Life is full of uncertain situations and a medical emergency may be lurking around the corner. With the rising costs of medical care, it makes sense to purchase a medical insurance policy of your choice. With numerous options available it becomes difficult to figure out which insurance policy to choose and which one to avoid. Getting thebest and top mediclaim policy for family well-being may be a yardstick for arriving at a worthy choice. There is no need to worry as the following aspects would provide insights on how to choose a health insurance policy.
Age
Age is indeed the most important point of consideration when you are purchasing a health insurance. When you are purchasing a medical insurance take into account the age of all the family members. For example in a family floater plan the premium would be dependent upon the eldest member in the family.
It is suggested that you check out the age limit when you are purchasing a health insurance policy. In case of some health insurance plans there is an age limit of 91 days and the maximum age would be 60 years. Though there are plans that do not have restrictions on the age front. So you need to choose properly.
A proper combination of coverage and premium
It would be lucrative to choose a health insurance policy with a low premium. But there are two sides to the story as a premium could be good if you are provided an extensive coverage that you may be able to pay. Some others may view as a low premium would come at the cost of an insurance coverage.
So it is better if you try to understand the reasons behind a low premium as it should not be at the cost of an insurance coverage. Check out if there is an additional clause of co- payment, any type of deductibles, sub- limits as you could end up paying more at the time of a claim.
Any policy which you are choosing needs to have adequate coverage. This is without compromising on the benefits along with the premium that you may afford.
The clause of waiting period
By being aware of the waiting period you would be able to arrive at a quality decision. An insurer would not accept any form of claim if you are suffering from pre-existing diseases. This would range between 24 months to 48 months that is going to depend upon the insurer along with the plan that you have chosen. Even it would be applicable to certain type of diseases or illness.
So it is better that you choose a health insurance plan with minimum waiting period so that you may avail the benefits.
Benefits of cash hospitalization
The health insurance companies have tie- ups with network of hospitalizations where you can avail a cashless claim in the event of any emergencies. It is going to save you from the tedious paperwork that may be required at the time of an admission or filing a claim. An insurer would be paying the sum of money directly on to the hospital.
So there is no need to arrange for funds or reimbursement at the time of hospitalization. Care health insurance is a popular one that complies with all the claims. It is better to check with your insurance company about the network of hospitals that are part of the set up.
Maternity expenses coverage
Some people end up ignoring maternity coverage that is part of a health insurance policy. With the cost of maternity hitting the roof it is better if you choose a health policy that covers maternity. Normally there is a waiting period of 1 to 2 years before you are able to file a claim for the same. If you are planning to get married and a baby after 3 years then a period of 2 years would be more than an ideal choice for you.
Always lookout for a health insurance policy that covers the cost of your baby medical expenses. Keep an eye on the limitations that emerge along with it.
To conclude always opt for a health insurance policy that rewards the holders in the form of no claim bonus or no discount. It is provided by most of the insurance companies who reward you for not having filed a claim. In addition the coverage amount is increased in the subsequent years. Though most of the insurance companies would be specifying the NCB limit. The increase in the amount of sum insured would be limited to the sum that is insured by the insurer.
The above are the pointers you have to consider before purchase a health insurance policy.
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