Health insurance can be a vital component of your financial planning, especially if you have dependent parents, spouse, and kids. It acts as a safety net that overlooks potential financial burden due to medical emergencies. With the rising medical costs, having health insurance which covers every family member can give you immense peace of mind and financial security.
Despite knowing its importance, some people avoid buying insurance because the available options can make them feel overwhelmed or increase the risk. To make things easier, this article lists five things that every individual should look for while buying health insurance.
1. Coverage and Benefits
The first thing you should assess while reviewing a health insurance policy is its coverage and benefits. While the goal of every health insurance policy is the same, not every policy offers the same coverage. To fully secure yourself and your family members, check the insurer’s hospital network, permissible pre and post-hospitalisation expenses, maternity coverage, critical illness cover, etc. Knowing what’s included and excluded in the policy can help you choose the right insurance.
2. Sum Insured
If you’re new to the insurance landscape, the sum insured refers to the maximum amount the insurer will pay you against claims. To ensure you’re adequately covered, look for policies with a high sum insured amount. It can help you cover substantial medical proceeds during emergencies. Assess your family’s medical history to determine the potential sum insured cost that can cover possible medical emergency costs. A high sum insured will always be a saving grace, so buy accordingly.
3. Waiting Periods
All health insurance policies have a predetermined waiting period, during which you cannot file claims for any medical emergency. The waiting period duration can be different for different policies, insurers, and types of treatments or illnesses. Hence, never invest in any policy without being fully aware of its waiting period clause. It should be a non-negotiable if you or your dependent family members have a pre-existing health condition.
4. Premium Cost
It is often the determining factor for many potential policy buyers. While choosing the policy with the lowest premium can be tempting, it should be noted that such policies often have limited coverage. The best way to select the right policy is by comparing online insurance premiums of shortlisted policies and picking the one offering maximum value.
5. Co-Payment and Deductibles
These factors influence your premium and claims, so ensure you pay special attention to clauses related to co-payment and deductibles. For the uninitiated, co-payment means the percentage of medical expenses you will pay from your own pocket, while the insurer will pay the remaining. Deductibles are fixed medical expenses you must pay before the insurer covers the rest. If you don’t want to get burdened by huge unexpected medical expenses, look for policies with a low co-payment and deductible clause. It will lower your burden during treatments.
Make Informed Decisions for a Healthier & Secure Tomorrow
Investing in health insurance requires careful consideration because it influences the quality of treatment during medical emergencies and your savings. Thorough research can secure your financial well-being, while ensuring you and your dependent family members receive the best treatment during times of need. If you were hesitant to invest in a policy because of a lack of knowledge or guidance, use the points discussed above as a non-negotiable checklist. It will help you get the best health insurance policy that aids top-notch medical care without exerting financial stress.