The Ministry of Commerce and Industry research reveals that India’s healthcare market will hit a whopping USD 133.44 billion this year. This rise in medical expenses has led people in India to purchase insurance plans for various procedures & treatments. Looking at the current scenario, you must explore the best health insurance plans in India to safeguard yourself and your family against such medical emergencies and their sky-high costs.
This article will allow you to understand six essential factors you should consider while buying health insurance for yourself and your family.
Important Factors to Pick the Best Health Insurance
Here are six Important factors that can help you make an informed decision about buying a health insurance-
Coverage
This is one of the first and essential ways to pick the best health insurance. Knowing what the insurance plan covers helps you verify it with your needs and make a call regarding purchase. Some of the expenses covered by such insurance plans for surgery are listed below.
- The expenses for surgical procedures that are defined
- Expenses of in-patient treatment and daycare of the insured
- The cost of ambulances and ICU charges
- Expenses for a yearly health check-up
- Medical expenses after, during or before hospitalisation.
- Expenses for an organ donor.
- Costs of getting a second medical opinion
- Bonus for years where the insurance is not claimed (No Claim Bonus)
Exclusion
Knowing what the insurance does not cover (exclusions) is just as important as knowing what the insurance plan covers to determine whether it is the best insurance for surgery for your specific needs. Listed below are some of the exclusions:
- Expenses for procedures as a result of self-inflicted injury
- Expenses for treatment of HIV and other sexually transmitted diseases
- Treatment costs for pregnancy complications
- Treatment expenses related to plastic surgery or other cosmetic procedures
- Treatment costs of damage inflicted by weapons or chemical, nuclear, and biological attacks
- Treatment charges of injury or illness result from partaking or engaging in criminal activity with criminal intent
Cashless Network Hospitals
Assessing the network of hospitals that the insurance service provider has is another important factor one shouldn’t ignore. You will be able to claim the cashless benefit of the insurance plan at a particular hospital only if your insurance provider has that hospital in its network—the more comprehensive the network, the better the policy. An insurance company like Care Health Insurance, with a vast network of hospitals, can serve you better, and the plan’s benefits won’t be limited to a small geographic zone.
Compare the Premium and Coverage Amount
An insurance coverage amount that will support you through all the medical emergencies is an ideal plan for you. As you look at the coverage, be careful of the premium your insurer offers. The premium for the desired coverage should be affordable. A high premium could be challenging to pay periodically, and upon discontinued payments, the plan may get cancelled, and you won’t be able to claim the benefits. Maximum coverage for affordable premiums should be the mantra driving your quest to find the best insurance for surgery.
Waiting Period for Pre-existing Diseases
The waiting period is the duration the insured should wait after purchasing the policy before claiming benefits. The need for financial support through insurance coverage is immediate for those vulnerable to falling prey to life-threatening conditions. An extended waiting period plan will not be ideal for you if you are one such person. The best insurance is one with a minimum waiting period, depending on your specific needs and medical history.
Additional Benefits
If you genuinely want to secure yourself with comprehensive health insurance, more than just the fundamental factors mentioned above are needed; the plan should offer more. Additional benefits like lifelong renewability, a feature that enables policyholders to renew their plans lifelong, could also cater to your health insurance needs. So, look out for additional benefits in your health insurance plan.
Now that you know what to look for, pick the most comprehensive health insurance plan for yourself and your loved ones. Visit the official website of Care Health Insurance and pick out the plan that suits your healthcare needs.
