Life has its ups and downs and one needs to be prepared. Medical adversities can occur at any point in your life. Having a health insurance is very important, for both yourself and your family.
The main function of a health insurance is to safeguard you financially if any unforeseen medical adversities arise and not only for tax saving mode.
There are many health insurance companies in the market and that confuses the customer. One has to look into their own need specifically. Health policies provide several benefits such as maternity benefits, OPD cover, quick claim settlement etc. Moreover, insurance companies are now offering customised health insurance policies for individuals, families, senior citizens etc.
Here is a list of things that your should look at before buying a health insurance:
- Family requirement: A different plan exists for nuclear families and that of family with senior citizens. The age of family members have to be determined. Considering medical history is also important before taking up any insurance policy.
- Cover amount: The cover amount is for a year, so the insurance cover amount needs to be decided on the basis age, income level and the add-ons in the policies.
- Cashless Hospitalisation Option: Choose insurances that give the option of cashless payments. This helps the family, in case there is a medical emergency then members don’t have to get hassled with tedious paperwork.
- Maternity benefits: If you are planning a baby it’s best to choose a health insurance cover which provides maternity benefits. The pregnancy costs have already gone through the roof and the hospital bill for mother and baby care can become a real burden.
- Pre and Post Hospitalization: It is advisable to check if the health insurance covers the pre and post hospitalization charges. There are many tests, ambulance costs, consultation fees etc. This is a beneficial option.
- Claim Procedure: The claim process should be simple. If the claim doesn’t happen rapidly then it’s not a beneficial option. In case of an emergency, it will be a hindrance. Ensure that your health insurance provides easy and quick claim process.
- Cumulative Bonus: This means the increment in the sum insured if no claim has been made against the policy in the previous years. This amount is usually added to the sum insured at the time of policy renewal. It is advised to look at this point before purchasing your health insurance.
Always read the policy document thoroughly as it’s not possible for the agent to explain every single thing. It’s a good idea to look into online feedback from customers. It’s okay to ask all your doubts to an agent or the customer care department before purchasing your health insurance policy.