8 Things You Should Consider Before Buying Health Insurance

Do you want to safeguard you and your family’s well-being? Buying medical insurance will secure the health of your family. Finalizing a health insurance plan is not a child’s play. Finalizing an individual health plan or a family floater plan, check out health insurance from L&T as its plans are formulated to fulfill your health insurance needs. 

The process of buying health insurance becomes more confusing because of the terminology- policy wordings, technical jargons etc.

The sum insured of your medical plan is the biggest factor that insurance buyers consider before selecting or rejecting an insurance plan. Although, it shouldn’t be the sole criterion that insurance buyers should factor in.

Here are the 8 things you should consider before buying health insurance.

The efficiency of claims procedure- It is very important to consider the claim settlement time along with the ratio of claim settlement before you finalize an insurance plan. Higher the claim settlement ratio is, the faster the claim can get settled.  Generally, it means that the insurer is doing a fabulous job with the claims requests.

Co-payment option- Co-payment means that the insured will have to pay a pre-decided percentage of the claim from his/her own pocket and the remaining will be borne by the insurer. If you come across a cheap insurance policy, it might not offer you sufficient insurance coverage in case it has a co-payment clause.

Day-care procedures- Generally, most of the insurance plans don’t cover day care procedures. In order to make an insurance claim, it is mandatory to have hospitalization for a minimum 24 hours. Due to technological innovation, most of the procedures don’t need any hospitalization. It is recommended go for an insurance plan that provides a maximum number of such procedures.

Network listed hospitals- It is recommended to check out the network authorized hospitals and analyze whether it offers the facilities that require often. It’s an extremely crucial factor to keep in mind especially if you travel frequently. Your medical insurance should offer you insurance coverage even when you travel domestically. Cashless facilities are offered particularly at the network authorized hospitals.

Pre and post hospitalization- Medical charges incurred after and before hospitalization are known as pre and post hospitalization charges. In event of hospitalization, the treatment exceeds above and beyond the hospitalization. The follow-up visits, follow-up treatment to be done is included in the post-hospitalization charges. A health insurance plan that covers these charges is considered to be good. 

No claim bonus- Generally, insurer offers a no claim bonus, if the insured hasn’t filed any claim. When NCB is offered, either the amount insured is enhanced or the insurance premium is decreased. Some insurers offer both the benefits.

Maternity Benefits- When an insurance plan is purchased for a woman, the plan should cover maternity benefits. To be able to cope up with the sky-rocketing pregnancy-related expenses, it’s extremely significant to check if the plan caters to maternity benefits or not.

Free healthcare checkup- Check if a health plan entitles insured to undergo a free health check-up. The medical tests or checkups shouldn’t come with hidden expenses that are brought up at the time of renewal.

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