Humans are getting prone to lifestyle-related conditions like hypertension, diabetes, stroke, and blood pressure. Late nights and work-stress are also some of the reasons for all these ailments. If it is not controlled, you will end up developing more and more health problems.
Health insurance is a great way of protecting you and your family from such illnesses. There are a plethora of health insurance plans available in the market. However, each plan is designed, keeping in mind the unique needs of the policyholder.
For example, there are health insurance plans for families, health insurance for senior citizens, and so on. These plans provide you an assured sum in return of an annual premium. The premium amount is decided based on the sum assured and your medical history.
If you are looking for health insurance with an affordable premium rate, you must make sure that you seek a balance between coverage and premium rates.Choosing a health plan based on its premium is not the right thing to do. You must check the product features, benefits, and the coverage amountof that specific plan. Let us go through the top four factors to keep in mind before purchasing an affordable health insurance plan:
Health insurance plans are meant to protect your savings from unprepared medical finances when you need it. Therefore, you must check the medical conditions that your policy covers and if it does justice to the premium you pay.
2. Inclusions and Exclusions
When you are understanding the coverage, the next thing you must check is the inclusions and exclusionsof the policy. People mostly focus on the inclusions of a health insurance. It is equally or rather, more important to check out the exclusions of your health insurance policy.
3. Claim process
The most important part of your health insurance is the claim process.Claim process should be hassle-free and easy. You must check the effectiveness and reliability of your insurers claim settlement process. Medical emergencies occur at the most unexpected hour of the day. Therefore being prepared for it financially is the only way to tackle any unannounced conditions.
Check if your insurer has network hospitals in your proximity and if they offer a cashless claim settlement. A cashless claim settlement helps you during contingencies. Also, check about the time taken by your insurer to settle the claim. Claim settlement ratio is another thing to check. It should be high. The higher claim settlement ratio means that there is a greater chance for your claim to get fulfilled.
You must consider your family needs, research and then select your health insurance plan. If you are looking to cover your whole family, it is better to opt for a family floater plan. Similarly, if senior citizen parents are your concern, go for senior citizen health insurance. Check for maternity benefits in case planning to extend your family.
5. Additional features
Check if your health insurance plan gives you any extra benefits, like, supplementing a rider or an add-on cover on top of your base policy. Different riderslike the critical illness plan help you maximize the benefits of your base policies.
Compare health insurance plans available so that you can get the best out of the best plans based on your needs and preferences. You can do this by using a health insurance premium calculator. The premium calculator helps you choose the plan that complements your needs at best. You have to input your requirements and the assured sum, and it shows you the best plan available for you.
So, if you are planning to buyan affordable health insurance, you need to take care of several things. You need to make sure that your insurer is going to be there when you need them. Their customer service, reviews, and most importantly, the benefits they offer must justify the premium amount. All this together will help you decide the best health insurance policy that is not only affordable but also beneficial for you.