6 Things You Didn't Check Before Buying Health Insurance

Like you would insure your house or your car it is equally important that you get a good health insurance policy. What to check for health insurance?

Why Should You Buy A Health Insurance Plan or Mediclaim Policy For Family?

Health insurance is also known as medical insurance and this is a policy that secures your medical expenses. This means that in case of a hospitalisation or a treatment you can claim the expenses of the treatment through the health insurance plan.

If you get treated in a private hospital that is under the Mediclaim policy for family list of hospitals then you can also avail cashless benefit. If the hospital is not in the insurance company’s list then you can pay for the treatment from your pocket and then claim to get back the amount spent on the treatment.

Health Insurance Is Mandatory For You And For Your Family

You want that yours as well as your family’s health and when you buy a health insurance plan or a Mediclaim policy for family then this gives you peace of mind. When you buy the health insurance plan then this means that you are secure about the health of your family and the expenses that you may have to bear towards the medical costs, which indeed is skyrocketing.

It could be difficult to find out the health insurance policy that seems right for your needs, so you definitely need to do a bit of research.

Things That You May Miss To Check Before Buying Health Insurance For The First Time

Buying Mediclaim policy for family is not easy. With so many options available and such heavy jargons, it can get you stressed. However before you buy a health insurance policy follow the health insurance buying guide and take care to make a note of these points and cheque them before you close the deal. Things to know before buying medical insurance:

• Claiming process and the efficiency of the Mediclaim policy for family

You should check the claim settlement time and the claim settlement ratio of the insurance company. Pull out their past records to understand how long it takes the insurance company to settle the claims. Another important number to consider is the claim settlement ratio. This lets you know the number of claims that were honoured by the company. If the claim settlement ratio is high then you know that the company is good. The claim settlement time should also be high.

• Does the Mediclaim policy for family offer a co-payment scheme

To understand this you need to know what a co-payment means. Co-payment means that at the time of an emergency you will have to pay a part of the treatment expense and the company pays the remaining half. This helps to bring down the premium payments but understand that you will have to pay a part of the treatment and thus there will always be the tension to keep liquid money. Also know that co-payment policies do not offer the maximum coverage.

• Day care procedures of the Mediclaim policy for family

Most of the health insurance companies may not offer day care facilities. It is normally important to be hospitalised for 24 hours to avail the claim. Many procedures today do not want you to get admitted. So take care to choose a policy that offers day care procedures.

• Hospital under the network

Make sure that you check the hospital list that is included in the insurance policy. This is important to consider because you want to make sure that the hospitals in the network have god facilities. Also make sure that the insurance policy offers cashless facilities.

• No claim bonus

Many of the insurance companies offer you a no claim bonus. This is where in case the policyholder does not file a complaint then in this case either the insurance company agrees to increase the sum assured value or give a discount on the premium amount. Look for heath insurance companies that offer you this benefit.

• Pre and post hospitalisation benefits - What to know before buying health insurance

The health insurance policy should offer pre and post hospitalisation coverage as well. Some of the treatments can go beyond what you got done when you were hospitalised. These are not cheap and thus make sure that the health insurance policy covers for these expenses as well.

These are the points to remember while buying health insurance.

What Should You Look For In The Health Insurance Policy That You Buy?

Just do a simple Google search and you will come across a number of health insurance policies from some of the top and well-known companies. This can only get you more confused. You may note be able to take a decision on which of the insurance policies is the right buy for you. This indeed is tedious. Along with this are the terminologies used which can be really difficult to understand if you do not come from a medical background.

If you are looking how to buy a health insurance policy then make sure that you do a comparison on the comparison websites. This will let you select the policy that offers