7 Things to Consider While Buying Health Insurance in India
Health
insurance is one of the
most important types of insurance policies that you should consider having in
India. With the rising cost of medical treatment and hospitalization, it is
essential to have a health insurance policy that can provide financial
protection against medical expenses. However, buying the right health insurance
policy can be a daunting task, considering the plethora of options available in
the market. In this post, we will discuss some of the factors that you should
consider while buying health insurance in India.
What Should You Consider While Buying Health Insurance In India?
1. Type of policy:
The
first thing you need to consider while buying a health
insurance policy is the type of
policy you want to purchase. There are two types of health insurance policies
available in India – individual policies and family floater policies. An
individual policy covers only one person, while a family floater policy covers
the entire family under a single policy.
2. Coverage:
The
second thing you need to consider is the coverage provided by the policy. It is
important to choose a policy that provides adequate coverage for your medical
needs. You should look for a policy that covers hospitalization expenses, pre-
and post-hospitalization expenses, ambulance charges, and other medical
expenses.
3. Network hospitals:
The
third thing you need to consider is the network of hospitals covered by the
policy. You should choose a policy that has a wide network of hospitals in your
city or nearby cities. This will ensure that you can avail of cashless
hospitalization in case of a medical emergency.
4. Sum insured:
The
sum insured is the maximum amount that the insurance company will pay in case
of a claim. You should choose a policy that offers a sum insured that is
sufficient to cover your medical expenses. It is important to note that the sum
insured should be based on your age, medical history, and lifestyle.
5. Waiting period:
The
waiting period is the time period during which you cannot make a claim on your
health insurance policy. It is important to check the waiting period for
pre-existing illnesses, maternity benefits, and specific diseases. You should
choose a policy with a lower waiting period to avail of the benefits at the
earliest.
6. Premium:
The
premium is the amount that you pay to the insurance company to buy the policy.
You should choose a policy that offers a premium that is affordable and fits
your budget. You should also compare the premiums of different policies and
choose the one that offers the best value for money.
7. Claim settlement ratio:
The
claim settlement ratio is the ratio of claims settled by the insurance company
to the total number of claims received. You should choose a policy from an
insurance company that has a high claim settlement ratio. This will ensure that
your claims are settled quickly and efficiently.
In
conclusion, buying health insurance in India requires careful consideration of several
factors. You should choose a policy that provides adequate coverage, has a wide
network of hospitals, offers a sufficient sum insured, has a lower waiting
period, and has an affordable premium. You should also choose a policy from an
insurance company with a high claim settlement ratio. By keeping these factors
in mind, you can choose the right health insurance policy for you and your
family.
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