Increasing health care costs and growing inflation has made it incredibly important to buy health insurance. However, not all insurers offer the same benefits. They vary in several factors. It is, therefore, very important to take certain factors into account before buying health insurance.
It’s always better to get a maximum coverage amount while buying insurance. As inflation has been consistently increasing, getting a high coverage will create a buffer against ever-increasing healthcare costs.
Pick the right sum assured
Take into consideration all the health ailments you suffer from and all the costs that such ailments incur. Avail a higher sum assured to take care of the associated costs.
Low waiting period for pre-existing disease
Most insurance companies have a waiting period between 2-4 years. That means you can get coverage for your pre-existing diseases only after the waiting period. Get an insurance policy that has a low waiting period to avoid shelling out bucks from your own pockets, in the case; you need health care during the waiting period.
Higher claim settlement ratio
This is one of the crucial factors that one must take into consideration irrespective of the insurance they are buying. Thoroughly check claim settlement ratios on trusted sources.
Check the hospital network
Most of the hospitals in metro cities come under the network of insurance companies. However, that might not be the case in rural areas. If you reside in tier 2 and tier 3 cities or any other remote areas in India then check the hospital network of your insurance provider.
Select the most lucrative premiums
Compare the premium amount with the coverage provided by the insurer. The premium should be such that it doesn’t eat into your monthly income and the coverage should be such that it adequately covers all the health risks you are exposed to. An intersection of both will help you to understand if the premium you are paying is lucrative for you or not. You can use a health insurance premium calculator to get an idea of the premiums you will have to pay.
Ask for recommendations and reviews
Ask your friends and colleagues for recommendations. Don’t stop just at that; check all the reviews on online portals that evaluate insurance policies. Once you conduct complete research, zero in on 2-3 best options and select the one that seems most lucrative for you.
Most of us forget to do this. Health insurance providers do not cover every existing disease on earth. Check all the diseases and health conditions that are excluded by insurers and make sure that none of the health risks you are exposed to be in their exclusions.
Riders are additional coverage that you can avail on an existing insurance policy by paying an additional sum over and above your existing premiums. Make sure that your insurance policy is flexible enough to add several additional riders.
Pick policies that cover your family
If you have a dependent spouse and children or dependent parents are then pick policies that cover your entire family. Having individual policies in case you have higher health risks that may incur higher health costs is a good idea. Otherwise, an umbrella policy for everyone will be a lot more reasonable than buying individual policies for each of the members of the family.
Consider these 10 wise tips while purchasing insurance policies for yourself and your loved ones.