Buying Medical Insurance? Here’s What You Need to Know

The health insurance sector is difficult to navigate. Choosing the right health insurance plan for your family, and you are tricky but involves the peace of mind and financial security. Medical emergencies can be burdensome on family’s monthly finances, especially for common people in India. Medical Insurance plays an integral part in ensuring emergency medical expenses don’t burn a hole into your pockets.


health insurance

There are a few things you must understand if you’re planning to buy medical insurance. Some of them are:

  1. Claim Process

You must check claim settlement time and ratio before purchasing any medical insurance. Higher settlement ratios generally lead to faster claim processes. Excellent customer support is also a significant factor in ensuring a smooth process.

  1. Network Hospitals

You must also check the cashless network of hospitals which includes the facilities you often visit. The hospitals offering such facilities often settle medical bills directly with the insurance company. Choose such an insurer that has a higher network of hospitals covered under its medical insurance plans.

  1. Family Health Insurance

At the time of purchase, you must keep all the family members and their age in mind. You must also know their medical history, which may be considered at the time of purchasing the policy. Check with your family members for any pre-existing ailments.

  1. Selecting the right plan

You must choose the right insurance plan which covers all your requirements and provides an apt insurance amount covering maximum expenses, including the amount for critical illness. The plan must also have affordable premiums which are not burdensome for you to pay. Another vital aspect which you can consider is adding riders which makes the medical insurance plan comprehensive.

  1. Co-payment

Co-payment mandates the insured person will hold the responsibility to pay a pre-defined percentage of claimed medical bill amount. It is generally included in the clause of the policy, especially in the group health insurance policies.

  1. No-claim bonus

Many insurance companies offer a reward for not claiming the policy wherein a decrease in the premium or an increase in the sum assured amount occurs. You must check the clauses for such provisions.

  1. Free Medical check-up

Most companies offer free medical check-up, which is covered under the medical insurance policy. This benefit doesn’t increase the premium amount while the policy is under renewal.

  1. Maternity Benefits

Rising maternity costs become a matter of concern for individuals planning a family ahead where they are bound to consider cheaper healthcare facilities. Some medical insurance plans cover maternity benefits which can help you consider better healthcare facilities. You must check beforehand the waiting period applicable for claiming the amount.

  1. Pre/Post Hospitalization

The medical expenses occurring before or after the hospitalization of the policyholder are considered under pre/post-hospitalization cover of the policy. They must be checked beforehand, and which ailments are included under the policy.

  1. Lifetime Renewal

Many health insurance policies offer lifetime renewal facilities. It becomes essential to check for such benefits as the diseases often have an incurring tendency at an old age than during young years.

A medical insurance policy is your best help which can save you from hefty bills occurring due to various kind of illnesses. Staying insured will always give you peace of mind.

You may need to include riders or additional covers along with your primary Mediclaim cover. These additional covers include critical health cover and personal accidental insurance. Critical insurance cover insures you against the life-threatening diseases and pays a lump sum if you are diagnosed with one. Personal accident insurance will ensure you can get timely attention in case of an accidental injury or disability.

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