If you or your family members require medical treatment, a health insurance plan can act as a financial safety net in the time of need. If you want to get all the health benefits with financial security and the best-added value, you should not miss out on buying the best medical insurance plan. You can choose your plan from the top insurers best suited for your needs.
In today’s world, where health is wealth and insurance policies have become key to securing one’s health and financial wellbeing, you must know the benefits and drawbacks of your health insurance plan before you get one. Here, we have compiled a list of the dos and don’ts of buying a health insurance plan so that you get the best.
Let’s get started with the dos.
1. Make a List of Your Requirements
Individual health insurance plans can be tailored to meet specific needs. You can buy a health insurance plan for yourself or your family members. You can also purchase group plans for your employees if you own a business. Add-ons, which are additional coverage options that must be purchased individually, can be used to tailor health insurance plans. So depending upon your specific requirements, you can buy the health insurance plan that caters to your needs.
2. Compare Different Policies
Various health insurance plans with similar coverage at varying prices are available today. Comparing plans of the same sort can be beneficial when making a purchase. This comparison can be carried out on the internet. After comparing, you can purchase a plan with an affordable premium with adequate coverage.
3. Calculate Your Premium
Determine the factors that influence your health insurance plan premium and use them to estimate the policy’s cost. An online health insurance premium calculator can be used to estimate the cost. These are the following factors:
- Age and gender of the applicant
- Family medical history
- Pre-existing conditions
- Consumption of tobacco or alcohol
- Residence location
- Types of existing healthcare plans
4. Complete the Application Form Accurately
Your medical insurance application is the first formal communication with your insurer. Remember to complete the application form accurately. It will help your insurer determine your needs and assist you in selecting the most beneficial health insurance plan.
5. Check the Insurer’s Network for Cashless Hospitalization
One of the most important aspects of any health insurance policy is the insurer’s cashless claim facility at its network hospitals. Therefore, you must have access to quality medical care in your vicinity. Check to see if your health insurance plan provider has an extensive network of hospitals where you can get cashless treatment. Before purchasing a health insurance plan in India, it is advisable to review the list of network hospitals with your preferred insurer.
Now that you know what to do when buying a health insurance plan. Here are some things to avoid when purchasing a health insurance plan for yourself or your family.
1. Don’t Share False Information
When purchasing health insurance, always be accurate when revealing facts to your insurer. Falsely disclosing information can result in the rejection of a policy application or claim while leaving you uninsured. If you’re uninsured, you won’t be able to claim the financial coverage you need.
2. Don’t Ignore Background Research
Purchasing an appropriate health insurance plan is not enough; you must also get this plan from a reputable insurer with a good claim settlement ratio. An ideal insurer would assist you in buying the plan, resolving your questions quickly, and offering excellent after-purchase care.
3. Don’t Forget to Read the Exclusions and Inclusions
Knowing what is and is not covered by your health insurance plan beforehand will save your time filing a claim. Going over the terms and conditions and the “policy wordings” can help you determine whether or not you can file a claim for a specific case.
Now that you’ve finally gone through an extensive list of do’s and don’ts of buying yourself a health insurance plan, you should visit Care Health Insurance and check out their comprehensive plans that can cater to all your needs.