It is rightly said that "health is wealth", without good health, a person cannot work hard, earn money, and prosper in life. A person must take care of her health in time to stay fit enough. However, due to increasing uncertainties, environmental degradation, and hectic lifestyle, an individual can deal with a critical illness or health problems. Also, sometimes people can have some hereditary problems or, on a bad day, have an accident. Therefore, adequate medical treatment is required. In this age of rising inflationary costs, the costs of medical treatments are skyrocketing. A simple surgery or operation goes up from 8 to 10 lakh in metropolitan cities like Mumbai, Delhi, etc.
The small savings a person has may be insufficient to finance the rising costs of medical treatments. Borrowing from friends or family during emergencies can also create the fear of breaking up in a relationship if it is not paid on time. Therefore, the best way to get the right financial support for you and your family's medical treatment would be to purchase a health insurance plan.
A health insurance plan is a type of financial coverage that covers the cost of an insured person's medical and surgical expenses against the premium paid to the insurance company. Depending on the type of health coverage, the insured pays the cost out of pocket and is reimbursed later or the insurer will bear the costs directly. All you have to do is provide the policy number at the checkout and leave without financial worries.
The Indian insurance market has introduced hundreds of customized policies to suit individual and family requirements. Comparing policies online helps you make the right decision to buy the best health insurance plan for you and your family. Today, online tools help you compare the policies of different insurers in terms of benefits and features, discounts offered, premium costs, payment flexibility, claims settlement rate, past company performance, etc.
Let's understand the main factors that one should consider before buying a health insurance plan:
• Various dependents to be included in the insurance plan, their ages, and existing health conditions.
• Check your affordability before deciding the maximum amount of the sum insured in your health policy. Higher coverage will increase your premium. Check your appetite for risk and purchase adequate health coverage accordingly.
• It is important to have a good understanding of the insurance companies that offer the most attractive health insurance plans. If you are having trouble sorting your data, talk to your financial expert or healthcare workers who have mastered the art of doing so.
• Consult the insurance company personally and then make your purchasing decision.
• Check if your insurance company offers No Claim Bonus, that is, if you do not make any claims on your health coverage policy for a year or more, the insured sum will increase by a certain percentage with the same premium costs.
• The claims settlement rate is one of the most important aspects of Indian health insurance. Check the company's payoff ratio before you buy the policy. If the insurance claim is not resolved in time, the entire purpose of purchasing the policy is lost.
• The best health insurance company will always have sufficient funds with an efficient underwriting process to pay the insured person's claim as quickly as possible.