We all know that the medical expenses has been risen like anything in last few years. Whatever is you current salary, in case of critical ailment it is almost impossible to manage fund to support the the medical expenses. And what about your parents? That means you have to buy enough health insurance for your entire family so that you can fight with sudden or emergency situations whenever arise. In this article I will share top 5 key factors you should look for to judge a health insurance policy before purchasing.
Top 5 Key Factors to Choose Health Insurance Plan
There are many health insurance policies launching every month by reputed insurance companies and banks. That doesn’t mean that that every policy is perfect for your need. Whatever health insurance plan you are looking to buy, you can cross check the 5 factors mentioned below which mostly determine the cost of your policy premium.
Pre-Existing illness: This is one of the big factor you should notice first whether your health insurance plan is covering the pre-existing disease or not. In case you are planning to cover your parents health, then you should choose a health insurance plan which provide cover of pre-existing disease.
Bonus Sum Assured Value: Check whether your health insurance plan has a bonus sum assured value or cumulative bonus. That means in case you have completed a claim free period, are you getting any bonus for that? Many health insurance policies include a 5-10% more sum assured in case you are able to complete a claim free period.
Room Rent: Room tariffs are another reason to make your health insurance coverage costly. You can check out what kind of rooms are covered and also whether the ICU, HDU, NICU etc is covered under your policy.
Co-Payment: Check for the co-payment policy. Most of the cases, you have to pay a 10% money of the final medical bill for your direct family and 20% for your parents. In many cases this co-payment fee is zero also. Mostly if your health insurance is provided by corporate then this happen.
Any Waiting Period: Generally health insurance plans have a waiting period before which you can’t avail the benefit of of the policy even if you have paid the due premium. In many cases the waiting period of 90 days. That means after purchasing the policy if some health problem occur within first 90 days, your treatment may not get covered under your policy. So read your policy document carefully before purchasing the health insurance plan.
So, these are the common and mostly discussed 5 factors that you should look for before buying any health insurance plan. Off course there are many other factors to decide, but make sure you have considered these points at least. In case you want to add more about this topic here, then please write a simple comment below and share your thoughts or experience if any. Thanks for reading and your contribution.