When buying a health insurance plan, it is important that you are aware of certain do’s and don’ts that ensure you purchase the right policy. The below list of do’s and don’ts help you make an informed decision while buying a health cover.
1. Understand your requirements:
If you are unmarried, then you can always opt for an individual health plan. Whereas, if you have a family, then a family floater plan works best for you. For your aged parents, a senior citizen health plan would be the best option. Firstly, determine what you are looking for and then start your search.
2. Research and analyze:
With a plethora of health insurance plans available in the market, it does get difficult to zero down on the best health insurance plan. This is why you should always take out time and research on the insurer and analyze the coverage offered. You can take help of insurance experts or read online reviews to get a better idea of which plan you should opt for. Learning about the plan in detail helps you choose the best policy as per your budget and requirement. You can also compare health insurance online for a better understanding.
3. Check on the list of network hospitals:
Medical insurers provide cashless hospitalization benefit at their network hospital, allowing you to avail free service at the hospital. Depending on the sublimit you opt for, you will have to bear the nominal expenses at the hospital. However, when looking to buy a health policy, always check if the insurer covers your preferred hospital or not.
4. Get early protection:
Get a health cover as early as possible as you are likely to make less claims in your young days and can easily avail the no-claim bonus benefit. Having a no-claim bonus allows you to get discounts up to 50% on your insurance premium. The earlier, the better.
5. Purchase a health cover that offers lifetime renewability option:
Always opt for a health plan that is lifetime renewable, as you will need extra protection in your old age when you might have age related ailments.
6. Compare heath insurance policies:
To get your hands on the best health insurance plan, always do an online comparison. You can always visit the website of the insurers and can read the coverage and premium quotes offered by them, or you can simply visit an online insurance broker’s website and can compare different insurers there. Also buying health insurance online gets you huge discounts as companies save a lot on offline operational costs.
7. You can opt for add-ons:
When purchasing a health insurance policy, check if you require any add-ons to enhance the coverage of the plan. You can choose form various add-ons such as personal accident, hospital cash, OPD, critical illness cover, etc.
8. Check the claim settlement ratio:
When it comes to choosing a health insurer it is always a good idea to check on the claim settlement ratio. This ratio determines the number of claims settled out of the number of claims received by the company. With this, it is also important to read online reviews posted on social media channels, insurer’s website and other review websites.
9. Disclose details of pre-existing disease:
If you have any pre-existing disease, then it is important that you inform your insurer about the same. Any major or minor ailments have to be rightfully disclosed to the insurer.
1. Don’t opt for a plan without understanding it:
Never opt for a health plan just because someone asked you to. Be smart enough to assess your current health status, age, income, medical history and then choose a plan.
2. Never hide anything from your health insurer:
If at the time of purchasing the policy, you are suffering from any disease or any health issue, then disclose the same to your insurer. Not disclosing the facts could lead to rejection of claim in the future.
3. Don’t delay policy renewal:
Your coverage will no longer be in use, if your health insurance policy is expired. You general have a grace period of 30 days to renew your health policy.
With the above list of do’s and don’ts, it is important you read the exclusions and inclusions of your health plan carefully to avoid any claim rejection in the future.
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