With the rising costs of healthcare, having a health insurance plan in place is becoming increasingly important. But with so many options available, choosing the right plan can be overwhelming.
Here are the top 10 important things to remember before buying a health insurance plan in India in 2023.
1.Assess your Healthcare Needs
Before buying a health insurance plan, it is important to assess your healthcare needs. Consider your age, medical history, family medical history, lifestyle, and the healthcare facilities available in your area.
2. Check the Policy Coverage
The coverage provided by a health insurance policy in India is one of the most important factors to consider. Check whether the plan covers hospitalization expenses, pre and post-hospitalization expenses, critical illness cover, ambulance charges, etc.
3. Network Hospitals
Most health insurance plans have tie-ups with a network of hospitals where you can avail of cashless treatment. Check whether the plan has a network hospital in your area or the area where you are likely to seek treatment.
4. Premiums
The premium is the amount you pay the insurance company for the health insurance policy. Compare different plans’ premium rates before deciding on the best health insurance policy.
5. Co-payment
Some of the insurance policies has co-payment clause; co-payment is the percentage of the claim amount you must pay from your pocket. Check whether the health insurance plan chosen by you has a co-payment clause and the percentage of co-payment. select a plan which do not have co-payment
6. Waiting Period
A waiting period is a time during which you cannot claim benefits for certain illnesses or medical conditions. It is important to check the waiting period of the health insurance plan before buying it.
7. No Claim Bonus
Many health insurance plans offer a no-claim bonus for every year that you do not make a claim. Check whether the plan has a no-claim bonus and the bonus percentage.
8. Sub-limits
Sub-limits are caps on the amount that can be claimed for certain medical procedures or expenses. Check whether the best health insurance plan you are choosing has any sub-limits and the extent of the limits.
9. Sum Insured
The sum insured is the maximum amount the insurance company will pay in case of hospitalization or treatment. It is important to choose a sum insured that is sufficient to cover your medical expenses.
10. Claim Settlement Ratio
The claim settlement ratio is the percentage of claims settled by the insurance company. Choose a health insurance plan with a high claim settlement ratio to ensure hassle-free claim settlement.
Parting Thoughts
A comprehensive health insurance plan is crucial for financial security in case of unforeseen health issues. Remember the above-mentioned factors while purchasing a health insurance plan in India in 2023. With the right plan, you can ensure peace of mind and financial security for yourself and your family. Remember, a good health insurance plan is not just an expense but an investment in your health and well-being.