So many questions need not faze you because we are here to guide you on how to decide on one of the best medical insurance plan based mostly on your needs. What points should you consider while buying a medical insurance plan so that your plan turns out to be useful when it is most required? Let us take a look on the 7 quick-listed key points which we think is the key in choosing the most effective medical insurance plan for you.
1 – Resolve on the type of plan
When buying a medical insurance plan, determine what type of coverage is required – individual or family floater. While particular person insurance plan covers only you, a household floater policy is an umbrella policy that covers your loved ones members in the same plan. A person coverage is right for you if you are a younger adult and do not need dependent parents. At a decrease premium, you should purchase a person insurance plan. A household man, alternatively, can’t afford to insure only himself. His family, namely his spouse, children and even parents rely upon him to foot their medical expenses. As such, he should spend money on a household floater plan that will provide coverage to his dependent household under a single plan.
2 – Adequate coverage quantity
The next big resolution is finalizing on the quantity of coverage that ought to be availed. At present, the price of any remedy is high and with an ever rising pattern of medical prices, these prices are expected to extend manifolds over the years. So, it is prudent to buy a plan with an optimum coverage quantity which will be ample to take care of the medical prices as and after they accrue. Nevertheless, the biggest impediment towards availing a higher coverage is the next premium which becomes unaffordable for the common man. So what’s the solution? Prime-up plans available within the market is the answer to your question. These plans help in increasing the coverage at a low premium. So buy a regular medical insurance plan and supplement it with a top-up plan and you can enjoy a high coverage at decrease prices
3 – Consider the benefits or coverage provided
Each medical insurance plan comes with its own list of benefits also known as coverage. Most medical plans are hospitalization benefit plans. They cover expenses covered at the time of any hospitalization of the insured individual. While among the points are universally available in all plans, others are included in some plans and excluded in others. The list of frequent benefits include hospitalization bills which include room hire, ICU room rent, doctors visit fees, procedure charges, pre and publish hospitalization charges, day care procedures and so on.
The other coverage options which are included on the discretion of the company embody organ donor bills, maternity and new born coverage, Ayush therapies, Ayurvedic and Homeopathic treatment expenses, etc. So, earlier than buying a plan, consider the list of coverages that the plan provides or doesn’t provide and see whether or not the coverages not provided relate to your life or not. As an illustration, you will not be keen on Ayush therapies and its exclusion may not have any bearing in your decision.
four – Pre-existing ailments clause
If you are fully healthy at the time of purchasing the plan, consider it a blessing. But you could be affected with sure illnesses like diabetes, hypertension, etc. at the time of shopping for the plan which are called pre-present illnesses. Each insurer excludes the pre-existing illnesses from the plan’s scope of cover for a certain interval called the Waiting Period. Should you endure from such illnesses, go with a plan with the shortest waiting period to incorporate your condition on the earliest.
5 – Claim process
Cashless or reimbursement – there are two ways in which the insurer could settle your claim. Under the cashless facility, for those who seek therapy in a network hospital, the insurer directly settles the medical bills with the hospital without you having to get involved. Under a reimbursement claim mode, you will first should foot the bills and later get those bills reimbursed from the insurer. The reimbursement method of declare settlement could prove a curse because the costs concerned might not be affordable and in addition the process involved is quite cumbersome.
6 – List of Network Hospitals
Rather a sub-level of the above level, a network hospital is one which has a tie-up with the insurer to provide you with cashless facility of bill settlement. Each insurer has a list of such hospitals with which it is tied up and considering the list is necessary because you could know which hospital to rush to in case of an emergency or whether or not the native hospital is among the list of network hospitals and would honor your policy and supply moneyless services.
7 – Reductions and bonuses
Who doesn’t love a very good low cost or that additional benefit which comes at no further value? Most medical insurance plan has the concept of No Declare Bonus whereby additional benefit is provided to the customer if there was no claim in the previous years. This bonus is given in two forms – either it entails a reduction of the following 12 months’s premium or an increase in the coverage amount on the similar rate of premium. While a discount in premium sounds tempting, an increase in the coverage is a better option in the long run when the medical prices are expected to increase.
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