An effective health insurance plan is one of the most important insurance policies that you should consider buying. Considering the spike in health problems and the treatment costs, a health insurance policy has become a necessity. Insurance providers in India offer different types of medical insurance plans to cater to distinctive needs. Here are some valuable tips that will help you select the right plan for you and your family.
- Getting The Right Coverage
When you choose a health insurance plan, make sure that it covers a wide range of illnesses and offer benefits that include daycare expenses, pre and post hospitalization, transportation, etc., medical issues that you are vulnerable to due to the family medical history, etc. If you are looking for family health insurance plans, then you determine if the policy aligns with the needs of each member. Based on the requirement, compare plans against the costs and benefits.
- Check Out the Co-Payment Clause
A co-payment clause is defined as the amount that you need to pay from your end, and the remaining amount is paid by the insurance provider. For example, if the co-payment clause stands at 10% for your claim of Rs. 1 lakh. Therefore, you will have to pay Rs.10,000 and the remaining Rs. 90,00 will be paid by the insurance company. Choose a plan that makes you pay less; in fact, you can also opt for an insurance plan, which does not have a co-payment clause
- Consider the Waiting Period
Typically, a health insurance plan covers pre-existing diseases along with maternity expenses and some type of medical treatment such as varicose veins, hernia, etc. The coverage is activated generally after 2 to 4 years, depending on the kind of plan you have chosen. For instance, coverage for maternity expenses is generally provided after 2 to 4 years after the policy is purchased.
Therefore ensure to check the time period after which the diseases will be covered under the health insurance plan and choose the one that offers a minimum waiting period.
- Opt For A Plan With Lifetime Renewability
Many of us tend to overlook the importance of lifetime renewability in a health insurance plan. The reason why you should choose a plan with lifetime renewability is that it will provide coverage in the later stage of your life. The plan will continue to be active year after year without you having to buy a new policy even after passing the age threshold.
- The Flexibility To Add Members
When investing in a health insurance plan, ensure that you are able to add new family members without any hassle. In case the eldest member of the family passes away or is no longer part of the coverage, other members of the family should be able to be allowed to add to the plan without impacting its benefits.
Choosing a health insurance plan can be very easy if you are informed about the same. Above all these factors make sure you choose a reliable insurance provider. Consider doing thorough research before choosing the health insurance provider.