Choosing the best medical insurance plan in advance is always important, as life is full of uncertainties. With the increasing cost of healthcare facilities in India, medical insurance can save you a lot of money. Also, in the hour of emergency, this insurance will help you to get admitted to a hospital and get treatment ASAP. But many companies offer different plans, and you may get lost in their terms and conditions. So, this is a list of 10 factors you should consider before choosing a medical institute.
Age: This is a big factor, and you must check this criterion first. Many insurance providers offer medical insurance, where the age criterion is very strict. They mention the lower and upper age limit, and anyone beyond that limit cannot join the floating system. But there are also some plans available where anyone can easily join, but the premium amount is a little high in these cases. You need to check this criterion first and then choose the plan.
Waiting period: Many companies offer you medical insurance where you will get a waiting period of a minimum of 24 months to a maximum of 48 months. Within this waiting period, you cannot claim the service from the insurance company. They will only offer you any help after this period gets over. Moreover, some medical insurance companies do not cover your pre-existing illness like thyroid, diabetes, blood sugar, etc. When choosing medical insurance, you must be very cautious and read the clauses.
Premium and coverage combination: Some companies may offer you the most affordable individual health insurance plans with low premium value. You may buy that premium thinking the price is low and you have to pay less. But check the coverage against the payment you make.
Some companies come with hidden clauses of co-payment, sub-limits, deductibles, etc. If you calculate minutely, you will see that you will pay more at the time of claim. So, do not fall for false lucrative plans. Just go with the moderate coverage plans and choose one.
Cashless service: Some medical companies will tell you that you do not need to pay money at the hospital, and they will take care of everything; this is called cashless services. But everything they promise, they may not offer that at the time of emergency.
Some medical insurance companies will ask you to pay the money at the hospital, and after you submit your bill, they will process the reimbursement. This is very problematic as you have to keep the cash ready at home. So, choose a medical plan that comes with cashless benefits where you do not need to pay at the hospital.
Maternity coverage: Most medical insurance does not cover maternity expenses. This is a common thing you will find in many medical insurance companies. It is always wise to check whether the plan you are going for includes this plan or not. Some insurance companies come with tailor-made maternity plans for you. So, before you choose a plan when maternity is still in possibility, please clear the air first.
Conclusion: When you are looking for some most affordable individual health insurance plans, you need to check a list of things. All the companies have different clauses clubbed with their medical insurance plans. You have to choose the best one that suits your requirements and doesn’t affect your wallet much.