Numerous insurance providers, each with its several plans can add to the perplexities of prospective buyers. To clear the confusion vis-à-vis which health insurance policy to choose, asking few questions is recommended before acquiring the medical health insurance.
1. Basic health coverage
Given the multiplicity of health insurance coverages, it is imperative to know the limit of basic coverage provided. Accident, outpatient treatment expenses, ambulance charges, maternity care and surgery are some of the essentials that a basic health plan should comprise of.
2. Insurance benefits
Comparing the insurance benefits of two or more insurance providers with same premium amount can help you balance your needs, cost and risk. You should also look for insurance riders like critical illness benefits and surgical illness benefits that you can attach to your health insurance policy.
3. Maximum renewal age
You buy health insurance to avert the rising health care payout in the old age. If the policy is terminated well before the time you need it the most, there is no use of buying it.
4. Co-pay limit in each treatment
Carrying the risk of certain hereditary health conditions increases the possibility of hospitalization and treatment later. So, the company providing the maximum percentage of expenses of can happen health conditions would be a viable option to choose.
5. Upgrading of sum insured
Medical inflation on the increase of 17 to 20% annually can leave your present sum insured obsolete in the coming years. The company providing the option of upgrading the sum insured at later stages would be a viable choice.
6. Parameters of change in premium
Premium amount increases with the increase in your age. Besides this rate chart, you should be kept informed of all factors that can lead to increase or decrease in your cost of availing services.
7. Freedom of choosing a health care provider
This liberty would help you to avail the health treatment as per your preferences and not according to your health insurance provider.
8. Claims allowed annually and claim procedure
Although all insurance companies work on similar lines with the rules laid by IRDA, there are certain norms which are company specific. Knowing the number of claims allowed annually and the procedure for the same can help you to pick the reliable insurance provider.
9. Cashless hospitalization
Though all insurance providers avail cashless hospitalization, it is always in your best interest to confirm the same as well as to inquire about the network of hospitals for cashless support, well before acquiring the policy.
10. Exclusions and waiting period
You buy a health plan for specific coverage but chances stand that insurance provider excludes that disease or covers it after a certain waiting period. Hence, inquire about these exclusions and waiting period as well, in advance.