Selecting a plan that fits you with a myriad of methods isn’t very clear. Since health insurance is no longer a luxury but necessary, it is crucial to get the right strategy and not any policy. Many people tend to buy the insurance plan that is the cheapest without factoring in their needs. Additionally, there is a herd mentality of following our neighbors, friends, and peers and buying their policy.
A solution to these issues is to evaluate the policy purchase carefully at each purchase and renewal. Let us look at ten questions that must be checked before buying a health insurance plan.
#1 What type of policy should you select?
The first and foremost question you should ask is the type of insurance policy. There are two main types of policies: defined benefit and indemnity plans. You can opt for either type of policy. Select the type of policy that meets your present and future financial requirements.
#2 What does the policy coverage include?
The policy coverage is included under your insurance plan. Various inclusions under each type of policy differ among the insurance companies, too. These inclusions depend on the policy type you buy and the additional riders selected.
#3 What does the policy specifically exclude?
Exclusions under your policy can deter buying a health insurance plan. Although all health insurance plans have exclusions, you must be careful in selecting a policy that does not exclude the specific events or scenarios for which you are looking to opt.
#4 Does the policy include coverage for routine tests?
A few insurance plans include preventive health checkups as a part of the policy coverage. Opting for a policy with a preventive health checkup facility will help you take early steps in diagnosing and treating the ailment.
#5 How much does the policy cost?
Different plans have different pricing depending on the features and the benefits available under them. Using a health insurance premium calculator, you can ensure your policy costs are within your budget while providing maximum benefits.
Your policy’s premium is a cumulation of factors like age, lifestyle, routine habits, and more. Further, your medical history also determines the premium of your policy.
#7 How much do you have to pay for insurance benefits?
There are various clauses under a health insurance plan, such as deductible, copayment, coinsurance, and more. While not all programs have similar clauses, they determine the upfront payment you need to make to avail of the insurance benefits. An individual policy may have different terms than health insurance plans for a family or a critical illness cover.
#8 Can you avail of treatment from your preferred medical facility?
When you purchase a health insurance policy, verify the network hospitals’ list to check your preferred medical facility. This way, you can enjoy cashless benefits under your insurance policy at your desired hospital.
#9 What is the process of filing a claim?
It is one of the top 10 questions you must ask without fail. Although the process is more or less similar across insurers, it ensures you know the exact procedure in a medical emergency.
#10 How many times can you make a claim?
While there is no specific limit either by the regulator or the insurer, the maximum times you can make a claim is till you exhaust your sum insured amount.
A checklist of these questions above will help you select the best policy to meet your healthcare needs. Stay safe and stay insured!
