Everything You Need To Know Before Purchasing Health Insurance Plans

How do you make a purchase decision? How do you prioritize the essential factors? With multiple alternatives and prospects, consumers are often perplexed about their priorities. This situation becomes complex when it comes to crucial decisions such as health insurance plans.

Purchasing Health Insurance Plans

This has been a lifesaver for people with limited financial resources. Most medical treatments accrue huge bills. It is highly improbable for people to bear this heavy burden. However, they also cannot avoid these pressing and serious concerns. A fair percentage of the concerns present themselves with a bit of or undetectable warning.

Either way, people from limited economic backgrounds tend to struggle with expensive medical treatment. They tend to procure unsolicited loans and seek financial assistance to handle the sudden health trauma. A practical and effective solution would be to invest in health insurance plans. This would help them to handle this challenging situation with the minimal financial hassle.

Statista Research Department 2020 report states that nearly 500 million people in India have health insurance. However, these numbers are significantly lower compared to the population of the country. The pandemic has been a wake-up call that motivates people to consider this much-needed insurance. But, with limited information from trusted authorities, it is imperative to be cautious. Here are things you need to know before purchasing health insurance plans. 

1. Plan Type

The first step in purchasing health insurance is to decide the type of plan. Leading insurance companies often segment their consumers into various categories. Some of the typical plan types include

  • Individual Health Insurance
  • Family Floater Health Insurance
  • Senior Citizen Health Insurance
  • Maternity Insurance
  • Disease-Specific Health Insurance
  • Critical Illness Plan

The plan type would depend on the requirement of the individual. It is imperative to understand that the premium would depend on the type of health insurance plan. 

2. Coverage

Consumers should always check and verify the coverage before the purchase. It is advisable to opt for a comprehensive plan that would cover both pre-and post-hospitalization charges. The purpose of the insurance is to minimize the financial burden for the family. Therefore, always validate the percentage or amount shouldered by the company well in advance. 

3. Renewability

Most health insurance plans have a validity period. However, most medical emergencies do not follow this timeline. Consumers should check for the renewability options to warrant lifelong service. Some companies would ask for a small renewal fee to continue the plan.

4. Waiting Period

It is not possible to avail the health insurance immediately. It would be judicious to check for the waiting period to plan better for health emergencies. Some companies also offer certain leverage for accidents and pre-existing conditions. 

5. Cashless Treatment

Always check for the list of network hospitals to avail of the cashless treatment option. This would save the consumers from the hassle of arranging the funds during the hospitalization period. 

6. Claim Process

This is a crucial factor for choosing a health insurance plan. Choose a company with a simple and efficient claim process. Medical emergencies are traumatic times for the family. A hassle-free claim process will be beneficial for them.

Health Insurance, or any insurance for that matter, might seem like a complex undertaking. Most people tend to avoid this subject due to a lack of awareness and guidelines. It is natural for them to worry about various factors before making a decision. After all, health care emergencies are a matter of life and death. The primary step to handle this problem is to choose a reliable insurance provider such as Care Insurance.

First, consumers must thoroughly understand the different health insurance plans. Then, they can meet with a representative to clarify their queries on the subject. Additionally, it is pivotal to look for special features such as maternity and periodic health check-up coverage. Also, check for the availability of a no-claim bonus to help you make the right choice.

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