Health is the greatest wealth that one can possess. Post-pandemic, people have realised the importance of a healthy lifestyle. However, unpredictable medical conditions can take a toll on a person’s well-being physically, mentally, and financially. Having health insurance can act as a financial safeguard during these times, making it important to invest in the right policy for you and your family.
Now that it is possible to buy health insurance online, certain things need to be kept in mind while doing so. Here are some of those –
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1. Opt for the Right Coverage
Choosing the right plan is key. Make a list of all your requirements, and check the various policies online that fulfill these. It is important to understand the scope of the policy inclusions and exclusions, waiting period, sum assured, disease-specific limits, and premiums. Pick the one with comprehensive coverage. Researching various mediclaim policies online will help you determine which plan best suits you and further enable you to customise it per your needs.
2. Pick the Right Sum Insured
Opting for the plan with a high sum insured can help cover the majority of the medical expenses as and when the need arises. It is best to think long-term and keep in mind different factors like the age and health conditions of those being insured while picking the right coverage.
3. Check the Clause Regarding the Waiting Period
The waiting period is the time between purchasing health insurance and getting diagnosed with a disease. If a claim for a particular disease is made during its waiting period, the insured will not receive the payout. Therefore, checking this clause before buying a health insurance plan online is important. The shorter the waiting period, the better it is!
4. Check for Network Hospitals
Insurance providers have tie-ups with a network of hospitals that ensure cashless claims to the insurer. This can be helpful in case of emergencies because you don’t have to worry about having cash in hand for your treatment. Before finalising a policy, be sure to check the list of network hospitals for your preferred hospitals.
5. Claim Settlement Ratio
The claim settlement ratio refers to the number of claims paid against the number of claims filed. A high claim settlement ratio indicates that the chances of settling your claim are high. Therefore, always opt for a policy with a high ratio.
6. Check the Renewal Period
A health insurance plan is most required during the later stages of life; therefore, considering its renewal period is crucial when buying the same. It is best to opt for a policy with lifetime renewability since this provides financial protection from increasing medical costs for life.
Purchasing the right health insurance is a necessity. Taking these tips into consideration, do your due diligence and invest in the health insurance plan suitable to your needs. To know more about health insurance policies, click here!