It is confusing to select a plan that fits right for you with a myriad choice of plans. Since health insurance is no longer a luxury but necessary, it is crucial to get the right plan and not any policy. Many people tend to buy the insurance plan that is the cheapest without factoring in their needs. To add to it, 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 10 such questions that need to 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 plan. You can opt for either type of policy. Make sure you select the type of policy that meets your present as well as future financial requirements.
#2 What does the policy coverage include?
The policy coverage is the inclusion under your insurance plan. There are various inclusions under each type of policy that differ among the insurance companies too. These inclusions depend on the type of policy you buy along with the additional riders selected.
#3 What does the policy specifically exclude?
Exclusions under your policy can be a deterrent to 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 that you are looking to opt for coverage for.
#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 within your budget while providing maximum benefits.
#6 How is the premium for your policy determined?
Your policy’s premium is a cumulation of multiple 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 to avail insurance benefits?
There are various clauses under a health insurance plan like deductible, copayment, coinsurance, and more. While not all plans have similar clauses, they determine the upfront payment you need to make to avail the insurance benefits. An individual policy may have different terms than health insurance plans for 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 that you must enquire about without fail. Although the process is more or less similar across insurers, it ensures you know the exact procedure in times of 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 above questions will help you select the best policy that meets your healthcare needs. Stay safe and stay insured!