Health Insurance on your mind? Here's how to get one

There are hundreds of questions in your mind when buying a health insurance policy.

Make no mistake, a health insurance is an absolute must in today’s modern and urban living. That’s because of two factors:

• Lifestyle diseases on the rise
• Rising hospitalisation and health expenses

Here is an interesting data for you:

From 2004 and 2014, for example, the average medical expenditure per hospitalisation for urban patients increased by about 176% and a little over 160% for rural patients.

That’s a strong case for a comprehensive for a health insurance.

The question now is which one?

There are more than a dozen health insurance companies out there with plenty of options to choose from. So, how do you know what’s best for you? Here is a general rule of thumb.

MAXIMUM COVERAGE MINIMUM FUSS

Look at the total package when it comes to a health insurance policy. Try to avail maximum benefits and coverage for your entire family. Our advice, don’t save on premiums. After all, health is priceless. Cheaper premium plans offer not only lesser coverage but they have plenty of hidden costs, and yes, terms and conditions. 

Another important factor is whether who all can be covered in your family. Are you getting more coverage from an individual plan or is it better to go for a family-floater plan? Remember, a good health insurance can literally save your life and those around you. Plus, they can preserve your savings. Choose a plan that’s going to benefit you for years to come and for any medical emergency and contingency.
 

WAITING PERIOD FOR PRE-EXISTING DISEASE

Every company has a waiting period clause for coverage when it comes to any pre-existing disease. What you need to check the duration of the waiting period. No point of a health insurance, which pays you after several years. A word of caution, health insurance companies usually do not pay for any treatment within the first 30 days.

CASHLESS AND STRESS-FREE

The last thing you want to be doing during a medical emergency is to arrange funds for a medical surgery or procedure. Thanks to cashless hospitalization feature, you can avoid the paperwork, queues and stress. Make sure your health insurance provider has an empanelled hospital in your vicinity to offers you cashless hospitalization expenses. Thankfully, Niva Bupa is tied up with all the leading hospitals in the country for any medical emergency. That makes all the more reasons for you to choose an empanelled hospital. After all, you don’t have to run after hospital bills, and other paperwork which cumbersome and takes time.

ANNUAL BONUS

Didn’t claim insurance in a particular year? Guess what? Companies are now offering you a bonus on the insurance coverage for the next year. That means you get more sum assured for paying slightly more on your premium. It’s good news for you especially if things go wrong. Don’t forget to check excluded diseases or medical tests (if any) in the policy document.
 

ASSURANCE BEFORE INSURANCE

Make sure to check the claims ratio, which is a good indication of a company’s performance in paying coverage in the least possible time. Also, purchase a plan that fits your pocket and health coverage. Make sure how many in your family can get insurance from the company.