Apparently, insurance is the most disliked thing because of its complex structure. Stereotype says that it’s a way for insurers to make money by fooling around people with their complicated terms and conditions of the policies. Health insurance doesn’t stand exception for this. Nevertheless, intense propaganda, awareness, and modes to reach out masses have been changing the views of the people. Online policy details and further purchase of the same have pulled down the requirement for agent’s guidance. One can easily search the health policy he/she is looking out for, compare the health insurance plans and their premiums, finding the best one, peep through its benefits and terms and conditions and ending up with finally buying the policy. Let’s take a quick look at the things to keep in mind while buying the health insurance.
You should think of your medical and financial requirements before going for health insurance. Get a clear idea about your health cost in the long run. Coverage amount to monthly premiums, co-payments and deductibles are also important factors to be taken into consideration. Identify your priorities with what you are seeking for in your much-needed health plan. After understanding the above things, one should decide on the coverage amount for his/her health plan. Decide on self or family cover policy. The family floater will cover everything, though the premium may be higher for family floater as compared to individual coverage. It’s a calculated risk you can safely take because it is unlikely that all the members will require hospitalization in the same year. However, the individual cover can also be taken for the family member facing health issues to pull down the premium.
These health plans carry room rent capping clause. It means you can claim expenses for a room rent below a defined limit. Room rent above this cap will be paid by individual’s pocket. However, some plans also carry limits for particular treatment or disease. This can cap your claim regardless of the large sum insured under your policy.
Co-payment also plays deciding factors in health insurance. Usually, total medical expenses get split between the insurer and insured. This phenomenon is called co-payment. If the insured is ready to pay the higher percentage of the total amount, premium gets decreased. Co-payment is an essential factor in determining the premium amount.
Some insurers also render the cashless Mediclaim facility. One should make it confirm whether the health plan they are choosing provides the same or not. This avails the cashless treatment at insurer’s network hospitals. One should always choose a plan that has the number of network hospitals in your city.