11 Things to Consider Before Purchasing a Medical Insurance Policy in India

There is a very old saying ‘Health is Wealth,’ which depicts that having a healthy way of life is equivalent to having loads of money. For the reason that an individual with a healthy lifestyle can be a lot more productive when it comes to making wealth and live a life worth living. On the contrary, a person with a not so good lifestyle and bad habits has to spend a hefty amount of money on regaining their health. So, compromising on your health is never a worthy option, and all of us should look after our health by taking some precautionary steps.

However, in spite of all the preventive measures, the likelihoods of an accident or disease can’t be taken out of the picture and being ready for all sorts possibilities is important. In such tragic conditions, we fall victim to the dual financial crisis, first of all, one has to abandon work because of the poor medical condition, and secondly, pay enormous medical bills. All the hard earned is spent on diseases in a matter of moments, and there are also cases in which people borrow money from their near and dear ones to pay those expenses.

Medical Cover

Consequently, to safeguard any wellbeing related eventuality, one should have a medical insurance policy of appropriate cover. Nowadays, there are a number of medical insurance plans provided by a variety of insurers. What you need to do is? Write down all your expectations along with the budget and shortlist a few programs that catch your eye or look appropriate and then compare them. All this appears to be fairly confusing and time taking, but trust me it will not be that bad if you are going with a trustworthy and renowned insurance company like Max Bupa. As there are tools available on their website with the help of which you can easily compare all the plans that can be of great help in purchasing a medical insurance policy of your choice with ease.

Things to Keep In Mind before Deciding On a Medical Insurance Plan

Insurance Premium and Coverage

Price is not the only thing that needs to be taken into consideration at the time of purchasing an insurance plan. Moreover, if a medical insurance policy is costly, it doesn’t necessarily mean that it’s the right one for you and inclusions like OPD, hospitalization cash payback, type of accommodation, coverage of life-threatening diseases, etc. have to be reviewed. Evaluate and identify the paybacks you necessitate and decide on the plan that suits the most. Furthermore, try not to compare more than four products on offer because it can create confusion.

Basic Hospitalization Cover

If your budget doesn’t allow you to go for an all-inclusive medical insurance policy, then you should go for basic plans with most coverage that pay expenses suffered out of a mishap or illness.

Sum Assured

It is not that difficult to determine the sum assured, it can be done easily by entering you family and city you live in. Bear in mind, that the cost of healthcare is more in metropolitans when compared with small towns. Most of the reputed companies offer plans as per your family size like there are different plans for individuals, couples, nuclear families and extended families.

Family Floater Policy

It is always suggested to purchase a family floater medical insurance policy rather than individual policy. Underneath family floater policy, every member in the plan can utilize the amount assured either independently or collectively. Therefore, you could save on premium.

Separate Plan for Parents

In family floater plans, premium amount is calculated depending on the age of the oldest member. For that reason, it is always worthwhile to have a separate insurance policy for parents, as well as save on premium.

Day Care Measures

Before purchasing insurance, have a look at the list of illnesses enclosed under day care processes.

Exclusions

Before signing on the insurance plan document, policy purchasers must go through it very cautiously. In addition to that, also ask for comprehensive guidelines of the policy. In any policy, segregation part is very significant for the reason that it mentions the infections and situations that are not covered by the policy.

Top-Up

If your member of staff has offered you a medical insurance policy, and you require a policy of higher amount assured or coverage of severe disease, you don’t have to purchase a different plan. For this, you could top-up your presently offered policy with necessary sum assured as well as paybacks. Doing this, you can save a good amount of money on premium.

Claim Disbursement Proportion

Check the claim defrayal ratio of the insurer before purchasing insurance as this straightforwardly relates to the number of requests does the insurer recompense on average. The more the proportion the superior it is.

List of Network Hospitals

In the case of a disease, you are in all probability to select hospitals that are pretty close to your place of residence. You should try and select insurers that have al, the nearby medical institutions on their network.

Seek Out Professional Recommendation

In the case of any misunderstanding, do not hesitate to look for expert advice. You can select from your insurance agent, insurer, medical consultant or an authorized web-aggregator. Have a word with them and then make a well-versed decision.

What Are Preexisting Diseases?

Preexisting diseases are diseases that are not covered in most of the medical insurance policies. They are diseases that the policyholder had before buying a medical insurance policy. The chances are that the policyholder might or might not have been mindful of the pre-existing illness. Further difficulties that arise because of the preexisting disease are also not covered. For instance, renal issues that come into the picture because of an individual having diabetics at the time of buying the plan would not be covered. This can at times lead to confusion and indigestion.

Let us suppose that someone has been admitted to the hospital for kidney oriented treatment, and the insurer turns down to pay the bill because of problems that have arisen because the policyholder had diabetes and discards the claim. It can sound a bit awkward, but there are times when medical science can’t identify the root cause of a particular illness occurrence. In most of the cases, these diseases are included after a few years of insurance policy.

Last but not the least, it always suggested to buy an insurance plan at an early age and avail all the necessary benefits that too at low price.