Health insurance is extremely important, for it is the most precious wealth for you and your loved ones. As healthcare costs are booming day-by-day, it is essential that you get your health cove as soon as possible. With increasing age, health insurance costs tend to increase and offer smaller coverages.
You don’t want to be left exposed in an age where you are prone to contracting long term diseases such as hypertension, and diabetes.
Following are things you should know before buying a health insurance plan in India:
- Claim Procedure Timeframe
Usually, insurance looks simpler on paper than when dealt with. Check your best health insurance plans papers thoroughly before making a choice. The shorter the time frame of the reimbursement, the better your insurance cover in an investment. One usually gets the insurance coverage through an insurance agent, so ensure the conversation reads the same on paper and you’re not surprised later.
- The Process of Claim Loading
Have you heard of the term “Claim Loading?” Yes, it is common when you claim your policy; most health insurance companies include loading as one of their features. Claim loading is calculated in different ways by companies and is charged additionally on the renewal premium amount if you make claims on your existing policies.
In a scenario where you contract a chronical illness that requires long-term treatment, the claim loading aspect can greatly disrupt your finances.
- Age and Health Insurance
While buying health insurance, age becomes the biggest criteria for the cost of your premiums. Your gender and the premium also play an interdependent role. One thing you should know is that your health insurance is less likely to be used at a younger age, which adds a no-claim bonus to your cover for whenever you need to redeem it later in life.
- Insurance, but for how much?
When buying health insurance for your family and yourself, do not forget that this includes your medical expenses for a year. Your age and probability of the insurance being redeemed must all be taken into amount while deciding the health insurance package. Ensure that the insured amount doesn’t fall short in need of an emergency.
- Geographical Factors
The city that you live in is also a determining factor in the premiums you pay for the insured sum. For instance, if you live in a metropolitan area, a per person package would be nothing under Rupees 5-7 lakhs making the premiums higher than others. Whereas if you’re a person residing in a small town or a village, then a package worth rupee 3-5 lakhs would be sufficient, making your premiums lower than others.
- Going Cashless
Insurance companies with increased hospital networks have come up with cashless medical facilities This option enables you to connect with a network of Cashless Hospitals where you don’t pay a dime in cash. The insuring company settles the medical bills at the hospital.
Keep these facts about health insurance in mind while finalizing your insurance package. Ask your agent as many questions possible without hesitation so that you do not repent later on your decision. Be safe than sorry and secure your family in terms of healthcare.