Tips To Compare And Choose Best Medical/Health Insurance Plans
With countless insurance companies offering a myriad of different health insurance policies with complex features, finding the right health insurance in India can be pretty difficult. For the common man with no expert knowledge of insurance, it is advised to seek help from an insurance consultant to gain an insight on different products and understand the steps that are involved in the process.
Compared to the health insurance industry in other developed countries, in India, experts prefer to call it 'hospitalization insurance'. This is because of the fact that Most health insurance policies in India only cover the hospitalization expenses and the benefits of them are also subjected to a list of norms and regulations. Here are a few tips that might help you in finding the best mediclaim policy or health insurance policies in the country.
Concentrate on the Basic: Insurance products with many frills are hardly cost-effective and are naturally better to be avoided. The unnecessary frills like routine medical expenses or consultation charges needlessly increase the premium which most policyholders are capable of taking care of by themselves. Prefer policies with a substantial cover that suffices to make up for the whopping expenses incurred at the time of a medical contingency.
Avoid Comparing Premiums: Compare health insurance plans in India solely on the basis of the premium amount is a grave mistake. Health insurance is an intricate product with a host of complex services and there are a number of factors that have to be considered before buying a plan. Instead of comparing only the premiums you will do better to gain a better knowledge of the policy. Understanding the benefits is more important than the amount you are paying.
Maximum Renewal Age: This is one of the most important factors to consider in any health or mediclaim policy. This is the age after which the coverage of your insurance will be discontinued. Products that do not offer a renewal once the insured reaches the upper cap of renewal age, are better to be avoided and insurance policies offering lifetime coverage are always a better investment.
Limits and Co-pay: There are different treatment wise limits for different policies. Such limits are there to cap the claim amount by the policyholders, even when an amount more than that is actually insured. This is a thing you must consider before signing for an insurance policy. Co-pay is the amount that the policy holder needs to pay from his own pocket and knowing this amount plays a very important role in the best medical insurance policy for an individual.
The Sum Insured: It is the total annual liability of any particular policy and you better find one that allows to increase the sum insured later. Such an upgradation might involve a medical test but will also allow you to enjoy medical coverage when you will need it the most.
Along with the things that are mentioned above, you also better check the credibility of the insurance company depending upon their overall claim experience and other factors. Insurance companies will always have their commercial interests to satisfy and that is why professional and expert help can make the job of finding health insurance plans much easier.
Compared to the health insurance industry in other developed countries, in India, experts prefer to call it 'hospitalization insurance'. This is because of the fact that Most health insurance policies in India only cover the hospitalization expenses and the benefits of them are also subjected to a list of norms and regulations. Here are a few tips that might help you in finding the best mediclaim policy or health insurance policies in the country.
Concentrate on the Basic: Insurance products with many frills are hardly cost-effective and are naturally better to be avoided. The unnecessary frills like routine medical expenses or consultation charges needlessly increase the premium which most policyholders are capable of taking care of by themselves. Prefer policies with a substantial cover that suffices to make up for the whopping expenses incurred at the time of a medical contingency.
Avoid Comparing Premiums: Compare health insurance plans in India solely on the basis of the premium amount is a grave mistake. Health insurance is an intricate product with a host of complex services and there are a number of factors that have to be considered before buying a plan. Instead of comparing only the premiums you will do better to gain a better knowledge of the policy. Understanding the benefits is more important than the amount you are paying.
Maximum Renewal Age: This is one of the most important factors to consider in any health or mediclaim policy. This is the age after which the coverage of your insurance will be discontinued. Products that do not offer a renewal once the insured reaches the upper cap of renewal age, are better to be avoided and insurance policies offering lifetime coverage are always a better investment.
Limits and Co-pay: There are different treatment wise limits for different policies. Such limits are there to cap the claim amount by the policyholders, even when an amount more than that is actually insured. This is a thing you must consider before signing for an insurance policy. Co-pay is the amount that the policy holder needs to pay from his own pocket and knowing this amount plays a very important role in the best medical insurance policy for an individual.
The Sum Insured: It is the total annual liability of any particular policy and you better find one that allows to increase the sum insured later. Such an upgradation might involve a medical test but will also allow you to enjoy medical coverage when you will need it the most.
Along with the things that are mentioned above, you also better check the credibility of the insurance company depending upon their overall claim experience and other factors. Insurance companies will always have their commercial interests to satisfy and that is why professional and expert help can make the job of finding health insurance plans much easier.
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