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How To Select The Right Health Insurance Policy

Published On Jan 29, 2021 5:30 AM By Gunjan Anand

The need for having a health insurance cannot be stressed more, especially in the 21st century where medical expenses are skyhigh and can be a strenuous financial obligation to pull off. When you are deciding to buy or invest in a health insurance policy, it is advisable to take cognisance of the benefits, terms and conditions that come along with it.

There are certain factors that you should keep in my mind while choosing a health insurance policy that offers the best coverage. The following is a list of pointers that you must bear in mind to choose the right health insurance policy for yourself and your dependants -

 How To Select The Right Health Insurance Policy

1. Claim Settlement Ratio -

A claim settlement ratio refers to the percentage of the number of insurance claims that have been settled by any insurance company out of the total claims made. Choosing a health policy from a Health insurance company that comes with a high claims settlement ratio reflects the ability and success with which they have settled their insurance holder’s claims. This tip will help you to select the right policy and maximize your benefits from a successful company and effectively safeguard your financial needs in the face of a medical emergency.

2. Insurance Cover -

This is easily the most vital part to be wary of while selecting a health insurance policy. While selecting a health insurance plan, it is necessary to select a policy that offers a handsome amount of insurance cover against critical illnesses, accidents, disabilities and other associated medical expenses. The sum insured in most policies correspond with the age of the policyholder and the younger you are, the lesser will be the amount. Therefore, you should choose a policy that has a significantly high sum assured promised to you, if you are young.

3. Lifetime Renewability -

Most health insurance policies come with a renewal feature that allows you to renew the services of the plan after it has lapsed or ceased to function. The general renewal period for health insurance in 5 years, but when you are buying health insurance, check for a plan that comes with a lifelong renewability option. Financial support and protection is required the most when we approach old age and our sources of income are minimized. Hence, insurance plans that offer to renew your policy till the age of 70 to 80 years ensure that you can have a secured post-retirement life and adequate fiscal assistance.

4. Network Hospital Coverage-

Health insurance companies often have tie-ups with a network of hospitals and medical professionals.This is an arrangement whereby insurance companies have an agreement with a specified list of hospitals and doctors and offer the benefit of a cashless treatment to the policyholder. If you undergo medical treatment at any of these network hospitals, the insurance company will directly transfer the costs of diagnosis and treatment to these places and settle the bills for you. It is wise to choose a health insurance plan that comes with this feature as it effectively reduces your time, energy and any additional cost that might have been payable by you.

5. Affordability -

While buying a health insurance policy, you are advised to keep it within your affordability. However, you must consider the plan benefits before hurriedly investing in an insurance plan that falls within your budget. Buying a reasonably priced health insurance policy that covers the health and financial requirements of your family is a wise choice. In time, you can review its terms and conditions and settle for an insurance policy that comes with greater income and services.

These are the 5 pointers that will help you to select the right health insurance policy. Our health disorders are an undeniable part of our lives and so it is important to be prepared for unforeseen medical exigencies. Hopefully, these points will ensure that you don’t have to part with your long term investments for a medical emergency by allowing you to choose the right health policy suited as per your requirements.

Also, Read

How To Select The Right Health Insurance Policy

Common Mistakes To Avoid When Buying a Health Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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