You want your family protected from all harm, and a medical policy is one of the best ways to ensure that. A health insurance policy can prove to be a boon in times of emergency. However, there are a few factors that you must consider, such as the premium, benefits, facilities, etc. Especially with the variety of policies available, it can get a little confusing. Here are a few tips to keep in mind when choosing a medical policy for you and your family:
1 : Right Policy Coverage –
Your health plan should secure you and your family from a wide range of health problems. From regular check-ups to critical illnesses, your insurance should cover most of it, if not all. It should provide benefits such as pre and post-hospitalization, day-care expenses, transportation, and hereditary illnesses. The policy must meet all the requirements of each of your family members. Consider your needs, compare several health insurance plans, check out the policy features, and limitations.
2 : Flexibility –
When choosing a family health insurance plan, ensure that the policy allows you to add new members quickly. If a senior member of your family passes away, the insurance should continue as is. You should not lose any benefits due to changes in your family structure.
3 : Lifetime Renewability –
Its always more comfortable to buy a health insurance plan early in life. There are fewer risks to your life when you are young; hence the company has less liability. However, it gets complicated as you grow older. So, your health plan must have lifetime renewability. This ensures that you will not be stranded without a health insurance policy later in life. Your aim must be to have a sturdy health cover offering the most benefit in your old age.
4 : The co-payment clause –
A co-payment is the amount you have to pay for your treatment as your share. The insurance company will bear the rest. Ensure that the co-payment, along with the premiums is less. You wouldn’t want to incur losses instead of savings through an insurance plan. Read the terms and conditions carefully before buying a plan.
5 : Network Hospital–
A network hospital is a hospital associated with your insurance company. This hospital will accept the cashless claim feature offered by your policy. A cashless claim is when you get treatment without paying any cash. The hospital and the insurance company settle the bills amongst themselves. Choose a policy whose network hospitals are accessible to you. This will save you the trouble of filing a reimbursement claim and making hefty cash payments to the hospital.
6 : Claim-Settlement Ratio –
Check the insurance company’s credibility. Ask for their claim-settlement score. A steadily high score ensures that your claims will not be wrongly rejected. Look at their solvency ratio. This number tells you whether the company will be able to afford your claim reimbursements. Find out about their claim processes and how accessible they will be when the need arises.
These are a few tips which will ensure that the best health insurance plan protects your family.
