Buying a health insurance policy is as important for the elderly as it is for the youth. The youth are now becoming more aware of this and buying policies. If you are also going to take a health insurance policy, then keep these 10 things in mind.
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There has long been a perception among the youth that health insurance is for the aged. But nowadays they have realized the importance of health insurance. Now people in the age group of 20-40 years are also buying health insurance.
Critical illnesses, disabilities, illnesses and medical emergencies are not limited to the elderly. Also, medical inflation in India is growing at a rate of more than 8 percent. In this way, if you pay the cost of treatment in cash, then you can get a big loss. In such a situation, it would be wise for you to take a health insurance policy. But keep these 10 things in mind while buying the police.
These All 10 things keep in your mind then buy health insurance
- Decide what type of policy you want. As per your need, you can also choose a policy that covers your entire family.
- You can take a policy of 1, 2 or 3 years. You can choose a longer term if you are satisfied with all the benefits and conditions of your policy.
- Check out the claim settlement ratio of the insurer. It is the percentage of claims settled against the total claims received by the insurance company in a year. Ideally, it should be more than 85% of your policy.
- You should carefully go through the complete list of network hospitals provided in your policy to ensure that the nearest and best hospitals are covered. Also, there should be such hospitals in the list where you can avail cashless treatment.
- Claim settlement is the process by which the insurer pays money to the policyholder. Your health insurance policy should have both cashless payment and reimbursement.
- Make sure your policy has facilities like hospitalization cover, maternity cover, daycare procedure, add-on cover option etc.
- Room rent capping or sub limit is the limit on the cost of the hospital room which is borne by the insurance provider. It can be a fixed amount or a fixed percentage of the total sum assured. For example, the capping of room rent for a policy of Rs 1 lakh can be 5 per cent or Rs 5,000 per day. In case the room rent exceeds the limit, the additional cost will not be borne by the insurer.
- No-claim bonus is the reward that the policyholder gets when he has not made any claim in the entire year. Make sure your policy has this feature. The ideal no-claim bonus is over 5 percent.
- The waiting period is the specified time period after which a select list of diseases starts getting coverage under your health insurance policy. This usually includes pre-existing diseases, critical illness, maternity benefits, etc. Choose a policy according to your need, which has the right waiting period for you.
- It is important to plan and budget your health insurance expenses . Choose a policy that fits your budget but remember that higher the coverage amount, higher will be the premium.
