5 Crucial Steps to Getting a Suitable Health Care Policy

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There was a time when no one worried about medical insurance or a health care policy, but today, they are as indispensable as it gets.

The significant rise in life-threatening diseases and the ongoing coronavirus pandemic have made it evident that life is getting more unpredictable and uncertain with each passing day.

Although there is no escape to what life has in store for you, it is always best to keep your bases covered, especially when it comes to health. Unexpected medical expenses can quickly become a burden, which is why buying a health care policy is a choice everyone should make.

While buying a health care policy sounds straightforward, it can get confusing, even more so if you have no prior knowledge of the same. Moreover, it is better to go through the process step by step, evaluating everything meticulously.

Here are 5 crucial steps one must consider:

  1. Select a Health Care Policy Suited to Your Needs

Figuring out which health care policy to go for is the most important step, but it can also leave one perplexed.

There are numerous options available, ranging from individual & family plans to senior citizens & maternity policies – while the former offer wide medical coverage, the latter are more limited in terms of benefits.

However, if preferred, individuals can also opt for disease-specific health care plans or, better yet, customize one suited to their needs.

  1. Choose Policies with Ample Coverage

After selecting a suitable health care policy, the next step is to review its coverage and assess whether you can afford the premium amount.

However, don’t let a hefty coverage amount lure you, and make sure it comes with good benefits. Today, one can easily compare policies and their quotes from the comfort of their home as all information is readily available on insurance providers’ websites.

The best health care policies include in-patient hospitalization, pre-and post-hospitalization medical expenses, domiciliary care, daily allowance, AYUSH & advanced medical treatments.

  1. Cashless Payments are a Must

Arranging cash for hospital bill payments should be the last thing a person has to think about – which is why buying a health care policy offering cashless payments is an excellent choice. Doing so frees one from worrying about bills as insurers providing cashless payment options settle the amount directly with hospitals.

  1. Look for Health Care Policies with Lifetime Renewability

Many people aren’t aware that renewing or buying health care policies gets more challenging as you get older. Earlier, most insurance companies provided health care benefits only up to the age of 70, but the IRDAI later reversed this rule.

As a result, it is now mandatory for all insurance providers to offer lifetime renewability to their customers. So, it is essential to look for a health care policy with this key feature.

  1. Additional Benefits to Consider

Even though all health care policies more or less have the same features, they vary based on the additional benefits extended to customers.

Some important added features that one should consider are No Claim Bonus (NCB), waiting period, less co-payment amount, worldwide health coverage, a high claim settlement ratio, COVID care, and annual health checkups. Not all health care plans will include all these features, but the more the benefits, the better.

Finding a Suitable Health Care Policy

As per Statista, a company specializing in market and consumer data, only 35 % of India’s population was covered under health care policies and medical insurance until 2018.

Even though the number has gone up significantly, with 500 million Indians falling under health care plans in FY 2020, individual health care policies still fall very low on the graph.

Therefore, an individual must keep the previously mentioned steps in mind before purchasing a health care policy.

Additionally, it is important to rely on well-known and trusted brands such as Care Health Insurance that cater to each customer’s needs individually. Life and its adversities don’t wait for anyone, so be smart and choose your health care policy today.

By Staff Writer.