Why do we need health insurance?
The steep rise in medical expenses has made health insurance an absolute necessity in today’s time. It is critical to remember why health insurance companies came into being in the first place. The fast-paced lifestyle of the populace has made them prone to frequent illnesses. Medical insurance providers can prepare you for unforeseen medical circumstances. One can also claim their right to the best medical treatment when the need arises.
Depending upon your insurance provider, you need to pay the premium monthly or annually. Health insurance companies can then give us the health coverage under various medical complications. Choosing the right plan is of utmost importance. So, have a checklist of questions ready for medical insurance providers when you are looking for one.
The 10 mandatory things in your Health Insurance Plan
• Ease of claim: A good customer service can be determined by the efficiency of the claims process. A faster and higher settlement is the vital factor while deciding upon a plan.
• Waiting period: The waiting period for pre-existing diseases differs depending upon the insurance providers. It can range from 2-5 years and thus one must take that into account.
• Family health insurance: One should take into account the age and possible medical needs of their family members. This way one can get a plan tailored to their needs and budget.
• Network hospitals: Before finalising on the health insurance plan, check their network of hospitals. Check for the medical facilities and if it is in sync with your requirements. The hospitals must also have the option of cashless payment for emergency situations.
• Maternity benefits: It is one of the most essential features of any health coverage plan. One should check the waiting period involved, the sub-limits applicable and coverage for outpatient expenses.
• Pre and post hospitalization: As a rule, one must look for a plan that pays for elementary tests and diagnostics. Even medicinal costs and discharge bills are covered by the best insurance providers.
• No claim bonus: Insured members can claim the bonus when no medical expense is filed in the previous year. The bonus is either an increment in the insured sum or discount on the premium.
• Lifetime renewal: It is extremely beneficial to have a health insurance plan with lifetime renewability. This way one can deal better with unstable health conditions in the advanced years.
• Free medical check-up: One should opt for an insurance policy that gives policyholders access to a free medical check-up. It should not affect the premium payable when the plan undergoes renewal.
• Day-care procedures: It is important to ensure that your health insurance has a provision for day-care procedures. Many policies do not entail day-care facilities and that is a limitation one should avoid.
The plethora of health insurance companies in today’s market increases the difficulty of the customer. It all comes down to the deciding factors of medical assistance, health security and optimum coverage. The main objective is to buy a plan that fits the need without exceeding the budget. Thus, insurance providers should be empathizing benefactors and not manipulative salesmen.