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These days, charges for medicinal treatments, medicines, tests, and doctor’s fees are increasing considerably. Therefore, opting for a well-rounded health insurance plan has become vital. With this insurance policy, individuals can get quality treatment and healthcare without bearing any headache of financial crises.
However, since plenty of health insurance providers are available, it can be quite a tough job for you to select one. Keep reading to know more about how to choose the best health insurance company suitable for you.
Factors to Consider While Choosing a Health Insurance Provider in India
Following are some things you must remember when choosing the best health insurance company in India.
Check Credentials of Insurance Provider
The primary thing to look for is the credentials and trustworthiness of the insurance company, as they will help you to understand the coverage you will get. Furthermore, after purchasing the policy, check whether the insurer has a user-friendly customer support system so that you can get instant help if you raise your doubts or queries there.
In addition, you need to check the solvency ratio and claim settlement ratio to get an overview of claim settlement probability.
Opt for Variety
While choosing a health insurance provider, select the one that provides you with maximum options and benefits. Often, health insurance providers come with plans for a range of budgets. Therefore, the right insurer will offer you a plethora of policies of various budgets and ranges of premiums. This is essential as it enables you to select a policy as per affordability.
Cashless Hospital Network
The objective of cashless hospitalisation is that it enables policyholders to choose a network of hospitals where they can avail treatment without paying anything at the beginning. Upon completion of the treatment, the medical bill is sent by the hospital to the insurance provider and settled between them.
The insurer will bear costs for all medical expenses covered under the policy and up to their limit. This means you must bear the remaining part as a policyholder. The facility helps you avoid taking the trouble of collecting every medical bill and again producing them to the insurer for getting reimbursement of your claim.
This lessens your worries about arranging payments immediately, as well as protects your savings since the expenses of treatment are taken care of by the insurer. Choose a health insurance provider with an extensive network of hospitals with cashless facilities so that you can easily visit to a hospital in a convenient location.
All health insurance companies have conditions regarding the waiting period of the policy. The waiting period refers to the time gap between the beginning of the policy and the time its coverage becomes active. As a policyholder, you must wait until this period ends to get coverage for any pre-existing disease or sickness.
If any claim arises within the waiting period, the insurer will not consider it. Therefore, when you choose an insurer, try to opt for those who offer the least possible waiting period.
Renewal Age Limit
The health insurers mostly provide renewable plans until the policyholder becomes 70 or 80 years old. However, this is not favourable as everyone knows that a person’s health worsens with age. Moreover, remember that medical treatments for aged persons are costlier. Therefore, choose the insurance provider who can offer you coverage for a long period or even at an older age.
Pre- and Post-Hospitalisation Charges Cover
Apart from covering the medical treatment charges, health insurance policies even offer coverage for pre- and post-hospitalisation costs. In general, health insurance providers offer coverage for 60 days before the treatment starts and 90 days of expense coverage after the end of treatment or during the post-hospitalisation period. Therefore, you must go for the insurance plan that offers an extensive coverage period for pre- and post-hospitalisation charges.
No Claim Bonus
In some health insurance policies, you will get the No-Claim Bonus for all claim-free years. The reward is offered if you raise no settlement claims in the last policy year, and the insurance company will charge you a reduced premium during renewal. Therefore, choose an insurance provider who offers this facility and enables you to enjoy that.
Well-Organised Customer Care Service
While choosing a health insurance provider, select the one that provides prompt customer care service. This way, if you face a problem, you can immediately contact customer care, irrespective of the network or internet connection. In addition, when it is a matter of health emergency, the situation is highly critical. So, you are suggested to check the customer care service and accessibility of your insurer before finalisation.
There is no telling when you will encounter a disease regardless of your age. Hence, in order to prevent financial stress during such situations, you can opt for the best health insurance company. However, before buying such an insurance plan, go through the guidelines mentioned above to ensure that you get the maximum coverage out of your budget.