There is nothing more important in life than health. When health fails, all else does too. Naturally, it is important for you to take care of something so precious so that nothing goes wrong. To help you do this, insurance companies across India are offering a wide range of health insurance plans.
However, for someone who doesn’t know much about insurance policies, making a choice among so many options can get quite confusing. But don’t worry. Just read on to understand key points about insurance and why you should get yourself a health insurance policy today.
Things That Can’t Be Ignored About Health Insurance
Among the list of features under every insurance policy, there are a few that are more important than the rest. Here is a list of points that you need to keep an eye out for as you start to compare various policies.
Your insurance coverage is dependent on the sum insured that your policy provides. Keep in mind your family’s lifestyle, your ability to pay premiums, and your family history of diseases before making this choice. Insurance coverage starts from INR 50,000 and can even go up to INR 1 crore depending on the type of insurance policy you choose.
At the time of settling your bill, the insurance company takes care of most of the expenditure and whatever amount is left is to be paid by you. This amount is called co-payment. It is important for you to choose a company and a policy that has a co-payment percentage of less than 20%.
#3. Network Hospitals
When an insurance company has a large network of hospitals, it becomes easier for you to opt for your cashless claim. This is very important as it will make your entire hospitalisation process a lot easier as well as faster. Choose an insurance company that has network hospitals across the country.
#4. Inclusions and Exclusions
Every policy comes with its own set of inclusions and exclusions of illnesses and diseases. Important inclusions of your policy are usually chronic ailments, different types of cancer, and surgical procedures. Similarly, some common exclusions from insurance coverage are cosmetic treatments and pre-existing medical conditions.
When buying an insurance policy, always compare the cost you are incurring with the coverage that you are getting. This means that with a reasonable premium, you should be getting a good sum insured along with flexibility and additional riders.
#6. Claim Settlement Ratio
Every insurance company receives thousands of claims every single year. Of these claims, while most get processed, there are a few that get rejected as well. Claim Settlement Ratio is the percentage that allows you to understand how many claims are getting accepted. So, if the CSR is 80%, this means that out of every 100 claims received by the company, 80 get accepted.
Can Health Insurance Bring a Difference in Your Life?
Most people nowadays have health insurance policies for themselves as well as their families. Even organisations provide insurance to their employees as a means of security. Over the last decade, this positive shift towards health insurance policies has brought about a common question. Can insurance bring a difference in your life? The answer is yes.
Having an insurance policy provides financial balance in your life and allows you to prioritise other liabilities without worrying about emergency medical expenditures. This gives you the sense of security required to decide how and where you spend your income. Without health insurance, the pressure of setting aside some money in case of contingencies looms large.
Another way that your life becomes better because of health insurance is that you can opt for immediate treatment without having to postpone any major procedures due to lack of money. The cost of medical treatments is rising by the day and not everyone has the financial capacity to cover this expense on their own without ending up in huge amounts of debt.
One Last Bit of Advice
It is no secret that health insurance is as much a necessity as anything else is in life. Nowadays, with the assistance of online insurance aggregators like Coverfox.com, buying an insurance policy while keeping every relevant factor in mind is not a difficult task either. Starting from making comparisons between policies to various choices of payment, all the information is right at your fingertips. That means there is nothing stopping you from making your life better right this instant. So, why wait? Go online and find your path to security today!