Owing to our changes in lifestyle, health conditions have only been on a rise and the costs for treatments, even higher! No wonder, people are slowly opting for health insurance plans to save beyond just their annual taxes, and essentially safeguard themselves from unplanned financial losses and, ensure sound health. If you’re too looking at getting one soon but, aren’t sure as to what makes a good health insurance policy, we’ve put together ten of the most important things you should consider while making your decision.
Things to Check When Buying Health Insurance Policy
Type of Plan
The first thing you need to consider is the kind of plan you want to go for. Are you looking at getting a health insurance policy plan just for yourself, or are also looking at something that would cover your senior parents, spouse, and kids as well? Typically, there are different health insurance plans to suit everyone’s needs. Such as an Individual Health Insurance Plan would only cover for you as a single individual whereas a Family Health Insurance Plan would also cover for your parents, spouse and kids collectively.
One of the most important things to consider and compare is, the kind of coverage of different health insurance policies offer. After all, you would want something that covers you efficiently. For example; a lot of health insurances only cover for hospitalization related expenses and illnesses. Whereas, digit insurance, a digital insurance company that recently launched its health insurance policy, also covers treatments that don’t require hospitalization. So, read every health insurance policy carefully and look for their coverages respectively.
Add-ons & Covers Available
Apart from the basic coverages, every health insurance plan allows you to opt for different add-ons and covers that help you customize your plan further. Before buying your health insurance policy, check for the kind of add-ons available with your shortlisted health insurance providers. For example; Digit Insurance allows its policyholders to customize their plans with benefits like maternity and infertility benefit cover, alternative treatment AYUSH benefit, critical illness cover, and outpatient department expenditures, among many others.
Network of Hospitals
One of the common benefits of a health insurance policy is the fact that you can get yourself treated during illnesses and accidents without shelling out money from your pocket, I.e. through cashless claim settlements. However, you can only avail cashless claims when you use hospitals available in your health insurance provider’s network. So, make sure you are aware of the number and kind of hospitals your health insurance provider includes to ensure there are enough hospitals that are convenient and suitable for you.
Sum Insured is the total amount your health insurance policy will insure you against, to cover for all your health expenses that arise in one policy period. So, this is obviously one of the most important things you need to consider before buying health insurance. Based on your health conditions, a number of members insured in one plan, etc.
Make sure the amount you choose will be enough. For example; if you’re someone with diabetes running in your family, then you should probably get a higher sum insured. Additionally, you may also want to check if your plan allows you to refill your sum insured when exhausted or not.
Co-payment refers to the amount you choose to pay voluntarily during your health insurance claims. Based on your health insurance provider, you’ll either be given the option to opt for co-payment or, would already have it included in your respective plan. Therefore, look at your health insurance policy in advance to see if it’s included or not. And, it’s something you want to opt for, choose based on what would be feasible for you.
Claim Settlement Processes
Generally, health insurance claims can be made in two ways; either through Cashless claims or through Reimbursements. Either way, look at the claim settlement ratio of different health insurance providers and go for one that you think will settle claims easily and quickly. After all, that’s what matters at the end of the day. For example; digital insurance providers like Digit Insurance come with the advantage of having online processes, which automatically makes claim settlements quicker than traditional health insurance companies.
Nowadays, people are finally beginning to value mental health and likewise, some health insurance providers, including Digit Insurance also include psychiatric support and treatment as part of their Health Insurance policy. This is an important aspect to consider given the rise of mental health issues and, the high costs of both psychologists and psychiatrists for the same. Ensuring your health insurance comes with psychiatric support is essential to cause, your mental health is just as important as your physical health ?
Health Insurance Premium
Health issues are only increasing and so are the costs for the same. Therefore, health insurance policies are constantly being designed to make healthcare affordable, accessible and beneficial for all. Likewise, health insurance providers like Digit Insurance give you the option to customize your sum insured and also, give you a loyalty benefit that ensures your health insurance premium doesn’t increase on renewal, unlike other health insurance policies.
Additional Service Benefits
Apart from the regular coverages and covers, keep an eye out for any special benefits offered by different health insurance providers. These benefits could range from something as simple as a no claim bonus or a complimentary annual health checkup. Distinctive service benefits can make all the difference in making your health insurance policy benefits for you.
Also Read: Best Health Insurance Policy in India