Struggling to Find the Ideal Health Insurance Company? This Post Can Be of Help
Published On Apr 08, 2019 5:30 AM By Yamini Sharma
Choosing health insurance worth investing in comes across as challenging for many. There are multiple factors that one has to consider before making the final decision. After all, everything depends on the policy that they choose, in case of a medical emergency.
Making the right choice of health insurance is significant. However, the selection of the ideal health insurance company is also what matters a lot!
We live in a day and age where ‘n’ number of health insurance companies have marked their presence in the industry. While some are experienced in the field, others are still trying to make their presence acknowledged. Needless to say, competition is tough in the sector of health insurance as well.
In order to gain customers, health insurers come up with new policies or relaunch the old ones with attractive coverage features. All in all, they leave no stone unturned in presenting themselves as the best health insurance company.
If the choice of the best health insurance company has become difficult for you, owing to features such as higher entry age, restoration of sum insured, and others, stop right away!
To ensure that you don’t choose the wrong health insurer out of confusion, consider the below-mentioned points so that you make the right decision by all means:
Checking the background of the company is the foremost step. With myriad insurers in the industry, this may seem a difficult task, but checking a company’s history will be worth the effort. Make sure you do not disregard the services provided and customer base as these are two prime factors. Other than the same, checking the total years of experience in the insurance business, types of insurance products offered, claim settlement ratio, premium & coverage offered, and other elements would be helpful in making your choice clear.
- Age of Renewal
Renewal age is yet another significant aspect to emphasise in the process of selecting the best health insurer. Note that usually health insurance companies offer a renewal age up to 70-80 years. Nonetheless, one should opt for an insurer offering a lifelong renewal option as there are higher chances of falling ill in the old age. Moreover, since the medical costs are higher for the elderly, it’s best to go with an insurance company that doesn’t limit the renewal age.
- Policy Type
The right selection of policy type is of utmost significance. It is because only the perfect insurance cover fulfills the desired needs of one when a medical emergency occurs. For instance, if you are unmarried, you can opt for a personal health policy. However, if you have a family, a family floater policy would be the right thing to do. Similarly, for parents, choosing elderly insurance plan would be smart. All in all, pay major emphasis on the policy category offered by an insurer if you want financial protection at the time of a medical emergency.
- Insurance Premium
Always look for a health insurance company providing a policy with minimal amount of unwanted features. Also, look for whether or not your specific insurance requirements are getting fulfilled. Paying an extra premium for non-essential features would lead you to nothing, but loss and helplessness during a medical emergency. Therefore, place your trust in a health insurance company that offers policies at a mid-range premium with a vast cover.
- List of Network Hospitals
Knowledge of an insurer’s network hospitals, offering cashless health care services is a must. It is because when an insured individual avails service at the network hospital, the expenses incurred are settled directly by the insurer to the hospital authority. In other words, the insured individual can avail of facilities offered without paying anything. So, when looking for an insurer, make sure you emphasize the number of hospitals with cashless facility and whether or not the preferred hospitals are in your vicinity.
The concept of sub-limit is applied to room rent, doctor consultation, and others. Choosing an insurer providing a policy with the clause of sub-limit will ultimately lead you to pay from your own pocket. Therefore, it would be better to consider an insurer with limited or no sub-limit at all and escape from paying for the differences.
There are many insurance companies that offer policies with the clause of co-payment, which requires the insured to pay a part of the total claim to be paid. However, this amount is pre-decided in the policy document. Also, it is one of the common elements of the plans for senior citizens. Co-payment is yet another aspect you should not disregard and instead look for insurance companies offering policies with no co-payment.
- Caps on Treatment
When looking for the best health insurer, keep in mind to check whether there are limits on certain medical treatments. For instance, childcare treatment, treatment for pre-existing illnesses, health check-ups, and others are activated only after a pre-decided time frame. That said, don’t you think it would be best for you to ditch policies with a clause like such and go for insurers offering plans with the least waiting period for specific illnesses?
- Pre & Post Hospitalisation Expense Coverage
Insurance companies offer policies considering coverage for pre and post hospitalisation expenses. What creates the difference between them is the fact that while some provide coverage for 30/90 days, others cover the insured for a less number of days. Needless to say, the best health insurance company would be one offering policies with the maximum days of coverage for pre as well as post hospitalisation expenses.
- No Claim Bonus
At last, no claim bonus is an element that you should look for in an insurer’s policies. For those who are new to the concept of no claim bonus, learn that it is provided by insurers for no-claim years. General insurers offer no claim bonus in the form of sum insured increase or discount in the next year's premium.
The importance of the right health insurance company is unmatched. Therefore, it is recommended that you pay attention to all the above-listed elements and choose the best health insurance company as per your precise insurance needs and put an end to all confusion.
Lastly, what if you may not be able to prevent a medical emergency from taking place? You will always be ready to deal with the situation in every which way, with the ideal insurer by your side.
So, make your choice wisely!