Finding a good insurance plan is no child’s play. It requires your time and efforts as when it comes to health, one can never be too careful. Selecting the best medical insurance plans needs patience and knowledge about what is covered under such plans.
To make things easier, we have combined a comprehensive guide that covers everything about medical insurance. Know the A-Z of healthcare policies and find the perfect one that matches all your needs.
Medical emergencies can arise when we least expect them. So, getting a guarantee that if an unforeseeable incident were to happen, you wouldn’t have to be burdened with the expenses incurred comes as a sigh of relief. Follow these simple tips to finding the best medical insurance plans:
1. Adequate Sum Insured
The rise in the cost of healthcare treatments has made it essential to get good coverage for medical emergencies. Ensuring that the insurance plan allows a decent sum coverage amount will bring you one step closer to finding the best medical insurance plans. Surgeries and operations cost a fortune these days, and such hefty bills to be paid out-of-pocket can become a burden to bear. Therefore, check for a reasonable sum insured offered for different medical conditions.
2. No-Claim Bonus
If you do not make a claim for the sum insured each policy year, you become eligible for a bonus. The insurer can give this bonus in the form of a reduced premium amount or increase a set percentage on your sum insured. Always check for this flexibility as the rate of inflation and cost of treatment frequently fluctuates, so a medical insurance plan should adapt to such situations.
3. Waiting Period for Pre-Existing Diseases
According to the circular by IRDAI issued on 10 February 2020, the definition of PED was revised that positively impacted policyholders. Pre-Existing Diseases are the diseases that are present before buying the policy, and any symptoms developed three months after buying the policy do not come under pre-existing diseases. These diseases have a waiting period that ranges between two to four years, which means that the insured person cannot claim pre-existing diseases until the defined period lapses. However, many insurance providers offer a reduced waiting period to their consumers. Therefore, look for medical insurance plans that have a decent waiting period.
4. Coverage Type
Assessing your healthcare needs is very important. It enables you to decide on an individual or floater medical insurance plan. For example, if you are young and unmarried with specific health requirements, you can choose an individual coverage plan that would cover only your medical expense. But if you are aged, with the responsibility of dependents, you can opt for a floater plan that covers your family members too.
5. Claim Settlement Ratio and Process of Claim Settlement
CSR is the unit of rating different insurance providers for settling claims successfully in a policy year compared to the claims files. It is important to check this rating as it increases your chances of receiving the claim amount. One also needs to pay heed to the process of claim settlement and the ease it brings with it. No one likes hassles in a stressful situation like a health emergency, so it becomes important to understand the process for availing a claim.
6. Cashless Facility at Network Hospitals
The best medical insurance plans offer a cashless facility that enables you to settle the expenses incurred directly between the network hospital and the insurance provider. Also, check for the total number of network hospitals, as the higher the number, the more chances you have of availing a cashless claim.
Apart from these major pointers, it is also important to check for the renewability clause, comparing premium amounts and the exclusions under medical insurance plans. Researching so many factors can become a tedious task. However, trustworthy insurance providers like Care Health Insurance provide 360-degree assistance for you to decide the best medical insurance plans that suit your needs perfectly. For more information on it, visit their website.
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