Checklist Worth Not Missing While Buying Health Insurance Plans

We should accept the fact that health insurance is a complex product and you should able to understand the nuances of every element to make the right decision. Health insurance is necessarily related to savings for long term but it is an expense that you make today to avoid unwanted expenses of tomorrow. Over the year’s health insurance plans have also changed, the mediclaim which your father might have bought has no relevance today. Things have changed in today’s context and thanks to competition from private insurers which have made health policies more effective and useful but for that you to enjoy the full benefits need to know the facts very clear.

We have tried listing few points which you should put in your checklist and should not anyway miss to judge your policy or your requirement based upon them. The points listed below intend to make your decision easy so that you don’t miss any point while a buying health insurance plan.

  1. Don’t take a late decision:  Customer trying to buy a health plan is always looking for something very good. In a real world scenario you can’t get a plan which meets 10 out 10 requirements. Highest cover and low premium is just a misnomer, we should know that nothing comes free .We should judge a plan based upon our exact requirements and plan things accordingly. Because of this we end up buying a plan at the much later age .At that age we end up paying much higher premium to the insurer and even some part of the cover also might be denied at that age because of some existing health condition. Buying a higher cover early is always helpful not only in terms of benefits you enjoy but also help you save money.
  2. Select a cover based upon long term objective: We should not consider the cover based upon today’s cost of health care. The biggest mistake which people generally make while deciding upon the cover for health insurance plan is that they consider today’s cost whereas the claim one would be probably making would be 20 years from now. Say the hospitalization cost today range between Rs.50000 to Rs.300, 000 assuming that your age is 30 years but by the time when you start making a claim may be at the age of 50, the cost of hospitalization would something around Rs.13 lakh considering 7.5% of health care inflation. So the amount of cover to be decided based upon the long term perspective so that it can give the real cushion to your financial plan.
  3. Always keep a track of your lifestyle:  The best health insurance is to keep your lifestyle heath. Following healthy food habits, routine or regular excising, not falling in the prey of bad habits like smoking and drinking can always help you hedge health related risks. Keeping track of your and your family’s health is very important. Other than the inflation type of lifestyle is also an important factor while considering you health insurance cover. Your life style would also define the cover that you are eligible for and the cost that you need to pay.
  4. Individual or family floater plan? :  This is an important question to answer. Whether it is effective to have individual plans for each family member or a floater plan would do. The underlying formula to answering this question is to look at the current health status of each member. Though floater plans are more optimized if we consider the cost of premium but health condition of each member is an important factor to consider the type of plan. If every member of the family is ok then a family floater is an Ok option to look. In case one is suffering a specific ailment one should look for a specific disease individual cover of that member. In case any member of the family falls in the age group of above 50 we should look at buying an individual cover that person and should not be part of the family floater cover.
  5. Consider hospital room eligibility capping: Health plans generally have capping on the amount of hospital room rent what would be covered under a plan. If your original expense increases the cap the insurance company would settle things as per capping,But the question is this capping is just simple capping or does it affect anything else. The worst part of once the capping becomes applicable for room rent in the process of claim settlement it become applicable for other forms of expenses though there are different restriction percentages for other types of cost.
  6. Hospital network: When we are considering taking the best benefits from health insurance this is an important factor. In case of medical emergency when you are looking at the cashless benefits this is something which is only offered in the network hospitals of the insurer. Though the list of network hospital provided by the insurer is not that exhaustive but the number of hospitals near your place of stay is very important and should be a factor while deciding upon the insurer.
  7. Factor that should not be consider: Other than the major part of the cover you must not consider certain minute factor as a deciding benchmark for deciding upon a particular plan. Features like Ambulance, Daily hospital cash, domiciliary and many other factors are not that important. In the cost regarding this is something which you can also pay out of your pocket. Critical things to focus upon are network of hospitals, fees of doctor consultation, Room rent limit, ICU charges etc which are more thing to consider. So you should always base your decision on critical factor rather than unwanted things so that you can make the right decision

Looking at the critically of the need of having a health insurance plan one should consider everything in details. Though through online comparison you can make fair amount of savings but the checklist shown above is something which one should democratically follow before you proceed with decision of buying health insurance.

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