5 Easy Steps to Choose the Best Medical Insurance
Nowadays, many people are becoming aware, especially after the COVID-19 pandemic, that medical insurance coverage is necessary. The internet has made life comfortable as we get the advantage of buying a policy online. Trusted health insurers like Care Health Insurance cater to their customers by offering various health insurance plans. So, if you plan to get a policy cover, you must settle only for the best option, which gives you sufficient coverage for your health-related expenses.
Deciding on the right medical insurance policy with so many options to choose from can be quite tough. To pick the right policy, you must check and consider several factors, like the type of health plan, benefits, waiting period, and so on. Follow this easy guide to choose the best medical policy for you and your loved ones:
1. Evaluate your Health Insurance Needs
There are a variety of health plans. For instance, Care Health Insurance offers family floater plans, individual plans, disease-specific plans, maternity health plans, critical illness cover, and senior citizen health plans. Every individual must assess his or her needs first and then select a suitable health cover. Young couples can opt for family floater plans with maternity benefits. Similarly, those who have elderly family members can go for a senior citizen health policy. So, the first step to choosing the right medical cover is to know what your needs are.
2. Calculate Premium Rates to Choose Affordable Coverage
Among the foremost things to do before selecting a medical insurance policy is to compare different policies and their premium rates. The online premium calculator tool simplifies the task for you. The premium rate calculation is based on various factors, like the insured persons’ age, type of coverage, the sum insured, pre-existing health conditions, and other such parameters. When calculating the premium, you can change these factors and find out what works best for you. A policy that gives maximum cover for an affordable premium is worth buying.
Also, the sky-touching healthcare and treatment costs are the key reasons it is good to choose a higher sum insured. Doing so is all the more vital if you have someone at home with a medical condition and the chances of hospitalization are higher.
3. Check the Insurers’ Network Hospitals
Leading health insurance providers have tie-ups with hospitals to provide cashless treatment. When comparing and choosing a medical policy cover, ensure the insurer has a vast cashless hospital network. Care health insurance has over 15,500 cashless healthcare providers. The wider the network, the easier your chances are to find a network hospital closer to your area. The cashless hospitalization feature reduces your stress as the insurer pays the medical expenses to the hospital directly.
4. Study the Policy Features and Benefits
With increasing age, one has a greater need for quality medical care and health insurance coverage. So, choose a policy with a lifetime renewability feature that will give you continued coverage, provided you successively renew your policy as per the specified time. Check the eligibility criteria to know if there is any maximum entry age limit.
Opt for a medical insurance plan that provides you and your family with comprehensive coverage and benefits like:
- In-patient care, including room rent and ICU charges.
- Pre and post-hospitalization benefits.
- Ambulance cover.
- Daycare treatment.
- Alternative treatment.
- No claim bonus.
- Automatic recharge of the sum insured.
- Annual health check-up.
5. Read the Policy Documents
Most of the policies also cover pre-existing diseases and specific treatments and ailments, subject to the waiting period. Comparing helps you identify and select a health policy that has a lower wait period. You should always check the policy wordings and understand the terms and conditions, including co-payments, sub-limits, and deductibles.
Understand the procedures to file insurance claims so that you do not face any problems. Finally, know the insurers’ claim settlement ratio; the higher the ratio, the chances of getting a claim increase.
