Insurance

Things To Look For While Buying Health Insurance

Keep these things in mind to make sure that you get the most out of your plan.

Medical emergencies can come like a bolt from the blue. To ensure that you are ready with a solution if and when such a scenario arises, all you need is a health insurance policy, which covers medical expenses for you and your family members. However,it is important that you weigh all the factors while selecting the health insurance policy.

Here are some crucial factors to consider before buying a health insurance plan:

While selecting a health insurance policy, it is vital to know various details related to the policy.

Policy information

While selecting a health insurance policy, it is vital to know various details related to the policy. This includes benefits offered by the policy, exclusions, claim filing time, etc.

Premiums

The premium amount can be paid either monthly, quarterly, bi-annually or annually.Premiums usually vary on the basis of the sum assured or amount of coverage provided by the plan. Based on your requirements and budget, select the policy that offers the maximum benefits. One of the most convenient ways to find the right policy is to compare various plans online before coming to a conclusion.

Network of hospitals

There are a number of health insurance companies that offer cashless facilities.This facility allows you to receive treatment in any hospital that is registered with the health insurance company without paying bills upfront. If you are opting for such a plan, ensure that the company has a wide network of hospitals that would come handy during an emergency.

Maximum renewal age

Some health insurance plans limit the age till which the policy holder can renew the plan. The older you get, the lower are the chances of your health cover being renewed. Ensure that you select a health insurance policy that has a higher renewal age limit.

Copay

Copay is the amount that you need to pay from your pocket, even if your medical bill is lower than the total cover. This amount is calculated as a certain percentage of the claim amount. While comparing different policies, you can select the one which has the lowest copay amount.

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