How to Buy the Best Health Insurance Plan?
You can research most of the things online, discuss with customer care of the insurer for clarity or talk to an advisor. To make the process short and precise, consider the below-given points to choose the best health insurance plan.
1. Check the Sum Insured
The golden rule of thumb says that insurance should cover at least your 10 to 15 months’ salary. For example, if your income is Rs. 1 lakh a month then the ideal health cover would be Rs. 10 lakhs.
2. Waiting Period & No Claim Bonus
Every health insurance plan will have a waiting period for pre-existing illnesses. This period ranges from 24-48 months, and if you have a pre-existing condition that may lead to hospitalisation later, this will be an important factor for you.
Another factor to look at is the no-claim bonus and how is it applicable. Usually, policies keep increasing your sum insured until it doubles up.
3. Check Coverage Limits for Different Expenses
Check the policy documents to know how much amount will be paid in case of hospitalisation for surgery/treatment. For instance, if your policy pays Rs. 1500 room rent per day and you are admitted to a hospital that has Rs. 3000 room rent per day. Then, you must bear the remaining cost i.e., Rs.1500.
Also, check for the pre and post hospitalisation charges, as some insurance companies offer 30 days pre and 60 days post hospitalisation charges.
4. Check for Add-On Benefits
Some health insurance plans offer wide coverage. But some insurance companies provide add-on covers and they are called riders. Check if the policy offers you maximum cover or do you need to buy add-ons.
In case of buying add-ons, check the additional amount that you need to pay, as it will increase the total value of your premium. Apart from rider options, also check if you are eligible for No-Claim Bonus.
5. Day Care Expenses
While the rules of inclusion and exclusions of major policies are almost the same, you should have a look at the day-care expenses. Progress in medical science has made treatments for many diseases just a few hours businesses which otherwise needed few days of hospitalisation. Thus, such treatments do not fall under the normal Mediclaim cover.
However, the best health insurers allow you to claim a refund of your expenses for such treatments.
Should You Worry About the Hospital Network?
This is a simple equation. You want maximum hospitals in your area and across the country on this list. However, it does not mean you should reject policies just because they have a lower number of hospitals on the list. Look at the features and benefits and if the plan is good, get it for your family.
The hospital network is a continuously growing feature, the longer the insurer spends in the market, the larger the network grows. Also, even when a hospital is not in the insurer’s network, it could be connected to a TPA connected to the insurer.