How much time do you spend when you go to a mall shopping for clothes? Never counted the minutes, right? But, it does involve selecting a few shirts, for example, checking out their fabric, their color, the size that fits you, then you wear them to see if they really look good on you and only when you’re happy with the overall feeling that you buy may be one shirt! It’s like some parameters of buying clothes were taught to us in childhood that work at a subconscious level when buying such a simple and routine thing as a shirt! maybe yes, but the ‘Right Health Insurance Plan’ also takes a lot of time to find.
What about health insurance plans? Are there any parameters, benchmarks, or guidelines that you can learn or know of to make the right decision?
Yes, definitely there is a way to buy such plans on your own rather than being dependent on the insurance agent. After all, you don’t even buy a handkerchief just because a salesman tries to sell it to you, why should you buy such an important insurance product without studying about it?
Follow the below-mentioned factors to understand if you’re buying the ‘Right Health Insurance plan’:
Table Content
1. Coverage
This is the most important factor to take note of. If your health plan covers the most simple as well as the most complicated diseases, then you’re in safe hands. Also note the waiting period for pre-existing diseases as well as the plans that provide coverage for special conditions like physiotherapy, maternity benefits, and the likes. It is important to know which diseases and ailments are not covered so that you are ready for any unforeseen emergencies.
Coverage of the plan is one of the reasons why the very unique plan has more demand than usual health policy because people always want a comprehensive health policy. Comprehensive health policy means, having a wide range of coverage, extra benefits, and under minimal premium. A perfect health policy, this is what everybody looking for. But one thing that everyone should know is, you can make your health policy comprehensive by using the rider benefit.
With the help of riders benefit, you can add extra coverage with your health policy and it would be comprehensive coverage. No one knows about his tomorrow, but we can predict our tomorrow and it’s necessary that your coverage range should be wide. Because uncertainties also have many forms and in such a situation it is necessary to have a wide range of coverage.
2. Premiums
The best health insurance plan is one that offers you maximum benefits at the lowest possible premiums. If you want options, the best way is to go online to study various plans available and then select the one that meets your requirements. Online plans are also comparatively cheaper than offline ones so it’s better to buy online!
Having a health policy is a basic need in today’s environment, the way we spend our last two years with the fear of Covid-19 was much like the life of a slave. But buying the health policy is like a burden on the monthly budget for a middle-class family. Paying premium per month till 5 years is quite hard for a middle-class family and most time this policy remains unfinished just because of not getting proper service from the insurance company. So, now you can compare the policy and choose the policy as per your pocket allow.
3. Age Limits
It is important to invest in a health plan that offers you the facility of renewing your health coverage even at an older age when the probability of you needing it is higher. Some companies offer renewability till 70 years of age and some go up to 90 years. Do your research accordingly for the best results.
It is generally said that you should take a health policy in the young period of life and the young get the policy easily. As you start moving towards old age, the policy is more expensive for you and comes after some expensive terms and conditions. There are certain reasons why insurance policies have age limits and pre-existing diseases, critical illness and unhealthy lifestyle are the reason why insurance companies never take interest in old age people and they have age limits.
4. Sum Assured
The health plan should offer you a substantial sum assured at the lowest possible premiums. The increasing cost of medical care warrants that your health cover is adequate enough or else you’ll end up paying from your own pocket. Don’t just look at the premium, but the sum assured being offered for that premium amount.
One is to buy things and one is to buy the right things, there is a difference between buying a health policy and buying a health policy as per your needs. A good policy does not require a lot of money, if there is a demand for anything, it is that you should know what you do you want from your policy. There are a lot of options in front of you, just keep patience and keep your search on.
5. Critical Illness Cover
Critical illnesses can burn a hole in your pocket and a lot of insurers offer them as add-ons on your basic health policy. Ensure that maximum critical illnesses like major heart ailments, cancer, dialysis and the likes are covered even if you have to pay an extra bit of a premium.
6. Claim Settlement Process
Make a background check of the company involved to understand how efficient they are in handling claims. If you find any weaknesses or a casual approach towards claims, immediately back off from investing with such a company. A CSR report is a way to know the performance of an insurance company in a particular year, after that, you think from which company you want to buy your health policy. Claim settlement report is launched by IRDAI every year and it makes clear which company serves more people and which is the best company.
7. Comparisons
Are you going to buy the ‘Right Health Insurance plan’ after proper comparisons or only by word of mouth? If you have done due diligent research and compared health insurance plans offered by various companies before making your final decision, then chances are you have bought the best health plan!