Things to Keep in Mind While Buying Health Insurance Policy

Claim Settlement Ratio

A higher claim settlement means the company has processed the highest and fastest number of claims. Compare this ratio of all leading health insurance providers before you opt for an insurance plan.

 

The Premium-Coverage Balance

Always check the health coverage and weigh them against the price of the insurance premium. A word of caution, lower premiums might exclude some add-ons or include certain hidden costs later as compared to plans with higher premiums. While you might enjoy some common benefits in all plans like doctor’s fee, pre- andpost-hospitalization, OPD expenses, you’ll need to consider whether alternative treatments Ayurveda, Homeopathy and Unani are covered. Rather have a long list of coverage before buying a plan than paying a lengthy hospital bill after a treatment.

 

Network Hospitals

Check for the number of network hospitals, especially in your neighborhood. During a medical emergency, it is always better to have a network hospital in the vicinity, which can save your life and pocket too.

 

Room Rent Limit

The rents of hospital rooms can be very tricky. Some insurance players pay a part of the hospital rooms whereas others offer an unlimited rent policy. Though, such plans come at a higher premium. So, take your pick.

 

Exclusions

Check exclusions of any treatments from any health plans. Also, check whether there is any waiting period for certain procedures. Go for plans, which have lesser exclusions and waiting period.

 

Types of Plans

Make sure to check hospitalization plans as there are  individual and family floater plans. It’s always better to go for a family floater plan if you stay with your family. Plus, check for benefits such as plans for senior citizens, maternity benefits and critical illnesses.

 

A No-Claim Bonus

Didn't claim a bonus during the year? You can avail a 5% to 10% bonus for not claiming annual health insurance.

 

Maternity Benefits

Pregnancy expenses have been through the roof in recent times. That’s why it is important for women to choose a health insurance plan, which provides maternity benefits and offers coverage. Here's what you need to look for:
 

• Check for the waiting period
• Look out for the sub-limit
• Find out whether the outpatient expenses related to pregnancy are covered
• Don’t forget to look for exclusions from the policy

 

Daycare Procedures

Daycare procedures are medical treatments, which do not require hospitalization of the patient. Though some plans require hospitalization for 24 hours for health coverage to be applicable. Other plans are usually flexible and cover most day-care procedures. Check for any exclusions in day-care procedures.

 

Free Medical Checkup

A lot of health insurance players are offering medical check-ups these days to lure new customers. The secret is to check for a health insurance plan that offers you more medical tests for free.

 

Lifetime Renewal

Let’s face it, you won’t remain young forever. With ageing come several diseases and health complications. Therefore, you need to have a health policy, which offers you a lifetime renewability, which means you can avail health benefits even in old age. Though, it might come with a higher premium.

 

Hospitalization Plans

Have some tests and medicines before a surgery? What about the expenses after a medical treatment. Make sure whatever insurance plan you opt for, it covers for all these expenses. Also, check for any exclusion during the pre- andpost-hospitalization stage.

 

Still Confused?

Don’t worry, at Niva Bupa, we have got it all covered. Simply visit Niva Bupa today or you can even call us at 1860-500-8888