Today, the need for health insurance is at its peak, considering the various health challenges we are facing. Numerous insurance companies are selling and stimulating people to buy health insurance. But before you fall for the promised offers and benefits, there is a checklist you can go through to avoid making hasty financial decisions.
Here are the eight most important things/ factors that you need to check before you buy health insurance.
1. Check the Requirement for Buying A Health Insurance
Before you buy health insurance, you need to consider your financial and health requirements. As each person has unique needs, it is important to know whether your requirement is fulfilled in the policy you have taken. For instance, if you have diabetes, check whether that policy covers that disease and the policy terms and conditions for pre-existing illnesses.
2. Check the Insurance Coverage Amount
A health insurance coverage should be at least 5 to 6 times your monthly salary. Also, you should ensure that the health insurance you buy has all the necessary coverage features that you and your family need. The plan’s coverage benefits should suit your coverage requirements so that during a medical emergency, allcosts are covered.
3. Check the Exact Benefits Offered by The Insurer
Read the policy papers clearly and speak to your agent in detail regarding the exact benefits offered under the policy that you buy. You do not want to end up disappointed with the coverage offered by the insurer in a time of urgent need. Therefore, make sure you avoid any future disappointments by going through the policy details attentively.
4. Check Whether the Family Members Are Covered
It is recommended to assess the coverage scope offered by the policy, whether that includes your family members. If there are more elderly people in your family whom you need to get insured, you can check a suitable policy as per their health condition. There are family health insurance plans that can help you get adequate coverage, depending on the needs of your loved ones.
5. Check the Health Check-Up Benefit and No-Claim Bonus
Certain health policies allow no claim bonus if no claim is made in a policy year. This bonus can either be an increase in the sum insured . When you buy health insurance, you get the, which increases the sum insured free of cost. Also, check for a health policy that offers an annual check-up for you.
6. Check the hospital list
When you are insured, it is in your best interest to learn the claim procedure beforehand. For cashless policy claims, you need to take treatments in a hospital that is included in the network hospitals list of the insurer.
Go through the network list carefully and ensure that the hospitals in your city and locality are featured in it so that you can avail cashless settlements easily in emergencies. Look for the hospital that accepts your policy at your nearest locality or city so that you don’t have to travel a lot to claim the policy benefits in times of medical emergency.
7. Compare the Premium with Other Insurers
While you are planning to buy health insurance, compare the premium charged by different health insurance plans. Compare the premiums with the coverage benefits to ensure that you do not miss out on the coverage while looking for the lowest premium. Always buy health insurancethat offers a maximum scope of coverage at the lowest premium rate.
8. Check for Lifetime Renewal
Check for health insurance policies that offer lifetime renewal. There is a higher chance of suffering from diseases when you are old compared to when you are young. Hence, when buying a health policy, opt for one that offers lifetime renewability to get maximum benefits.
With multiple insurance providers in the market, it becomes difficult to choose the right insurer that offers maximum benefits with minimum cost. But at times like the COVID pandemic, people have been rushing to buy health insurance to cover their family members.
So remember to choose a health insurance plan that covers your loved ones and provides maximum coverage to all health conditions, be it diabetes, cholesterol, heart disease, or COVID-19. More importantly, go for a well-known and trusted insurance provider such as Care Health Insurance so that you do not end up disappointed in the future.