How to pick the best health insurance.
Topics covered:-
Important points to know about the company.
4 step procedure to seek the best insurance policy.
important points to note about the insurance company
1.Claim Settlement Ratio. it's the ratio of the amount of claims settled by the insurance firm divided by the amount of claims it's received. So obviously, higher this ratio, more are the probabilities that your claim also will be settled by this company with none issues. Above 90% may be a good number.
2. Network Hospital Covered Now, there's something called as a 'cashless facility' wherein, if that insurance provider features a tie-up with the hospital that you simply are admitted in then the hospital will directly send the bills to the insurance provider and you do not need to pay anything. But if there's no tie-up, then you've got to pay the hospital bills first then catch on reimbursed from the insurance firm . it's an excessive amount of of a hassle if you're recovering or have a patient to require care of. So confirm that your insurance provider features a tie-up with an outsized network of hospitals which your favourite hospitals are covered therein network, especially the one's that are closer to your home.
3. room eligibility. Before I arrived, my family admitted my mom in some hospital during a shared room which other family was turning on the TV at high volume, had too many guests walking in. It makes the patient uncomfortable, who is already in distress. So confirm that your insurance covers atleast the most cost effective private room available.
4. Waiting period. insurance policies cover pre-existing illnesses after a particular wait period. for instance : Suppose you've got diabetes, then after 2-4 years of wait-period are you able to claim any hospitalisation thanks to diabetes. So if you've got any pre-existing illness, make sure the waiting period of that insurance is as less as possible.
5. Family Floater insurance Policy Now, rather than buying separate policies, parents along side 2 minor children are often combined in one plan. therein plan, counting on the insurance provider each insured member are going to be given a separate coverage amount or all the members will share a combined sum. For example, suppose its a policy of 10 lakhs for five members, so each of those 5 members can either have 2, 2 lakhs coverage each OR they will share 10 lakhs together regardless of who claims. In my case, my mom's bill was around 3.5 lakhs and since we shared the combined sum, the insurance provider had to pay the whole amount rather than just 2 lakhs. The premium of such insurances is slightly higher but they're a money saver because you do not need to spend on multiple policies. On a side note, if your employer is supplying you with a insurance policy then check if you'll also include your parents within the same because in my opinion, your company are going to be ready to negotiate with the insurance provider better than you more so, if you are doing it as a gaggle .
6. Miscellaneous charges along side the main surgical expenses an honest policy also covers ambulance charges, pre and post-hospitalisation charges a couple of "> and a few even throw-in a few health-checkups here and there. aside from these 6 generic parameters, the opposite parameters that very from person to person who you would like to see are these.. If you're planning a baby and need maternity expenses covered. If your family features a history of cancer and you would like to be covered for chemotherapy, radiation or the other specific critical illnesses. If you would like day-care procedures like cataract surgery or maybe dental included. Our requirements are different. So, the simplest insurance policy on behalf of me are going to be different than the simplest insurance policy for you. But don't be concerned , I'll offer you a step-by-step procedure of the way to find the simplest insurance policy for you within the next segment. This was about insurance . Now, there's something called as a 'Life Insurance' wherein the corporate pays a lump-sum to the beneficiaries incase of the insured person's death. So if you would like me to form a separate video about the way to chose the simplest life assurance policy then comment below and let me know.
4 step procedure to seek the best health insurance policy
So here may be a 4 step procedure to seek out your best insurance policy.
Step 1: Write down what your requirements are.. what hospitals you want , whether you would like your parents included in your policy, does one want maternity expenses covered, what illnesses you would like covered etc..
Step 2: Now attend these insurance comparison websites like PolicyBazaar, CoverFox etc.. they're going to show you the list of insurances which will be best for you, consistent with your age and other details. Here you'll find policies as low as Rs. 9000/- per annum which is a smaller amount than Rs. 25/- per day. But quite premium, check their features and features not covered. While you're at it, also google, '5 Best insurance Policies of India' just to urge a thought of what policies people are talking about and to read their reviews.
Step 3: Directly go the web site of that policy provider, call their executives and tell them what your requirements are. ask 3-4 executives (of different insurance providers) before you create a choice . They'll only come to your office/home to offer you the papers. Now, a crucial point. Sometimes these executives are during a hurry to only sell you the policy. So it is your job to read it carefully and fill-in if you've got any pre-existing illnesses because if you miss writing an illness and if due to this, your claim gets rejected tomorrow then these executives can't be held accountable because their job was only to sell you that insurance. So do not be during a hurry, read carefully and mention everything truthfully. And
Step 4: don't forget to reap the tax-benefits of paying your medical premium under Section 80D and that is about it.Now where are you going to invest the money that you are saving from the taxes? See, health insurance is an investment for life. But as I have mentioned in my previous blogs , other long-term investments that you must consider investing in are Mutual Funds and Stock Market.
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