BY- Ashish Tiwari

During uncertain medical events, it is easier for people with health insurance policies to secure their health while keeping their finances safe. But some people are unable to get the necessary support, despite having a health insurance policy. The underlying reason might be poor health insurance policies.

Therefore, we have prepared a list of carefully sorted questions you need to consider before buying a health insurance policy -

1. What type of health insurance policy is right?

While choosing the right type of health insurance policy, you will stumble into many different plans such as individual health insurance plans, family health insurance plans, super top-up health insurance plans, and many more.

The final pick of the type of insurance plan would decide the benefits you will get. So, it would be best if you spend some reasonable time shortlisting the type of insurance plan you need.

2. What does the health insurance cover?

Understanding the benefits of your health insurance plan is a must to save yourself from last-minute hassle. Ideally, a policy should cover in-patient hospitalization, pre and post hospitalization expenses, consumable benefits, COVID19 cover, and much more.

Check for the extent of coverage, premium amount, and other benefits carefully before actually subscribing to the plan.

3. What are the insights about the claim settlement ratio?

Checking your insurance provider`s claim settlement ratio and profile gives you a fair idea of the insurance provider’s credibility.

The claim settlement ratio reflects the number of claims settled by the insurance provider in the past. Therefore, it is advisable to get the right plan from the insurer with a good claim settlement ratio. There are a number of well-established insurance providers who have high claim settlement ratios, such as tataaig.com. They have a competitive claim settlement ratio and offer hassle-free and paperless health insurance policies.

4. Are there any additional costs apart from the premium?

A few health insurance policies often charge you with out-of-pocket expenses apart from your fixed premium amount. To make sure the policy doesn`t cost you an unreasonable amount, go through these additional costs carefully and calculate a lump-sum amount before buying a health insurance policy. 

5. What is the process of filing a claim?

This is practically the most important factor in selecting the right insurance plan. The claim filing process should be concise and practical to be followed in times of medical emergencies. Always consider the types and number of documents required for the claim initiation process.

6. How much does health insurance cost?

Some insurers provide valuable benefits at affordable costs, while some will cost hefty bucks to cover chronic and regular medical expenses. To buy health insurance that suits your pocket, go through the offerings of different providers, compare different plans, introspect and evaluate the coverage and benefits.

7. Does the plan offer a cashless facility with medical insurance?

During medical emergencies, it’ll be convenient for you if your insurer settles the bill directly with the insurance provider. Moreover, having a health insurance plan with a cashless claim settlement facility will save you from the efforts of arranging finances for paying the hospital bill in the first place. Therefore, it is advisable to check for a cashless claim facility in your health insurance policy.

Before buying a health insurance plan, spend significant time understanding the diverse range of insurance plans available. Then, buy a health insurance policy from a credible insurance provider to secure your health and finances.