While purchasing a health insurance policy we all look for a medical plan offering maximum coverage. However, nowadays a lot of companies offer different health insurance plans making it extremely difficult to choose the right plan that suits all our requirements. Comparing different policies, their terms and conditions, features, exclusions, and inclusions can be a tedious task. Hence, to avoid this, a lot of times we end up purchasing a medical insurance policy without understanding if the plan is competent enough to fulfill all our medical requirements. In this article, we have shared some of the essential tips to assist you in deciding the best medical insurance online.
Table of Contents
6 Useful Tips to Consider While Buying Medical Insurance:
Keep it Affordable:
While having a medical insurance plan should be your topmost priority, it should be affordable as well. Purchasing a medical insurance policy that is budget-friendly and covers all your medical requirements is equally important. But, we recommend analyzing the policy advantages before considering its price. At the initial stage, it is advised to purchase a fairly valued medical cover to ensure that you are covered at affordable premiums. Later with time, you can always re-evaluate your policy and raise your coverage amount as per your requirements.
Family over Individual Health Plans:
Individual health insurance plans are good but if you are considering your family as well, then, opt for a family medical insurance plan to avail maximum benefits at affordable premiums.
Renewability:
While purchasing a medical plan, ensure to check its validity and if the policy can be renewed or not. Because a health insurance plan is generally required during the later stages of your life. Therefore, pick a medical insurance plan offering lifelong renewability.
Waiting Period:
All medical insurance policies have their own set of provisions regarding pre-existing sickness. Generally, most medical plans are induced with a waiting period before you’re entirely eligible for medical benefits. Therefore, it’s advised to select a medical policy offering the least waiting period.
Network Hospitals:
Cashless settlement of hospital bills is one of the major advantages of having a medical insurance policy. All insurance companies have a list of their network hospitals, and whenever you visit such a hospital for any medical treatment, you can ask for cashless settlement provided the treatment expenses are within the scope of your coverage amount. This feature is a big relief during an emergency. Hence, before purchasing a medical insurance policy know the list of network hospitals in your nearby areas.
Claim Settlement Ratio (CSR):
It is the ratio of total claims settled by any insurance company over total claims received. Always remember to pick an insurance company with higher CSR. Care Insurance has a claim settlement ratio (CSR) of 93%. The company offers a wider range of customized medical insurance plans such as Family Floater, Diabetes Cover, Health Plans for Senior Citizens, Critical Illness Cover, etc with hassle-free claims procedures.
Utilize these above-mentioned guidelines while purchasing a medical insurance policy. A medical plan is an investment that you should definitely make to avoid any financial burden during medical emergencies.