We cannot predict illnesses and accidents, but we can ensure that we get the best medical care possible. That said, you need adequate funds to ensure the best medical attention. Yet, your savings and emergency funds may fall short during a medical crisis, given the shooting healthcare costs and rising lifestyle diseases. This is a major reason why you need to buy suitable mediclaim insurance for yourself and your family.
However, buying medical insurance plans is not as easy as it may sound. You have to compare, evaluate, and choose from a lot of options and benefits that fit your healthcare needs. From affordable premiums to policy benefits, there are lots of factors to consider.
Here’s a list of all the things that you have to keep in mind when procuring a suitable mediclaim:
- Affordable Premium
Choosing a medical insurance plan with the highest coverage sounds beneficial to most people. Although the highest coverage can provide you maximum protection and benefits, it can become burdensome considering the unaffordable premium it comes with. So it would be best if you compare the premium rates and choose the one that suits your budget.
Also, you can get customised medical coverage based on your health conditions and needs as offered by some health insurers, including Care Health Insurance. The insurer offers budget-friendly and comprehensive plans for all types of people and family sixes. Here, you can find medical insurance plans that offer sufficient coverage and are easy on the pockets as well.
What’s best is that you can increase your medical insurance coverage as and when your financial capabilities improve. You can always start with a basic health plan and gradually upgrade to the one with a higher sum insured and better features every year during renewal.
- Plan Benefits
Mediclaim provides benefits that can help you save money. For instance, medical insurance providers such as Care Insurance provide you with free medical check-ups and ambulance cover that helps in preventive care and covers additional non-medical charges. For comparing health insurance benefits, always check the list of healthcare services. For instance, you should check for pre and post-hospitalization expenses, day-care treatment, OPD, doctor’s consultation fees, healthcare tests, and more.
- Solvency Ratio
The solvency ratio is an indicator of an insurer’s financial strength. It is important to consider because a medical insurance provider with a poor solvency ratio might not settle the insurance claims efficiently due to unstable financial health.
To estimate the financial stability of an insurer, you can go through the insurance provider’s recent financial reports and annual market analysis to learn about the company’s financial capabilities.
- Claim Settlement Ratio
Claim Settlement Ratio is the percentage of claims that the medical insurance provider settles. Claim Settlement is an important process that needs to be quick, efficient and streamlined. The last thing anyone would need is to go through a hassling claim settlement process during a medical emergency. Thus, when you are buying medical insurance plans, make sure you purchase them from providers with a high claim settlement ratio.
- Sub-Limit and Co-Payment Clauses
Contrary to popular belief, insurance providers do not settle 100% of medical bills. According to the Co-payment clause, if the insured is above 60 years of age or with specific medical conditions, he is liable to bear 20% of the claim amount. The insurer bears the remaining claim amount.
Likewise, according to a sub-limit clause, the policyholder cannot claim more than a defined percentage for a surgery or medical procedure. The percentage differs from company to company and is mentioned in a medical insurance plan.
- Cashless Hospitalization
Insurance providers usually partner with hospitals to provide the facility of cashless hospitalisation. Under cashless hospitalisation, the insurer settles the insurance claim amount directly with the hospital, sparing the policyholder from draining his savings.
Another benefit of cashless hospitalisation is that you may avail of special discounts at network hospitals associated with your insurer. Thus, when you buy medical insurance, look for an insurer with your nearby hospitals in their network.