Buying Health Insurance - Things to Know

Health insurance has taken a major leap since the government of India liberalised the Insurance sector in year 2000. With the sector being open to all private competitors, major private companies have entered the field which was earlier not so easy sector to foray.

As the demand for health insurance is increasing with time, the benefits available to the insurer is increasing simultaneously. 

There are many options now available with the end user to decide on what type of Health insurance policy he should opt for.

Here we are going to discuss how to find the best medical insurance plan.

Before a person opts for the Health Insurance plan, a person needs to watch closely the following laid down points to make the best decisions.

Before buying any health insurance policy, it is very important to determine the claim settlement record of the policy provider. This directly lets a person understand the credentials of the insurance provider. A person should always opt for company which has good claim settlement record. This gives a person an idea that if he applies for claim or settlement with the provider , there won’t be unnecessary delay on the part of the provider and the entire process will be hassle free for the insurer. The best thing to do in such a scenario is to ask the agent or the company representative for claim settlement ratio of the company which will then help the individual understand the settlement record of the company in a more better manner.

Never be in a hurry to buy a health insurance plan. First try to understand what the policy provider is offering and try to understand each and every technical term associated with the policy. Don’t opt for plans on the basis of comparison of premiums offered by the providers. Payment of less premium doesn’t guarantee that the plan may be feasible for your needs. So the best option always is to look for criteria’s that suits your needs best. Always keep a close watch on what you are being offered by the provider. 

The most important criteria is also to determine how many years the policy is going to cover you. It is also best to understand whether the policy is going to cover you when you need the policy most , that is during the age when you are not working or are retired and during your old age.

A person always prefers to get hospitalised in the area where he resides. So it is very important to check the list of hospitals covered by the provider for Cashless Claims in the area of residence or nearby areas. Having the benefit of cashless claim saves the relatives and the loved ones the trauma and stress of trying to arrange for money in terms of emergency hospitalisation.

It is highly recommendable to check the terms and conditions pertaining to premium payment before applying for a health insurance policy. This saves the individual from paying a higher premium after making a claim. 

Dedicated team: Before you buy a plan, it is very important to determine if the company has a internal dedicated team for settlement of claims for it helps in expediting of claim settlement for the policy holders and saves the nitty gritty of running from pillar to post for claiming the money.​