Buying health insurance is definitely a big step in anyone’s life. You are an adult, becoming more aware of your health and taking things in control. Your first step in this direction is the research and purchase of a good health insurance plan.
Now you may have consulted a friend or asked an older cousin, compared multiple plans or even talked to agents! Maybe you are just about to hit the buy button!
Hold on!
All we ask is consider the following before you make your purchase.
Your Age Factor
Age is probably one of the biggest factors that affect the kind of health insurance you should go for. The younger you start, the better it is. Your premiums would be less, less chances of claim rejection, and more options in terms of coverage and features.
For example, if you are buying a family floater plan, the premium would be decided based on the age of the eldest family member.
Insurance is not something you buy once and then forget about it. You will have to renew your plan every year. Your needs and requirements will change with time. Keep all your future requirements in mind while buying your first health plan.
Keep reading the blog for more.
Here’s a blog talking about 5 type of health insurance everyone must know about.
Premium + Coverage
The second thing is your paying capacity. Choose a premium which you are comfortable paying every month. Your policy coverage amount and all the other additional features (like critical illness, daily cash benefits) are dependent on the premium you pay for your health plan.
Buy a health insurance plan which covers your requirements, lifestyle needs, and comes at a premium you feel comfortable paying.
Prefer Cashless Hospitalization Benefits
Insurers usually offer cashless treatment benefits if you go to the network hospitals for your treatment. The list of these hospitals can be found in your policy document.
In case of an emergency, you don’t need to arrange for any funds for your medical care. All your medical bills will directly be paid by your insurer to the network hospital. It saves you from a lot of tedious paperwork and the need for filling reimbursements.
Always check the network hospital list before you buy your health insurance plan.
Opt for Pre and Post Hospitalization Coverage
Most health plans cover hospitalization for pre-decided diseases and medical emergencies. Consider buying a plan which also covers the additional cost incurred during the pre and post-hospitalization phase.
Having this feature will save you from uncovered expenses like ambulance charges, medicines cost, medical test, doctor fees, post-treatment care, etc.
Coverage of Maternity Expenses
It’s an easy one to miss when you are buying a health insurance plan. Because coverage for maternity expenses is not something with which most people associate health insurance.
But with the rising cost of delivery and maternity care, you will be well advised to include maternity expenses in your health plan. Usually, there is a waiting period of 2 to 4 years before you can claim for the benefits.
It will be ideal if you are planning to get married or planning a family in the coming years. Also, look for options which cover medical expenses for the newborn baby on top of delivery cost.
Making Use of No Claim Bonus
This won’t be relevant to you if you are buying your first health insurance plan but it becomes highly relevant in the coming years. We thought it’ll be better if we told you about No Claim Bonus/No Claim Discount before you buy your first health insurance plan.
It simply means that your insurer will offer you a discount for the years that you don’t file for any claims. Your coverage amount would be increased for every claim-free year. However, there’s a limit to how much your coverage would be increased. Do check with your insurer before you sign those papers.
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Preventive Health Check-up Facility
Prevention is the Best Cure!
Overused and now clichéd, but as powerful as it ever was. No matter how good your health plan is (cashless treatment, pre and post hospitalization coverage, critical illness, etc.), you don’t want to get sick. No one does.
And that’s why opting for a health plan which gives you the option to go for preventive health check-up is the best option.
Simple Claim Process/Claim Settlement Ratio
When buying a health insurance plan, do not overlook this commonsensical yet mostly ignored factor.
You may have got the best coverage amount from your insurer, a vast list of network hospitals, cashless treatment, etc. but if your insurer has a bad claim settlement ratio or a complex process for filing claims, you will have a hard time fighting your insurer for your claims.
At a time, when all your energies should be spent on getting the best medical care possible, you shouldn’t have to worry about your claim being rejected.
That’s why, we are simplifying the process of all-digital, superfast claims here at Toffee. Our claim settlement ratio stands at 98%, and that’s something we are very proud of.
In a nutshell, pick a plan which suits your personal requirements and offers you peace of mind.
We hope this blog will make it a little easier for you to pick a health plan. If you have any questions, do write to us at support@toffeeinsurance.com
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