READ THIS BEFORE BUYING YOUR MEDICAL INSURANCE PLAN
Medical insurance policies play a big role in your life. Policies ensure you are meeted with proper medical facilities when required and that a mishap or accident doesn't come as a financial burden.
Always check what your medical plan covers for. It should come with a coverage on a wide range of medical issues. And, it should cover pre and post hospitalization, day care, transportation.
Another aspect that you must check is that your policy should cover any illnesses that you may be under a risk of, due to family medical history.
Always keep in mind, your medical requirements and accordingly make comparisons between various plans for their benefits, cost involved and the reputation of the insurance provider.
Do not buy your policy from unknown agents who randomly call you to pitch in heavy discounts to lure you into buying medical policy from them.
Chalk out your monthly budget and an amount that you can set aside for the medical insurance policy premium. It's important to get a health plan but, we recommend pocket-friendly premiums.
First step would be to get an affordable policy and get yourself and your family covered. Later with rise in income you can always increase the medical cover by paying higher premium.
Your plan should come with a renewability factor for a lifetime. Many plans cover you only for a limited period of time i.e. up to a certain age. GO for lifetime renewability.
If you're a person with a family, then it is recommended that you go for a family medical insurance plan. This allows you to get the maximum possible benefits at an affordable premium.
Always perform a check into the list of the network hospitals and find out if the doctors and hospitals of your preference are a part of the list or not.
Most importantly, many insurance buyers do not ask if the policy is a zero coinsurance or not. And then they realize during the claim that mediclaim covers only part of the hospital expenses.
Understand that in coinsurance you pay a small or predecided part of the medical expenses and the remaining is paid by insurer. This may come at a lower premium but you may not want it.
Do not hide any prior illnesses whether or not you received any claim for it or not. Non-disclosure of prior illnesses is one of the major reaons used by insurers to reject claims.
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Compare the premium, pricing and fees for the policies online.
Last but not the least, check the claim settlement ratio of the insurance provider company. Anywhere between 92-25% should be a good choice. Compare claims received to claims settled ratio.