Are You Sure You’ve Bought the Best Health Insurance Policy?

Health is indeed wealth! However, in today’s scenario with skyrocketing healthcare costs, a major health emergency can drain you of your wealth in no time. Advancements in medical science have only led to better diagnosis and treatment of diseases. But even treating ordinary ailments may be financially taxing. And healthcare costs are only increasing by the day. Irrespective of what your age is, medical emergencies never arrive with a knock. Here lies the importance of buying a health insurance. As an insured, your insurer will take care of your medical expenses, if any.

A mediclaim policy entitles you to tax benefits under Section 80D of the Income Tax Act, 1961 up to a permissible limit.

Here is what you should look for to buy the best healthcare policy:

Coverage Amount

Opt for a plan that offers maximum health coverage and maximum amount for treatment. Medical inflation is unstoppable. If a heart surgery costs 3 Lakhs today, it is no surprise if it costs up to 4 Lakhs after a year. Having sufficient amount coverage is a safer option.

Hospital Network

Choose a policy that involves no paperwork to be submitted in hospitals or shelling out reimbursable cash in advance. It is termed cashless treatment. Ensure that your insurer has cashless tie-ups with a great number of hospitals including those in your neighborhood.

Sum Insured

Are you single? Do you have a family? Choose the sum insured based on your marital status and age. So, you may have to buy a plan that covers your spouse and children. Higher the age and greater the number of family members covered, higher should be the sum insured.

Claim Settlement Ratio

Choose an insurance company that has a higher claim settlement ratio. Opting for an insurance company with a low ratio may result in rejection of a claim. Higher the claim settlement ratio, lesser are the chances of claim rejection.

Premium

Do not buy a policy based only on low premiums offered, especially if it comes with less coverage. You gain a competitive advantage if your policy with low premium allows maximum coverage. Other factors that should be considered are the various caps in policies on different ailments and treatments.

Portability

Consider the portability factor when you buy a health Insurance Policy. Your policy should allow you to change your health insurer if you wish to, without losing the waiting period benefit of the existing policy. Ensure that no charges are levied for porting, as it is free.

Waiting Period

The waiting period clause of a Health Insurance Policy varies from one insurer to another. You cannot claim before the waiting period is over. Besides other factors, opt for a policy that comes with a lesser duration of the waiting period.

Top Ups

All health insurance policies come with top-up plans, offering additional cover when the insured’ threshold limit exceeds. Before you finalize buying a policy, check the available top-up plans.

Mediclaim Team

Many insurers involve third party administrators (TPAs) for necessary documentation and claim processing tasks. This slows down the claiming process. Ensure that your chosen insurer has an in-house mediclaim team to address these issues.

With the health insurance market flooded with hundreds of plans, buying the best one may not seem easy. A comparative analysis will help you take the right buying decision. Visit mymoneymantra.com, a one-stop trusted online financial services marketplace to know more. Compare policies in terms of benefits offered, premium, and other factors in seconds! Get insured for your as well as your family’s health now!