Today by the end of this blog, you will know exactly what you need to do to buy the best health insurance policy for yourself or your spouse, your children, or your parents.
because in today’s blog we are going to see.
(a) What is health insurance?
(b) What are the parameters you need to check before you buy one?
(c) step-by-step procedure to pick the best health insurance policy.
(d) How to claim health insurance?
Suppose you get hospitalized because of some illness or accident, then the expenditure is going to be in lakhs for the surgery, hospital room, medicines, tests, etc.
But if you have a health insurance policy then they will take care of all of these expenses for you and in return, they’ll charge you a small premium every year. So obviously, health insurance is a smart thing to have because it saves your health and it saves your bank balance too.
But not every health insurance provider is good. So, let’s quickly see what are the 6 parameters that you need to check before you buy health insurance.
1. Claim Settlement Ratio
It is the ratio of the number of claims settled by the insurance company divided by the number of claims it has received. So obviously, the higher this ratio, the more are the chances that your claim will also be settled by this company without any issues. Above 90% is a good number.
2. Network Hospital Covered
Now, there is something called a ‘cashless facility’. wherein, if that insurance provider has a tie-up with the hospital that you are admitted to. then the hospital will directly send the bills to the insurance provider and you don’t have to pay anything. But if there is no tie-up, then you have to pay the hospital bills first and then get them reimbursed from the insurance company.
It is too much of a hassle if you are recovering or have a patient to take care of. So make sure that your insurance provider has a tie-up with a large network of hospitals and that your favorite hospitals are covered in that network, especially the ones that are closer to your home.
3. Hospital room eligibility
Always check the hospital room eligibility before you buy health insurance. Because several insurance companies gave expenses of the shared room or general room. It makes the patient uncomfortable, who is already in distress. So make sure that your insurance covers at least the private room available facility.
4. Waiting period
Health insurance policies cover pre-existing illnesses after a certain wait period.
For example: Suppose you have diabetes, then after 2-4 years of wait period can you claim any hospitalization expenses due to diabetes. So if you have any pre-existing illness, check that the waiting period of that insurance is as less as possible.
5. Family Floater Health Insurance Policy
Now, instead of buying separate policies buy one that covers whole family claims. Parents along with 2 minor children can be combined in one plan. In that plan, depending on the insurance provider each insured member will be given a separate coverage amount or all the members will share a combined sum.
For example – Suppose a policy of 10 lakhs for 5 members, so each of these 5 members can either have 2, 2 lakhs coverage each or they can share 10 lakhs together no matter who claims.
On a side note, if your employer is giving you a health insurance policy then check if you can also include your parents in the same because your company will be able to negotiate with the insurance provider better than you.
6. Miscellaneous charges
Along with the major surgical expenses a good policy also covers ambulance charges, pre, and post-hospitalization charges, and a few health checkups also.
Apart from these 6 generic parameters, the other parameters that vary from person to person that you need to check the following points as well –
(a) If you are planning a baby and want maternity expenses covered.
(b) If your family has a history of cancer and you want to be covered
(c) For chemotherapy, radiation, or any other specific critical illnesses.
(d) If you want day-care procedures like cataract surgery or even dental included.
Now, there is something called ‘Life Insurance’. wherein the company pays a lump sum amount to the beneficiaries, in case of the insured person’s death.
So here is a 4 step procedure to find your best health insurance policy.
Step 1: Write down what your requirements are.
(a) What hospitals you’d like?
(b) Whether you want your parents included in your policy?
(c) Do you want maternity expenses covered?
(d) What illnesses do you want to be covered etc?
Step 2: Now go to these health insurance comparison websites like PolicyBazaar, Coverfox, etc. They will show you the list of insurances that will be best for you, according to your age and other details. Here you will find policies as low as Rs. 9000/- per year which is less than Rs. 25/- per day. But more than premium, check their features and features not covered.
Step 3: Directly go to the website of that insurance policy provider, call their executives, and tell them what your requirements are. Talk to 3-4 executives (of different insurance providers) before you make a decision.
Now, an important point. Sometimes these executives are in a hurry to just sell you the policy. So it’s your job to read it carefully and fill it in if you have any pre-existing illnesses because if you miss writing an illness and if because of this, your claim gets rejected. then these executives cannot be held accountable because their job was only to sell you that insurance. So don’t be in a hurry, read carefully and mention everything truthfully.