Most people do not know the benefits of a health insurance policy till they are in situations where they require it. You eventually take decision to get health insurance. But you don’t know which one to get. Here are a few tips for you:
1. Choose the insurance company smartly:
Usually, companies that provide health insurance are either life insurance or general insurance companies. Professional say that it is better to choose a general insurance company over one that provides life insurance, because a company that offers life insurance is invested in policies that will reimburse the members of your family of the deceased, and will not be targeted on health insurance. Generally, the policy costs hidden charges when taken from a life insurance company.
2. Make an advised decision about the health insurance:
Ask questions. Usually, if you have a family it is recommended to prefer for a family floater plan. It is more effective and economical for long period of time.
3. Choose the Sum assured:
‘Sum assured’ is the optimum amount that an individual who is insure can be covered or reimbursed for in one policy year. Simply, it is the platform for all your upcoming medical claims. Before you select the sum assured, consider the increasing medical costs. Simultaneously, the amount must not be excessive that it would be hard for you to pay the premium.
4. Figure out the empanelled hospitals:
Every insurance company has a tie up with the empanelled hospitals. These hospitals are directed on how to reconcile the claims of a patient who has a specific company’s coverage policy. So it is better to find which hospitals are under the insurance company. Checking for their reputation, distance, and specialty from your home is necessary. The reason behind that in case of an emergency, you are most probably going to a hospital nearest to your home.
5. Understand the premium calculation procedure:
When you buy an insurance policy, you have to pay a sum to the insurance company is known as premium. There are a few factors that will change while getting a premium are — the ‘sum assured’, the number of times you have used the insurance policy and for how much. Discuss with your agent about the premium and how the insurance company will charge for different services.
6. Compare policies:
You should talk to your friends or colleague who could have the same policy, or read reviews about the insurance policy which you want to buy. You can use a good tool to compare policies. Understanding that the company takes care of your finances effortlessly is essential for an easy stay at the hospital and a relaxing recovery.
7. Check if the company provides a no-claim discount or bonus:
Some companies provide either a discount or a bonus amount on the premium. This is called a ‘no-claim’ discount or bonus. It is an incentive to keep you healthy and fit.