The most important point for HEALTH INSURANCE is that it should be 100% CASHLESS HEALTH INSURANCE without any co-payment, without any limit on Hospital Room Rent, without any sub limit on major surgeries or Diseases.
There should be NO CLAIM BASED LOADING and RESTORE of SUM INSURED is extra feature that could be used if the basic SUM INSURED is exhausted and it should be triggered immediately after the first claim and could be used for same person with same illness also for which the claim has already been taken.
We should also check the CLAIM RATIO of the company from whom we are buying the policy. It is advisable that the CLAIM SETTLEMENT should be In House so for fast approval.
7 Factors Which Should Be Considered While Choosing Health Insurance
Health insurance is a very important part of a person’s life, as it saves us from the financial issues. If we get sick or suffer any kind of medical problem then the health insurance helps us to get treated and save our money. There are a number of factors which should be considered before choosing health insurance.
We should take the assistance of a health insurance agent when choosing the health insurance policy for us. An agent will help us to get the right coverage according to our needs. Here are the most important factors that should be considered while choosing health insurance.
1) Cost of the insurance
The cost of the health insurance depends on the company, it can vary from one company to another. The monthly premium is the biggest factor which influences the cost of the insurance.
If you choose the health insurance policy which is costly then you will have to pay more amount of money for the insurance premium.
- The benefit cover and the benefit packages The insurance companies offer different types of plans and packages depending upon their clients’ needs. You can select the plan or package that suits your requirements. The benefit package includes in-patient and out-patient benefits.
- The services provided You can select the insurance company which offers you the best services and facilities. It is good to check the facility and the service offered by the insurance company before choosing one.
The coverage is the second most important factor which influences the cost of the insurance. Some companies cover only a single illness, whereas some cover many illnesses and diseases. You can find the information about the coverage in the policy. If you want to have a wide coverage then you should go for the policy with the best coverage.
3) Waiting period
If you are not able to afford the policy then it is better to have a waiting period. If you are willing to have a waiting period then you can choose a cheaper insurance policy.
There are many insurance companies that offer waiting periods. Some of these companies offer waiting periods of 1 year, 3 years, 5 years or even 10 years. The waiting period varies from company to company. It is best to look for the waiting period from the insurance companies.
Co-insurance is the third most important factor which influences the cost of the insurance. Co-insurance is the percentage of the total bill that you will have to pay. If you have a higher co-insurance then you will have to pay more amount of money for the insurance.
If you have a high deductible then you will have to pay a higher amount of money for the health insurance. If you want to have a low deductible then you should go for the insurance policy with low deductible.
6) Annual renewal
If you are going to renew the policy then you should consider the policy that will help you to save money.
- You will need to wait for a certain number of years to get your benefits. The waiting period can be anywhere from 6 months to 5 years.
- Guarantee period The guarantee period is an amount of time that the insurance company guarantees you a certain amount of money. It can range anywhere from 1 month to 10 years. You will need to decide how long you want to have your insurance plan for.
- Deductible The deductible is the amount you have to pay before the insurance company pays out any benefits.
There are several Companies offering various POLICIES with various features like NO CLAIM BONUS, RESTORE, LIFE LONG RENEWAL, NO EXIT AGE LIMIT and larger number of NETWORK HOSPITALS.
We can understand that the cost of HOSPITALIZATION and MEDICAL EXPENSES is very high at present and is increasing day by day. It is very difficult to afford these for a common man.
So, it is very important to have HEALTH INSURANCE for our family which can secure us in case of any MEDICAL EMERGENCY. If anybody is HOSPITALIZED, there are basically two reasons for that
- Due to Illness
- Due to Accident
If the main earning member is hospitalized, there is loss of income for that family, the hard earned saving is lost in medical bills and further mental stress for the whole family.
The following POLICIES are recommended for each and every person
- HEALTH INSURANCE POLICY/ MEDICLAIM POLICY
- INDIVIDUAL PERSONAL ACCIDENT POLICY
- CRITICAL ILLNESS POLICY
As described above, HEALTH INSURANCE POLICY takes care of hospitalization expenses, medicines and diagnostics. The INDIVIDUAL PERSONAL ACCIDENT POLICY is a PROTECTION POLICY that covers:
- ACCIDENTAL DEATH
- PERMANENT TOTAL DISABILITY
- TEMPORARY TOTAL DISABILITY
In case of accidental death sum insured is payable to NOMINEE and even if the person is permanently disabled due to accident financial support is provided depending upon the nature of disability. If someone is temporarily disabled weekly compensation is payable to cover loss of income to the family.
The CRITICAL ILLNESS POLICY gives the financial support to the person if he is diagnosed with any critical illness or life threatening disease for specified SUM INSURED.
These were some of the important factors that should be considered while choosing health insurance.
Ms. Baljeet Kaur
Sales Manager – Health Insurance Guider