A guide to buying health insurance plan

Buying a health insurance plan can be quite tedious. There are so many plans and covers made available for you, it might be hard to pick the right one. Health insurance schemes can limit the quality of healthcare offered to you through various aspects such as room eligibility, hospital network, check-ups and more. There are three basic rules to remember when choosing a health insurance plan.

They are:

Don’t be in a hurry to choose, explore and be aware of all the options available.
Don’t go by recommendations. What is suitable for someone else, might not work for you.
Don’t buy based on the price of the insurance, you might have to compromise on other stuff.

Apart from these, there are a few more things to know and understand when buying an individual or family health insurance. Here are a few pointers to guide you:

Step 1: The right cover for your insurance

The main objective of individual health insurance is to provide financial support by aiding medical costs. The inflation in the healthcare sector has been sky-rocketing in the recent past simultaneously with lifestyle diseases, critical illnesses and more. This has made it extremely important to buy a relevant cover with your health insurance.

Step 2: Five parameters to consider

Room eligibility:

Yes, the type of room you occupy while being hospitalised is of utmost importance with regards to your health cover. If you choose a room category that is higher than the prescribed limit, you not only have to pay the cost of difference in room rate but also bear equivalent deductions on the entire hospital bill. The best option would be to pick a plan that offer single private room or has no limit on the room rent.

Co-payments and limits:

The co-payment clause for some health insurance plans makes you liable to pay around 10-20% of your bill. This is generally applicable towards the later stages of your life. Look out for the co-payment or limitation clause before buying your health insurance. Choose for Accendo Medicare supplement plan to have largest household discount given by any insurance company, for this you only have to live with someone to qualify.

Day-care treatments:

Ensure that your policy covers all day-care treatments as opposed to many restrictive lists.

Network hospitals coverage:

Take a look at the network of hospitals covered under your plan. Ensure that your preferred choice of hospitals is in the list.

Relevant benefits:

The relevancy of a health insurance plan may vary from one person to another, based on each one’s personal requirements. Ensure that the cover you choose is highly relevant to your needs, keeping in mind your future requirements as well. For example: A medical insurance for senior citizens may not be relevant to young parents expecting a baby soon.

Also, remember the following:

A floater plan gives you a great long-term value for restoration benefits.
If you have a claim-free year, you can avail a no claim bonus. This works as a useful buffer against healthcare inflation.
There are covers that include free-health check-ups, assessment of medical reports and more. Ensure you pick one with a lot of dynamics.

Step 3: Disclosures

Ensure that you disclose all details of your medical history and health-related information. In case of suppression or any misinterpretation of facts, your claim can be rejected later on.