Tips To Choose The Right Health Insurance Policy.

1. Tips To Choose The Right Health Insurance Policy.

2. The Insurance industry has grown rapidly in recent years. Choosing the best health insurance company and adequate plan amongst the plethora of choices is not an easy task. The fact that insurance policy is not an everyday essential to be bought, makes it important to analyze, compare, and then purchase the policy from the best company. Like other insurance policies, the health insurance policy offered by a health insurance company differs from the policy offered by the other in terms of coverage, premium rates, and other features. Hence make it a point to compare the insurance companies based on the following factors before making any purchase.  • Here is a list of factors you should consider and compare while purchasing a plan:

3. The health insurance plans have certain indemnity covers such as the Family floater and individual health insurance policy. If you like to avail coverage for your whole family under one plan you can select the family floater plan. You do not have to pay multiple premiums for every family member under this indemnity cover. The Mediclaim For Family will determine a  single premium amount for the whole family. If you are single and do not wish to add any family member for the coverage, you can select the individual health insurance plan. Know the different indemnity covers:

4. Today, most insurance companies have sub-limits added to the insurance plans. Before you make any payment ask the insurer about the sub-limits or understand the policy wordings thoroughly. Sub-limits refer to a certain % of the amount that you have to pay before claiming the sum insured. For instance, you may have to pay 1% of the sum insured if the company has determined 1% of sum insured as the room rent. Hence during hospitalization, you will be paying the room rent from your pocket.  Check for sub-limits:

5. Although it is not a mandatory feature for every health insurance plan, it is recommended to look for this feature when purchasing a senior citizen’s health insurance plan. Usually, the premium rates offered by the health insurance companies are higher for senior citizen plans. But, if the co-payment feature is available, the premium rates get reduced and hence make it affordable. It is better to request a 20% co-payment if you are availing treatment in an out-of-network hospital or out of town. Look for co-payment options:

6. The waiting period determines your waiting time to avail treatment for any pre-existing diseases. The time duration differs from one health insurance company to the other and is always pre-determined and is mentioned in the policy wordings. Some insurers may have a waiting time span of 1 year for “Cataract” treatment while a few others may have a waiting time span of 36 months. So check for the waiting period before purchasing the health insurance policy.   Check the waiting period:

7. Although the coverage required is not the same for everyone, it is important to estimate the coverage depending on factors like age, locality, and medical history. In case there are severe pre-existing diseases or if the diseases require specialized treatments it is better to opt for a package of Rs. 10 lac or more. A normal health insurance plan will provide coverage of Rs.4 lac to Rs.5 lac.  Estimate the coverage required:

8. Before you get a Personal Accident Insurance, make it a point to review your requirements,  go through the websites of different insurance companies, check their plans and features, compare with each other, and then select a plan that meets your needs. It is always better to live insured than to live unsecured!

9. For more details on Health insurancein India: • 5 Smart Tips to Lower Your Medical Insurance Premiums. Visit Here : • https://www.iffcotokio.co.in/