These days, a majority of us live sedentary life. As a result, many of us get sick and finally are admitted to the hospital to get treatment for the lifestyle diseases we have been diagnosed with. As we proceed through life, several events may happen to us, whether it is a life-threatening disease or an accident that we get into. Along with the painful treatment and slow recovery, what becomes equally bothering is the hospital bill. Sometimes, the bills get so high that people end up borrowing money from others to pay it off. This is why health insurance is so important.
Several health insurance policies are available in the market. Sometimes it becomes confusing to choose the one that is right for us. Here are some of the tips that can be helpful for you to understand and accordingly choose the best health insurance policy.
The right sum assured
The main reason for buying a health insurance policy is to protect your finances. This means you can get the right treatment at the best hospital without emptying your bank account. Therefore, you must look for a plan that offers the best sum insured. This will further help you to pay the bills of the hospital without asking for any financial help from anyone.
As you go through the health insurance plans, you will get some of them that come with riders. Riders are basically add-on covers that you can get at an extra cost. This means to avail of the benefits of riders, you have to pay additional premiums. There are several types of riders. You can choose the ones that are perfect for you and can give you the best benefits.
Family floater plan
There are basically two types of plans; individual health insurance plan and family floater health insurance plan. If you want to buy something for your family, you can go for a family floater plan. Family floater plans are economical than the individual plans and cover the hospital expenses of all the family members whose names are enlisted in it.
Claim settlement ratio
When you are doing your research for buying a health insurance plan that can give you the highest benefits, you must check the claim settlement ratio of the insurance company. The higher the claim settlement ratio is, the better promising is the health insurance company. This means that the company has settled the major numbers of claims of the customers.
The reputation of the insurance company
The features of the health insurance policies are not enough for anyone to make a decision. You need to check the reputation of the insurance company before you finalize a plan. The insurance company must offer strong customer care support and also should hold a good reputation in the industry. While you are focusing on the reputation of the customer, do not forget to check the online rating of the company. This will give you a better idea of the insurance company.
The age-related details are not the same with all the insurance companies. And if you are especially going for a family floater plan, you must check the age of the youngest and oldest member of the family in the health insurance plan. You must also check the maximum renewal age. The best plan should support lifelong renewability.
Each of the health insurance plans comes with tie-up hospitals. These hospitals are called network hospitals. Checking the network hospitals is important as you can understand if the hospitals are good enough for treatment and the distance of the hospital from your home.