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6 Items to Look for When You Buy Health Insurance

by Everydays Journal
health insurance

More than 30+ Health insurance companies in India compete to offer the right policy to their customers. From offering the best plans to settling the claim within 2 hours, insurance companies are face to face with the competition.

So choosing the best insurance company to buy a health care plan is a bit tricky. So, what is necessary for a good medical insurance company? let’s take a look! 

What is Health Insurance?

Health Insurance is an agreement between the policyholder and the insurer. that covers the health of a person incurring medical expenses.

Why life insurance is important?

  • Safeguard your family
  • Have proper savings
  • Fight the expensive treatments
  • Live a stress-free life

6 Items to Look for When You Buy Health Insurance

1. Check Company’s Credentials: 

The first and foremost thing to do is to check the reputation of the insurance company. The reputation of a company is essential as it indirectly signifies the support they provide to its customers and quick claim settlement ratio. It is also necessary to ascertain the claim solvency ratio of the insurer to get a better idea about the claim settlement probability. 

2. Check all options: 

Choose the insurer that offers more options for you to choose from. Health insurance companies offer a variety of plans to suit the needs of their customers. Health plans do not fit all packages. Hence, it is imperative to check your health plan and choose carefully as per the criteria of tour budget and requirement. 

3. Cashless Hospital Network:

Although most insurers offer cashless hospitalization, look for people who have agreements with most hospitals in your location. This way, your claim will be settled directly by the insurance provider without any hassle.

The cashless policy is a boon for the customers as it saves the hassle and waiting time of submitting bills and receipts for collecting and awaiting settlement of the claim.

4. Sub-limitations on treatment:

Most health insurance providers impose sub-limits on consultation fees, daycare, home remedies, etc. Insurance providers have a sub-limit that you cannot avail of daily room rent exceeding 1-1.5 times the sum insured that you have to bear. remaining cost. So check the terms and conditions of your insurance company and know the sub-limits, if any.

5. Waiting period on coverage:

Almost all insurance companies have it. The waiting period is the period between the inception of the policy and when it starts providing coverage for the insured plan. The length of the waiting period and its terms and conditions vary from company to company. So it is necessary to examine it to understand whether the plan they offer will work or not.

6. No Claim Bonus:

As the name suggests, the No Claim Bonus is a reward provided by the insurer for not making any claim during a policy year. The no-claim bonus varies depending on the insurer. Rebate will also be given to the insured while renewing the claim. Hence, go for an insurer who offers you a no claim bonus on your plan.

7. Streamlined Processes:

Look for an insurer with good customer service and a friendly, well-organized process. The last thing a person needs in times of crisis is to figure out how to process and file a claim. Choose an insurer who has a well-defined process for policy-related tasks such as making a claim, applying for a policy, tracking your application, etc.

Lastly, go for an insurer who has an established online presence, as it makes your life easier, such as paying premiums, viewing NAV funds online, calculating policy premiums, processing claims, contacting the service, and much more.

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