How to choose the right medical insurance policy for your family
New Delhi : People usually buy insurance to protect their expensive items against unforeseen incidents. This helps them to cover losses. The purpose of purchasing a medical insurance policy is not much different. It provides you with financial assistance in the event of a medical emergency. As health is the most valuable asset for any person, care and caution should be exercised when purchasing a Mediclaim policy for your family.
Here are some factors you should consider when purchasing a medical insurance plan for your family.
• Adequate coverage: You can find many medical insurance plans in India. But the coverage they offer may not be the same; therefore, not all may be suitable for you. You should keep your family medical history in mind when choosing a medical plan. Also check the different benefits included in the plan and how many have a waiting period. Most insurers put a waiting period clause for all pre-existing conditions. A health insurance plan with a shorter waiting period is always better.
• Hospitalization costs: It is good to have a plan that covers benefits such as pre and post-hospitalization expenses, free annual medical exams, ambulance costs, dental care, etc.
• Affordable premium: The premium for your medical insurance plan depends on various factors such as the number of benefits included, your location, age, medical history, etc. Therefore, opt for a plan that gives you all the necessary coverage at an affordable price.
• Adequate Sum Insured: When purchasing a medical insurance plan, care should be taken to ensure that the sum insured is sufficient to cover the medical needs of all your family members for the next twelve months.
Supplemental Coverages: Each health insurance plan has several benefits, and each insurer offers specific supplemental covers that you can benefit from by paying an additional premium. Supplemental coverages enhance the benefits or sum insured that can be used in an emergency.
• Increase in medical costs: Rising inflation has also led to higher medical expenses; it increases by 18 to 20% each year. Therefore, when purchasing a mediclaim plan for the family, consider age, medical history, inflation, and select an appropriate sum insured.
• Check network hospitals: Network hospitals offer cashless procedures to policyholders. Therefore, buy the health insurance plan from an insurer with a larger network of hospitals in your city. It helps you deal with medical emergencies without financial distress.
• Read the exclusion list: Just like knowing the benefits, you need to be aware of what your plan does not cover. This helps you avoid confusion while enjoying the benefits and raising a claim. Therefore, read the exclusion list carefully before purchasing the plan.
• No claim bonus: For each claim-free year, your insurer will offer you a bonus called the No Claim Bonus. It can be either a discount on the premium or a cumulative bonus. Under cumulative bonus, the sum assured of your plan increases by a certain percentage, while the premium remains the same.
• Check the claims settlement rate: An insurer’s claims settlement ratio indicates the number of claims it settled out of the total claims received during the previous year, and is expressed as a percentage. The higher the ratio, the better the insurer. You can see the claims settlement rate of insurers on the official website of Bajaj Finance Limited.
• Deductible: The deductible is the amount of money you pay before the insurer starts covering medical expenses. Usually, supplemental plans have deductibles, which means lower health insurance premiums. You agree to co-pay with the deductible to take care of the insured.
• Lifetime renewal: Opt for a plan that offers your lifetime renewal. It helps you avoid paying higher premiums as you get older. Usually, health insurance plan premiums increase with the age of the insurer. If your plan offers your lifetime renewal, the policy will renew for your lifetime.
Bajaj Finance, in association with some of the biggest names in the insurance industry, offers its clients carefully selected health insurance and supplemental plans. You can choose the one that best suits you and your family.