Medical emergencies are one of life’s many uncertainties. Health insurance is the best way to deal with these medical troubles without shelling out your life savings. However, people avoid purchasing health insurance unless there is an urgent requirement for financial assistance.
Rather than getting insurance at the last minute, plan ahead of time with adequate coverage for a smooth ride through the medical emergency. But choosing one can be extremely difficult.
That’s why we have made this list for you. When deciding on a plan, keep the following points in mind to ensure that you are getting your money’s worth.
- Get insurance at the earliest
The first thing you should know about buying health insurance is that doing so early saves money and makes better financial sense. The best health insurance policies are not available after a certain age.
Buying it early means you will undoubtedly get a better deal than you would have later in life. Accidents can happen at any age, and having adequate medical coverage will ensure that you are covered in an emergency.
So, if you haven’t already, remember that now is the time to get health insurance. Always look for health insurance policies that can be renewed indefinitely.
- Policy Premium & Insurance amount
Buying health insurance with the lowest premium amount can be cost-effective. However, there are two sides to the story. A policy with a lower premium can only be beneficial if it provides comprehensive coverage at a reasonable cost.
Choose an insurance plan that will not fall short in an emergency and has an affordable premium. Medical expenses are skyrocketing, so make sure to purchase a health plan with adequate long-term coverage to ensure financial security.
When choosing an insurance factor in your age, the younger people can get away with a lesser sum insured. Also, always check to see if there is an additional clause of co-payments, sub-limits or deductibles. Otherwise, you may end up paying more at the time of claim.
- Inclusions and Exclusions of the Plan
The coverage of the health insurance plan and what is and isn’t included in the plan determine the scope of the policy. Before purchasing health insurance, you must be completely clear on both, or it can result in out-of-pocket expenses.
Before being admitted to the hospital, you have to consult the doctor, get medications, and do tests. Following the treatment, more expenses occur, such as follow-up with the doctor, medications, and many others. These can add up to an exorbitant amount. So, make sure your insurance covers the pre and post-hospitalization costs.
If you prefer alternative medicines, choose a policy that allows non-allopathic treatment coverage. Also, the medical profession is constantly evolving, creating new treatment methods. So, ensure that your health insurance plan covers such novel procedures.
For example, if you have health insurance that covers illnesses caused by asbestos, you must know what comes under it and what doesn’t. If you’re still unsure about it or need expert advice you can always consult asbestos compensation and claim lawyers and seek a professional overview.
- Network Hospitals
Health insurance companies typically have agreements with network hospitals through which insured members can receive cashless treatment in a medical emergency. You don’t have to arrange for funds immediately and then file for reimbursement.
The hospital bills are paid directly by the insurer, relieving the Policyholder of the financial burden. So, before choosing a health insurance plan, check to see if you like the hospitals on their network hospitals list.
You must ensure that the insurance company has partnerships with hospitals that are easily accessible to you, especially if you do not live in a metro.
- Maternity Coverage
Pregnancy costs have risen in tandem with rising medical costs. Given the increasing complications of childbirth, extended hospital stays after delivery, medicines, and hospital charges, giving birth in a mid-range hospital can cost you a Kidney.
The cost may rise if the baby is delivered from the c-section or if there are additional complications. That’s why women must purchase a health insurance plan that includes maternity coverage.
When it comes to maternity benefits, one should look into the waiting period for claiming maternity expenses and the sub-limit. Also, choose a plan that covers the newborn baby’s medical expenses in addition to the delivery fee.
- Claiming Process
Ideally, you should look for a plan that has a straightforward claims process, and the claims are settled expeditiously. Thoroughly read the policy document, specifically the claim process. You can conduct some research, read customer reviews, and choose a health insurance provider known for providing seamless claim settlement services.
Before purchasing a health insurance policy, it is strongly advised to investigate the claim settlement ratio. This demonstrates the company’s ability to handle claims efficiently. The claim settlement process should be simple and transparent to the customer.
Over to you…
Now that you know what to look for when purchasing health insurance, get one as soon as possible. Further, make sure you do your own research and explore several health insurances before you finalize one.