Confused Between Health Insurance Policies? This Post is for You
Updated On Nov 25, 2020
Investing in health insurance is a necessity in today’s day and age. After all, health insurance has become one of the best ways people handle their medical bills in case of an emergency. Convenient and supportive, health insurance policies help one safeguard their lifelong savings from getting exhausted in one go.
Choosing a health insurance policy may come across as extremely difficult. However, if an individual is aware of their specific medical requirements as well as the options being offered, it does not remain that hard to reach a final decision.
But, what if you like two health insurance policies at the same time?
What if you don’t know which one to go for?
In such a scenario, where an individual has to choose between two health insurance policies, certain parameters should be checked for comparison purposes.
Comparison of Health Insurance Policies
Exploring health insurance options and comparing them to find the best possible policy as per their medical needs is something that every individual should do.
Health insurance policy comparison is highly beneficial as it helps one be sure of what they want and how they want it. Yet another reason comparison of health insurance policies is supported is because it helps one make the right investment, according to their medical needs and pocket.
Therefore, no matter how tough the process of comparing health insurance policies may seem, going for it is the ideal move to make.
Factors to Consider While Performing Health Insurance Policy Comparison
- Premium vs Coverage - Comparison of plan coverage and its features with the cost is a smart thing to do. Begin with considering the coverage provided, then see whether or not it will serve your purpose and look at the premium at last. Remember, choosing a plan based on premium alone may end up disappointing you in terms of coverage. You may feel satisfied with a high premium plan with wide cover, but you won’t feel the same with a low premium plan with less cover.
- Coverage for Pre-existing Conditions & Waiting Period Associated - If you are suffering from a disease at the time of policy purchase, make sure you choose a policy that covers the same. Also, remember to check the waiting period for pre-existing disease coverage. Make it a point to choose a policy with lowest waiting period.
- Procedure of Claim - For a smooth claim process, it would be important to check whether or not the insurer provides cashless settlement. Make sure your preferred hospital provides cashless facility to have your claim settled without any hassle.
- Presence of Limits and Sub-limits - Do not forget to check the presence of limits and sub-limits in health insurance policies that you find worthy. Take note that it would be best to opt a health insurance policy with no sub-limits and higher allowable limits on room rent, cost of treatment, etc.
- Exclusions - Checking for permanent exclusions is a must so that you don’t end up buying a plan that doesn’t cover a specific diseases/illness you want a wide cover for. Also, make it a point to check which treatments are possibly covered after waiting for a particular period.
- Discounts & Bonus - Discounts should always be welcomed by people looking for an ideal health insurance policy. However, check whether or not there is a bonus attached with the policy. The reason behind the same is because bonus would include an increment in the subsequent year’s coverage at the same premium rate or a reduction in the subsequent year’s premium, which would ultimately help you.
Why Comparing Health Insurance Policy Is A Must?
- So that you don’t end up buying a policy that is of no good use when you need immediate medical treatment and lack proper funds to take care of medical expenses.
- So that you invest in features and benefits that are according to your specific medical needs and don’t compromise on treatment quality, owing to lack of particular policy aspects.
- So that there is always peace of mind that come what may, your health insurance policy will cover it all and not you or your family suffer because of improper coverage.
- So that you don’t end up choosing a plan that you regret later from every single aspect and pay premium for, helplessly.
- So that you invest your hard-earned money in the right health insurance and prevent it from going to a waste.
Buying health insurance is beneficial, but only when you know what you are getting into.
As they say, better safe than sorry, you too should choose comparing health insurance policies to make a worthwhile decision, instead of making it a hasty choice.
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