It is a wise move to always be ready with a Plan B, be it your career or your finances. The same is even true in the case of healthcare. Health insurance is that Plan B that no one should miss, especially in today’s day and age where ailments are on a rise and the treatment costs are skyrocketing.
But when it comes to purchasing a medical insurance cover, there are multiple factors to consider. This article sheds light on the various aspects to consider when comparing health insurance plans. Let us have a look.
#1 Scope of coverage
The most critical parameters to consider is the coverage of your health insurance cover. The coverage of your policy is the various events that are included in the scope of your policy. It may vary among different insurance companies as thus, it is critical to not ignore this factor when you compare health insurance plans. Some benefits to look out for are OPD coverage, critical illness insurance, coverage for pre-existing diseases, cashless health insurance facility, and more.
#2 Option for a lifetime renewability
Purchasing a policy that is available with lifetime renewability helps as more and more health concerns develop at a later stage in life. Having the option to perpetually renew your policy will ensure medical insurance cover even in your old age.
#3 Network Hospitals
When you compare the different policies, make sure to check the list of insurance company’s network hospitals. Here, you can avail cashless treatment that helps you protect your finances while making sure you get timely treatment. When you compare insurance plans, make sure to check for network hospital coverage.
#4 Waiting period
The waiting period is that duration during which the insurance policy does not offer coverage for ailments. The waiting period is an essential factor to consider in the comparison of insurance plans. Waiting periods differ for different plans and ranges between 15 days to 4 years.
#5 Pre and post-hospitalisation expenses
Treatments these days are not limited to hospitalisation but also pre and post the actual treatment. Some treatments require diagnosis and tests that can be expensive. Whereas a few others require you to continue medicines after the actual hospitalisation. Buying an insurance policy with coverage for both pre and post-hospitalisation helps to cover all expenses.
There are various restrictions within the overall sum insured known as sub-limits. These restrictions limit the amount of specified expenses covered by your insurance company. More commonly, sub-limits apply to expenses like doctor visits, room and bed charges, etc. It is advisable to buy a policy either with no sub-limit or with a higher sub-limit to avoid paying additional expenses from your own pocket.
The last thing to compare before finalising the purchase is the premium. While the purpose of insurance cover is to avail coverage for medical ailments, it is also necessary that it is available at an affordable price.
These are some of the handy considerations that will help you in selecting a policy that checks all the boxes and meets your requirements. Make the right choice and select a policy with comprehensive coverage considering your medical needs.