When you have decided to purchase health insurance policy, there are some things you need to be aware of in order to get the best health insurance policy. How do you do that? You need to compare different plans from different companies, and there are five ways in which you can do that. We list them out below.
- Take into account the premium that different companies charge: Once you have decided on the sum of individual health insurance coverage that you wish to buy, check the premium that different companies are charging for the same sum covered. Inversely, if you decide on a fixed sum that you wish to pay as premium, and no more, on your policy, then check which company offers the maximum coverage for the amount of premium you are willing to pay. This comparison is best made online, as all information about all insurance companies and their plans can be found on the internet.
- Find out what rebates and bonuses are on offer: There are many people who don’t raise a claim during the validity period of the policy, and to such customers the company offers rebates and no-claim bonuses. The bonus would reduce the amount of premium that the customer has to pay on renewal of the policy, whereas the rebates would be an incentive for the customer to hang on with the same company – and kind of reward for loyalty. These discounts can vary widely from company to company, and if you have a good knowledge about them it will help you to select the best health insurance
- You also need to be aware of limits and sub-limits: Many insurance companies generally fix a limit on the amount that you will be compensated for the expenses you incur on treatment and hospitalization, such as room rent, consumables, ambulance charges, etc. Select the company which offers you the maximum reimbursement on your medical expenses.
- Find out what the waiting period of different companies is: Companies stipulate a certain waiting period for existing diseases at the time of purchasing the health insurance policy. This means that if you are found to be ailing from a certain condition at the time of purchasing the policy, then the company will exclude the ailment from coverage for a fixed duration. Look for the company which has the least waiting period.
- Know about the network hospitals and the claims process: All insurance companies have a network of hospitals on their panel where you can avail cashless treatment with cashless health insurance, which obviates the need to raise a claim and wait for your medical expenses to be reimbursed. If you get admitted to a network hospital, the insurance company will make the payment of your medical expenses directly to the hospital. But if you get admitted to any other hospital you should know the process of raising a claim and the getting the reimbursement.
