Tips to select the most appropriate Mediclaim policy

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Purchasing health insurance policy is something that majority of the people tend to avoid. This is because either they are not aware of the benefits it offers or know about its existence. Some are even convinced that buying such policies is of no use as there are reports of insurers not reimbursing the promised amount. According to them, investing in health insurance policy is just a sheer waste of money, except for saving tax amount. However, proper selection of mediclaim policy from a reputed insurance provider will allow you to enjoy its benefits as assured. Being a first-time buyer, you should not rush with the purchase. Rather, you should follow the tips provided by the experts or consult an experienced agent to know what suits perfectly your needs and budget. 

What type of plan is desired?

With liberalization, there have emerged several insurance providers offering various types of health insurance plans to select from. You need to first select between fixed and indemnity benefit plans. The latter offers compensation for all medical expenses incurred. On the other hand, fixed benefits plans provide only pre-determined payout if you experience from any policy covered condition.

What step to be taken?

According to experts, the indemnity plan should be availed as the base. Later, you may include fixed benefits plans like hospital daily cash, critical illness cover, etc. Doing so will ensure deriving all-round protection especially against costly medical emergencies. 

When indemnity plans are concerned, there are two options present. You may either prefer family floater or individual policy. Individual plans provide extensive coverage to the family members mentioned in the policy. However, such plans can be a bit costly. On the other hand, family floater plans are quite affordable. Coverage in this plan type can be shared by the included members. Choice should be made based on specific needs. 

Sum insured

This is another crucial aspect to consider while buying a health insurance policy. Determine the sum assured that you require for yourself or family members. This will again be based on various factors like family’s health record, current fitness level, lifestyle habits, age, etc. Residing in metro city will mean, you can derive higher sum insured, since medical expense here are much higher than small towns. 

Instant quotes

On determining the type of plan to select and the sum assured to be covered, the next step will be to seek quotes from different insurance providers. You can simply visit the company’s official online website, fill in the necessary details and get immediately the premium quote within the click of the button. You also are to select appropriate add-ons to personalize plan. This should be done until cost and coverage is just suited to your needs and budget set. 

Things to consider while purchasing the health insurance policy

Since there exists various types of health insurance plans, you need to have a fair idea of which one to select to get you and your family covered adequately. Remember, each plan offers varying set of benefits and features to enjoy from. Thus, the task to select between available options can be a difficult task especially if you plan to buy a health insurance policy for the first time. With some tips given below, you will be able to make the correct choice, thus deriving peace of mind and freedom from financial worries. 

  • Claim settlement ratio: It is rather a simple concept. Rather, it is the claim percentage that the insurance provider settles successfully out of total claims number received annually. Always choose an insurance provider and plan from only those claiming to enjoy better claim settlement ratio. Thus, if any medical emergency arises, you can be rest assured that your claim will get settled quickly. 
  • Identify plans with wider cashless hospital network: What is the use of buying a health insurance plan if it does not have extensive or reputed hospitals affiliated with it. You will only end up spending money from your pocket to cover medical expenses. Shortlist providers boasting of having good, extensive cashless hospital network. Plans backed by extensive network hospital coverage can offer you better and quicker cashless treatment access during medical emergencies. Thus, you will be able concentrate better rather than worry about paying huge hospital bills. 
  • Short waiting periods: Generally health insurance plans offered come with waiting period especially for certain illnesses and pre-existing health conditions. It might range between 1-4 years, during which the plan is not likely to cover medical expenses arising from said illnesses. Hence, select a plan with lower waiting period. A few plans come with feature called ‘premium loading’. In this case, higher premium is paid to reduce policy waiting period. This can help you to eliminate waiting period, thereby deriving complete financial protection from medical expenses. 

Consulting the knowledgeable Care Insurance professionals will ensure selecting the most appropriate health insurance plan.

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