Is Your Health Insurance Giving You All the Required Benefits?

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The number of people who understand the importance of health insurance is increasing every year. However, even today, a large part of this population does not understand the nuances of the policy and end up buying the wrong one. Like any other insurance product, health insurance should give certain benefits but it has been noticed that as many people have less knowledge they are not able to get all the required benefits.

It is important to have a basic knowledge of health insurance or take the help of someone who has it while buying a policy. Even if the policy has been purchased it is good to review it periodically to check if all the benefits which are needed from it are being met or not. One should also read the terms and conditions and the fine print of the policy so that there is no problem at the time of a claim and also to ensure that the insurance company is not cheating you.

Important Steps You Need to Follow

Ensuring that one has a good health plan is as important as choosing the right doctor for the treatment. In order to be able to buy the right policy which gives all the required benefits, there are some steps that need to be followed.

Before buying the policy

As there are a plethora of options available when it comes to buying health insurance, it is imperative to compare the policies to ensure the best one is bought. The right thing will be to compare all the options available on various parameters and not only the premium and then buy the phone which suits his requirements. The inclusions and exclusions can vary from one policy to the other and thus, checking all is a better idea. In earlier times, if policies had to be compared, one had to go from one office to the other and after getting all information, the comparison had to be done manually. Now, times have changed and there are many online insurance aggregator websites like Coverfox.com which with the help of some basic information help comparing the policies of top health insurers at the click of a mouse. This makes the comparison easier and with all needed information available on the screen, it is easier to compare and choose the best policy.

After Buying the Policy

Once the policy is bought, it should be regularly monitored and one should also be updated with the changes in the market so that the policy can be reviewed. If there is a need of a higher sum insured, one can take a top up or a super top up policy and if there is a better policy or inclusions by another insurance provider, the option of portability is also there.

Are You Buying the Right Plan?

The best insurance plan is always the one which completely suits the insured and meets all his requirements. There are some things which must be seen and reviewed before buying or renewing a policy. Some of these are:

  • Claim Process: This is one of the most important and the most neglected part. The claim settlement ratio of the insurance company must be good as it is for a claim that one pays the premium for a policy.
  • Co-payment: When there is co-payment in a policy, the insured needs to pay a certain amount of the claim. One must carefully see the clause as this can affect the coverage apart from the premium and might have its own financial implications later on.
  • Network Hospitals: A cashless claim is the best part of health insurance policy and thus, the insurer must have a large number of hospitals in the network which must include the preferred choice and also the one closest to home of the insured.
  • Day Care Procedures: Traditionally, most of the health insurance policies did not pay for any day care procedure. Now times have changed and many treatments can be done as a part of day care treatment and thus, it is important to have a policy which covers the same.
  • Inclusions: The policy should be covering everything that the insured and the family need. For example some policies do not offer maternity benefits, whereas this is important for someone planning a family.
  • Expenses: Besides the expenses incurred during hospitalisation, pre and post hospitalisation expenses must be covered.

Besides the above there are some other factors like lifetime renewability, no claim bonus and free medical check-up etc. should be included in the policy.

It is essential to have a health insurance but it is more important to have the right plan. Just blindly buying any plan will never be the right thing to do. Thus, one needs to spend time on the policy and buy the most appropriate one.

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