Age Factor: Age is one of the most crucial criteria for purchasing a health insurance plan. Also, while buying a health policy, it is important to keep in mind the age of the family members who need to be insured. The higher the age bracket the more premium.
You are also required to check the minimum and maximum age limit while buying a health insurance cover. Generally, the health insurance plans in India have the minimum entry age limit of 91 days and the maximum entry age limit of up to 60 or 65 years.
Perfect Blend of Premium and Sum Insured Coverage: It is always a win-win situation if one is able to buy a health insurance plan with normal premiums and good coverage. As if one goes for a really low premium, then they might compromise on good sum insured coverage. Therefore, a right blend of premium and sum insured coverage is a very important factor when buying a health insurance plan.
Waiting Period: Always check the waiting period clause before buying a health insurance cover. For example, the waiting period for pre-existing diseases such as thyroid, blood pressure, diabetes, ranges from 24 months to 48 months. Compare and buy a plan that comes with a minimum waiting period, so that you will be able to claim the benefits at the right time in case of any health emergency.
Cashless Hospitalization Network: All the health insurance companies have a tie-up with network hospitals, where the insured can avail the benefits of health insurance policy without even paying a penny from their pocket. It also saves your precious time from the lengthy paperwork process as the insurer pays the sum insured directly to the hospital.
Always check the cashless hospital lists, and then make a decision on buying a health insurance plan.
Claim Settlement Process: Before buying a health insurance plan, it is also crucial to check their policy wordings carefully and check the claims settlement process which is followed by the particular insurance company. An easy and timely claim settlement procedure is a bliss when it comes to settling health claims. For this, check the claim settlement ratio, read customer reviews and then choose an insurance provider which is known for their smooth claim settlement process.
Check Inclusions And Exclusions: While choosing a policy, always check what all is included and excluded in a health insurance policy. Also see, what are the various conditions under which a claim cannot be made. Knowing all the exclusions and inclusions beforehand, saves the hassle and pain of claim rejections later.
The above-mentioned criteria must be kept in mind when buying a health insurance plan. However, one can also check the co-payment clause, room rent limits, add-on benefits, no-claim bonus, maternity and newborn coverage, pre and post hospitalization coverage before buying a health insurance plan.