Tuesday, September 6, 2016

How to Select the Best Health Insurance Plan or Policy

Every individual should go with the Health Insurance. Usually most of the people stop with employer provided health insurance but that should not be the case.
Taking care of your health is almost certainly the best health insurance that you have. But the question is why do you need a health insurance policy if you eat right, exercise, don’t smoke and are fit and healthy?
Let’s face it, life is unpredictable! Getting yourself health insured will protect you from financial shocks in the event of a grave medical emergency.
Buying Best Health Insurance Plan
Health insurance policies are intricate products that have evolved over time to provide to the exact needs of consumers. The IRDA issued a list of rules in 2013 for the standardization of various policies available in the market.
The new Policies are issued after the standardization of rules has a higher age entry of 65 years. Also, according to the new rules, the insurer is bound to present settlement within 30 days of the claim request.
  1. Don’t Wait to Get Sick to purchase a Policy –
Have you been to come for the perfect health insurance product to get yourself health insured? There are basically two types of policies: indemnity plan which cover hospitalization costs and the other is benefit policy which offers a lump-sum amount to the insured upon diagnosis of a disease.
Every policy might differ in some way or the other, but these are two broad frameworks within which they operate.
  1. Individual Policy or Family Cover –
If you are the bread winner of the family then you must think of getting your entire family’s health insured. Getting your parents insured when they are relatively young is essential as risk of diseases shoots up with age and health insurance policies for senior citizens offer limited benefits.
After you have decided upon getting your family insured, what you make a decision next is whether you want to take entity policies or a family floater.
A family floater is a policy where all the members of the family are covered beneath the same policy. It is measured to be the preferred option because they offer a higher cover at a lower cost.
  1. Decide the Cover Amount –
While buying a policy, the most vital thing is deciding the cover. One of the main mistakes that you might create is to take a policy on the foundation of current healthcare costs.
Remember a health insurance policy covers you for lifetime; therefore you must take an amount that sufficiently covers you for a minimum of 25 years.
You must also take into account your lifestyle and choose the best health insurance policy that suits it. If you are most important a healthy lifestyle, you might be at a lesser risk to fall victim to diseases but if not then you must prepare for the unexpected.
  1. Know the Hospital “network” –
Hospital network refers to the list of health care providers that have an agreement with the insurance company to provide “cashless treatments” to policy holders. The insurance company in such a case will pay the hospital straight.
  1. Know the Policy Wordings
Being ignorant of the policy wordings might land you in problem during claims settlement. Go through the entire policy document yourself. Also make sure that you go through the Customer Information Sheet which contains all the key circumstances that you must be conscious of.
The Policy wordings that not only states the terms and conditions but also includes what is covered and what is not covered in the policy.
  1. Compare Policies –
It is very necessary to compare different policies while business health insurance. Even though premium is an significant criterion in relation to your income and financial condition that should be last thing you should compare policies on.
Compare policies on the in general insurance contract which may comprise features, reimbursement, terms and conditions and other factors such as network, post hospitalization expenses, loading, no claims discount, no sub-limit, no room rent limit and more.

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