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Health Insurance

Tips to choose health insurance plan

Every individual should invest in a comprehensive health insurance plan that offers maximum coverage at the time of need. The market is flooded with plenty of health insurance plans from the various insurer, and it can get quite confusing to pick the correct one. Looking through numerous policies, understanding their features, benefits, and limitations can appear to be an overwhelming task.

Want to know tips to choose health insurance plan – Read here

However, due to time constraints and hassle of choosing from multiple health insurance plans, people often end up buying the wrong health insurance policy having inadequate coverage. So here are some valuable tips to choose health insurance plan that is right for you and your family.

1) Pick the Right Policy Coverage:  

When you are buying a health insurance plan for your family, ensure that the policy suffices all your needs, and each member should be insured. It would be best if you tried to select a health insurance plan that offers you inclusion against a wide range of medical problems, pre-and post-hospitalisation cover, critical illness cover, ambulance charges, daycare expenses, maternity benefits, in-patient hospitalisation cost etc.

Think about your prerequisites, compare various plans, look at the features, highlights, and constraints of the policy. There can be hidden factors like a waiting period, sub-limits, and so forth that often get missed. Therefore, you need to ensure that you thoroughly look through all clauses, terms and conditions of the policy as this would guarantee that you and your family don’t experience to confront any difficulty at the hour of the claim.

2) Check the section related to Waiting Period: 

Generally, health coverage plans cover previous infections, maternity costs, and specific treatments like hernia, varicose veins, and so on after a predetermined waiting period that is after 2 to 4 years, which usually differs from plan to plan. For example, the maternity expenses are typically covered after a period of 2 years or more time from the date of policy purchase. 

Ensure that you check the time span after which the prior illnesses get covered in your family health insurance plan and pick a policy that accompanies the minimum waiting period.

3) The policy should have the flexibility to Add New Family Members: 

While buying a health insurance plan, do check that your policy has the option wherein you can add a new family member without any problem. In case a family member passes away or is not any more qualified for the policy coverage, then any other family member can either get added or can continue with the same plan without losing the advantages of the policy.

4) Check the Co-Payment Clause: 

Under the co-payment clause, a certain percentage of the sum you need to pay from your pocket and the insurance provider pays the remaining hospitalisation cost. For example, on the off chance that you have a health insurance policy with a 10precent co-payment clause condition, this infers that for Rs. 1 lakh claim, you need to pay Rs. 10,000 from your pocket while the insurance company will pay the rest of the claim amount that is Rs. 90,000. You can likewise search for a health policy without a co-payment condition too.

5) Look for Lifetime Renewability option in your health policy: 

Lifetime renewability is a fundamental factor to consider while choosing a health insurance plan, but many of us generally fail to remember it. Hence, you need to ensure that you check the number of years for which your policy will remain valid and also do check whether it has the option of lifetime renewability or not.

The reason behind, you will need a health plan majorly in the later years of your life. Thus, it is essential that you pick a policy that offers lifetime renewability option as this will allow you to continue with the same plan without purchasing a new one after crossing the age limit. For instance, your health insurance plan offers renewability option till the age of 50 years. When you pass the age, at that point you would need to purchase another that will cost you substantially more. However, if you are buying a policy with a lifetime renewability option, then you can proceed with the same plan further in a problem-free manner.

6) Room Rent Limit: 

Regardless of the fact which room you can select whether it’s a private hospital room, semi-private room, or a twin-sharing basis room, it relies upon the sort of plan you pick. It is always advised to opt for a health plan that gives a higher room-lease limit if you don’t want to pay extra from your pocket.

You can utilise these tips to choose health insurance plan that offers a comprehensive coverage benefitting you and your family. By keeping in mind these tips, you will be able to select the right health plan and make a wise buying decision. To know more about health insurance policies, you can visit BimaKaro get free customised quoted, compare plans from the tops insurers or speak to the insurance advisors.

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