In the last two years, the pandemic has raised awareness about the importance of health insurance. With mounting medical expenses, it has become a necessity today. In case of any medical emergency, one cannot depend on his/her savings. Therefore, good health insurance is important for everyone.
However, it is not enough to just get health insurance; you must also ensure that you have purchased the ideal plan that suits your specific needs. But today, the market is very competitive with health policies, making it difficult to choose the right one. So, if you are a first-time buyer this medical insurance checklist ensures that all-important criteria are met.
Choose the Right Coverage
You must first identify what your medical policy should cover. You must evaluate how much coverage is appropriate for your family based on the members’ ages, health histories, and other factors.
You can purchase “individual” health insurance policies for each member of your family, or you can get a “family-floater” policy that covers everyone in the family.
Individual policies are a great resource in any situation, but they are more expensive than family-floater policies. The family-floater policy is a great option since it allows you to use the complete coverage among your family members as a group. Furthermore, when a family-floater plan is chosen, the total insured is larger than when individual insurance is chosen.
Adequate Sum Insured
Your insurer will only pay up to the sum insured. So, If you want to get family-floater insurance, the sum covered should typically be 10 times your annual income. If you are single and do not have any dependent family members, the sum covered might be anywhere from 5 to 6 times your annual income.
While having a bigger coverage amount gives you the peace of mind that you’re covered, it also means you’ll pay a higher premium. As a result, it is essential to choose a health insurance policy that provides the appropriate level of coverage while remaining within your financial ability.
Upgrade Coverage with Time
Your policy should allow you to upgrade in the future if necessary. The need for health insurance may rise in the future. You should be able to upgrade the policy that is currently in effect. It’s a cost-effective strategy to receive more insurance coverage later in life.
Cashless Health Insurance
Cashless health insurance provides security in the case of an unexpected hospitalization that requires early payment. Cashless hospitalization is a hassle-free and paperless experience, whether it is a planned or unplanned hospitalization.
Check the Waiting Period
Before any critical illness can be covered by a health insurance policy, there is a waiting or cooling period. You should also compare the waiting time for pre-existing diseases or problems, in addition to the health insurance cost.
Check Sub-limits of Coverage
Various health plans include a sub-limit or restriction on their coverage. Prefer plans with no limitations on co-payments, treatment, or room fees. Sub-limits limit the extent of coverage and result in out-of-pocket expenses. So, don’t forget to double-check the plan’s sub-limits.
Check Network Hospital List
You can avail the benefit of cashless treatments at networked hospitals only. Therefore, when buying health insurance make sure you check the list of network hospitals empanelled with your insurer. Also, keep in mind that the hospitals in your area are also listed, as it is much easier to travel to a nearby hospital and seek the necessary medical care in case of any emergencies.
Exclusions
There are certain exclusions in all insurance policies. Therefore, it is necessary to keep track of the treatments, tests, or diseases that your insurer does not cover. If you don’t, you risk paying for a treatment that is already covered or being charged a hefty price after the treatment is done.
Review and Compare
Most importantly, look into your insurer’s reputation online. Read reviews, and talk to your friends who have experience with the insurer before. Find information about their claim settlement ratio and method. Check their network size and don’t forget to read their terms and conditions as well to make an informed decision.
When purchasing health insurance coverage, keep in mind all the things listed above. The checklist will guarantee that you receive the right coverage that will protect your family in case of a medical emergency.
