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What Are the Considerations in Selecting a Medical Insurance Policy?


A wide variety of  health insurance plans exist in India and choosing the right one might be a challenge if you don’t have the right information. In addition to the many options, users may feel overwhelmed by the technical language and policy wordings used to describe them.

As a result, there are several considerations that need to be taken into account before making a final decision on health insurance. Some of them are listed below.

  1. The procedure for making a claim: If filing a claim is easy, the insurance company would pay out benefits more quickly, which would be a win for the policyholder.

People should always consider health insurance policies that have the simplest claim process and the quickest possible claim settlement time.

  1. Health insurance for the family: Individuals should take age into consideration when selecting a health insurance plan for their family. Individuals should also take into account their family medical history and be aware of pre-existing conditions that each family member may have.
  2. Choosing an appropriate level of protection: When selecting health insurance, it is crucial for individuals to carefully analyse the level of coverage needed. The cover should be sufficient to pay medical bills for a given year. The younger the person, the less sum insured required.

It’s also important for people to consider the affordability of premiums. It’s important to choose a type of sum insured that is adequate in an emergency and inexpensive at the same time.

  1. Checking the network hospitals: People should research their insurance company’s network of cashless hospitals. This would ensure that the patient’s insurance provider would settle payments directly to the hospital.

 Therefore, it is imperative to select a health insurance provider that is highly regarded and has established relationships with a wide range of hospitals.

  1. Availability of maternity benefits: It is critical for women to invest in a health insurance plan with maternity cover. It would also be important to check whether or not there is a waiting time before expenses can be claimed and whether or not there may be a sub-limit on coverage.
  2. Check lifetime renewal possibility: People should prioritise finding health insurance plans that can be renewed indefinitely. One should always select a health insurance policy that offers lifetime renewability at the time of buying it, as there might be a significant risk of suffering from diseases and illnesses during old age.
  3. Free medical check-ups: This is the only way to ensure that everything goes smoothly. People don’t like to find surprises down the road. So, find a health insurance plan that includes the most comprehensive free annual medical examination coverage.
  4. Pre and post-hospitalisation costs should get covered: Individuals incur costs prior to hospitalisation for medical visits, prescriptions, and during diagnostic procedures. Costs persist during hospitalisation and for some time afterwards for things like follow-up visits, prescription refills, and any additional care that may be necessary.

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Therefore, one should always opt for a health insurance plan which would cover multiple aspects of hospitalisation in pre-and post-periods.

While comparing different health insurance plan providers, individuals should take into account the above factors when deciding on a health insurance plan.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’

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