Whether we want it or not, sometimes getting hospitalized is the only option that we are left with. Although no one likes hospitalization in order to get well, we must take admission in a hospital, when it is needed. What becomes bothersome is the sky-rocketing hospital bill. If you want to find a way out of this, you must buy a health insurance policy.
If you are going to buy a health insurance policy for the first time in life, then here are some tips for you. These tips will surely help you to find the best health insurance policy.
This is one of the basic factors that you must consider while you purchase a health insurance policy. While you are finalizing a plan, you must be sure about the age of your family members who you are going to get insured. This is important because if you are taking a family floater plan; the premium will be decided depending upon the age of the oldest member of the family. You also need to ensure that you check the age limit criterion as you buy a health insurance cover.
The Waiting Period Clause
Each health insurance policy comes with its own terms and conditions, especially when it is about pre-existing illnesses. This means, if a policyholder has a pre-existing illness before he buys the health insurance policy, the claim for getting treatment for that particular disease will only be accepted by the insurer after the waiting period is completed. In the majority of the policies, the waiting period is between 2 and 4 years. As compared to the health insurance policies, the mediclaim policies come with a lesser waiting period. Thus, you should go for plans that have a lesser waiting period.
Cashless hospitalization is way important than it claims it to be. Especially if it is an emergency case, and you could not arrange cash, this option will save a lot of your time from the paperwork and help you to keep the stress at bay. The insurers that offer cashless hospitalization settle the hospital bills with the network hospitals for the treatment that you received there. Therefore, you must go for an insurance company that provides cashless treatment.
Coverage for Maternity Expenses
Maternity expense is something that almost all of us have to bear. Therefore, while you are finalizing a health insurance company and a particular policy, you need to make sure that it offers coverage for maternity expenses also. The waiting period of such health insurance policies is 2-4 years. If you are a newly married individual or are going to get hitched soon, you must keep this factor into consideration.
Claim Settlement Ratio
Knowing the claim settlement ratio (CSR) of an insurance company is very important. This says a lot about the company. By knowing the CSR, you can find out the number of claims that have been received so far. You should only go for the insurance companies that have the highest claim settlement ratio.
This is another important point that you must not miss out on while choosing a health insurance policy. Since there are several health insurance plans available in the market, you must use the health insurance premium calculator and check the premium amount that you have to pay for the specific policy. Apart from this, you must also compare the features, claim settlement ratio, and benefits of the health insurance policy and its company.
Once you keep all these points into consideration, it will be easier for you to find the right health insurance plan. You can also take a look at the IIFL website and find the health insurance policy that suits you.