cancer. Opt for policies which cover these illnesses and also include the treatment expenses, abroad. There are some disease-specific plans in the market, but the premiums are high.
Therefore, choosing the right plan and buying it from a trusted insurance provider is very important for getting optimum benefit from health insurance plans in times of medical emergencies.