Rising healthcare costs in the nation have made health insurance policies an essential buy in this nation. The age of the insured, the number of family members and the structure of the family and types of health care policies available in the market are to be considered before buying any health insurance or else one may end up with a useless policy. Many millennials are aware of the pros of health insurance, yet it is still treated as an instrument for a tax deduction and hence its importance is undermined in the society. To ensure the best results, we should choose our policies from the best health insurance companies available in the market.
How to choose the best health insurance company?
Considering the importance of choosing the correct insurance policy one should go through following the steps below to buy a suitable health insurance policy:
1. Affordable Premiums – Even though health insurance premiums are comparatively less, it is still beneficial to compare the premiums before choosing one. Premium rates are one of the most important factors that are to be considered before buying a policy to prevent paying unnecessary ones. It is necessary that the plan that we choose henceforth serves our purpose well.
2. Renewal Age – Health insurance plans need to be renewed after a certain period of time. Many policies come with a renewal age of 70-80 years, so it is in our best interest to consider the renewal age as an individual is more likely to succumb to illness as one grows old and therefore, should choose a policy with lifelong renewal.
3. Coverage Amount – We should always go for the policies that provide the maximum amount for the medical treatment. Treating any severe illness these days will cost anyone a fortune because of the medical inflation and lack of medical services available in the nation. These high costs of medical treatments can end up crippling an average family, so it is very important to choose a maximum coverage over the family.
4. Background of the company/insurer – There are almost 20-25 health insurance companies in India alone. Hence, it is required to keep a check on the reputation of the company and also evaluate the previous methods of settling claims and time taken by the company to settle claims. It is also wise to read the reviews online and query about the company in and around before choosing a policy.
5. The network of hospitals – It is always necessary to check the reach of the networks of hospitals in both rural and urban areas. We need to check out the lists of hospitals covered under the insurer in order to choose the right hospital. We should always choose the company providing the maximum coverage of networks across the country.
6. Waiting Period – If we have an illness before investing in a policy, then the company may be a bit apprehensive about ensuring the clients unless there are certain kinds of check-ups made before the policy is made. In most cases, the waiting periods last for 2-3 years depending on the company, however, some companies have lesser waiting periods, and we should always choose the policy with the minimum waiting period.
7. No Claim Bonus – A policyholder does not make a claim every year, so the insurer provides benefits to the clients who do not claim for benefits in the preceding year. These kinds of benefits often include lower premium rates for the next year or increase the amount of sum assured.
An individual must consider all the above-mentioned parameters before choosing the right health insurance plans for them, and it is also advisable to consult an expert and check for comparison tools online in order to help buy the right kind of health insurance an individual may need to cater his/her needs.