Looking at the uncertainties due to coronavirus and expensive medical treatments, more people are now opting for health insurance plans. Read on to know more about things you must consider before buying a suitable plan for yourself.
Amid the soaring prices of quality health care, the possibilities of critical health issues are also on the rise due to pollution and other environmental and lifestyle changes. Hence, a suitable and worthy health insurance plan is a must to save you from a financial crunch in case of any health emergencies.
A health planprovides for your medical expenses towards the treatment of covered illness conditions and hospitalization, as per the plan chosen by you. It is not only important to hold a health insurance policy but equally crucial that it comes with the required benefits and features, as desired by you.
Let’s look at the points you must consider before buying a health insurance plan:
- Policy Type: Depending upon whether you want coverage for the family, ageing parents, or only for yourself, there are family floater and individual policies available in the market. You must also analyse requirements such as the number of members in the family, their age, health conditions, and any medical history of the family. There are also policies specific to some critical illnesses such as cancer. You must also check out if the policy covers the required coverage. For example, a couple expecting a child in the future must opt for a maternity-benefit policy or choose an add-on that covers maternity expenses.
- Benefits Offered By the Policy (Insured sum, Inclusions/Exclusions): You must try to analyse the minimum insured sum you may need in the future depending upon your age, health condition (for individual plans), and family history. Similarly, for a family floater policy, try to understand the requirements for each member of the family.Also, you must carefully study the inclusions as well as the exclusions of the policy to make sure that it matches your requirements, and there is no confusion in the future.
- The Premium Amount: The policy may not be suitable for you if it is providing all the required benefits, but the premium amount is too high. The premium must be justifiable for the benefits it promises. At the same time, it must be affordable for you as well. You must check different policies and weigh their benefits and premium amount to pick the right one for yourself.
- Claim-Settlement Ratio (CSR): Another important factor to look for is the CSR. It signifies the proportion of insurance claims settled by the company during a financial year. A high CSR indicates that the insurance company is trustworthy, and there are brighter chances of the claim getting settled in the future if required. Prefer the insurance plans of companies with high CSR.
- Perks and Offers: You must also check if the companyyou shortlist is offering any discounts and perks on policies under different conditions. For example, the company may offer a discount if you wish to add more people under the same policy or if you wish to pay an advance premium. You may also avail of a no-claim bonus if no claims have been made in the previous year. You must check the available discounts and offer to make the most of your insurance policy.
Explore Before you Pick the Right Policy
Study different companies and health insurance policies they are offering keeping in mind your requirements and the points mentioned above, before buying the right policy for yourself. Visit us to learn more about buy peptides online