Healthcare is one of an individual’s top priorities. We strive to maintain our well-being by eating a balanced diet, exercising regularly, and getting routine medical checkups. However, unexpected illnesses can still arise, and a single hospital stay can significantly deplete our savings. Getting a health insurance policy is the best way to protect our savings from a medical emergency.
There are common misunderstandings regarding health insurance being an additional burden on savings. You can further tailor your policy with riders like critical illness coverage (which provides a lump sum payout upon diagnosis of a covered illness), maternity benefits, or specific disease riders. While reading your policy documents, you must discuss the available riders and their associated costs and benefits with your insurance provider.
This article will explain how health insurance plans help you save a lot.
How Does Health Insurance Save Money?
Health insurance isn’t just an expense—it’s a financial shield. It protects your savings from potentially devastating medical bills, ensuring you can access quality healthcare without crippling costs. A individual health insurance provides access to quality healthcare without worrying about costs. Here’s how:
- Financial Protection: A comprehensive health insurance policy shields your funds from the economic burden of unexpected medical expenses, hospitalisation, or illness treatment.
- Access to Quality Healthcare: With cashless treatment at network hospitals, you can focus on recovery rather than worrying about the immediate financial burden.
- Comprehensive Coverage: Individual health insurance often includes coverage for pre- and post-hospitalization, annual health checkups, and even alternative treatments, providing a safety net for various medical needs.
To maximise these benefits and secure your financial well-being, it is essential to choose an insurer with a high settlement ratio and a wide network of hospitals.
How to compare different health insurance policies?
To compare different health insurance policies and their riders, consider the following:
- Coverage Details: Evaluate the extent of coverage, including pre- and post-hospitalization, annual checkups, and specific disease coverage.
- Riders and Add-ons: Look into the available riders, such as critical illness coverage, maternity benefits, etc., and compare their features and costs.
- Claim Settlement Ratio: Check the insurer’s claim settlement ratio as it indicates their reliability in settling claims.
- Network Hospitals: Ensure the insurer has a vast network of hospitals, particularly in your area, with cashless treatment options.
- Policy Exclusions and Waiting Periods: Review the policy’s exclusions and waiting periods, especially for pre-existing conditions.
- Premium Costs: Compare the premium amounts for different policies and their riders.
- Cashless Claim Process: Understand the process for cashless claims and the required documentation.
You can choose the best health insurance policy that meets your needs and budget by carefully comparing these aspects.
How To Choose the Best Health Insurance Policy?
To understand and compare different health insurance policies, consider the following:
- Policy Documents: Carefully review each insurance provider’s policy documents. Focus particularly on the sections detailing exclusions and waiting periods.
- Exclusions: Make a list of treatments, conditions, or situations not covered by each policy. Exclusions can vary significantly between insurers.
- Waiting Periods: Identify the waiting periods for specific conditions, such as pre-existing diseases or maternity benefits. Compare the length of these waiting periods across different policies.
- Pre-existing Conditions: Pay special attention to how each policy handles pre-existing conditions. Some policies may have more extended waiting periods or specific clauses for these conditions.
- Specific Ailments: Check for any specific ailments with a waiting period, as some policies might have a separate list of “named ailments” with their waiting durations.
By comparing these aspects, you can decide which policy’s exclusions and waiting periods best align with your healthcare needs and preferences.
How to choose a health insurance policy with cashless benefits?
When choosing a health insurance policy with cashless treatment benefits, keep these factors in mind:
- Network Hospitals: Ensure the insurer has a vast network of hospitals, especially in your locality. Prioritise insurers with hospitals located conveniently near you.
- Claim Settlement Ratio: Check the insurer’s claim settlement ratio and the claim filing procedure. A high claim settlement ratio always implies that the insurance provider is reliable in settling the claims.
- Cashless Claim Process: Understand the cashless claim process and the required documents, such as the pre-authorization form and valid ID proof.
- Policy Exclusions and Waiting Period: Before buying, check the policy exclusions and waiting periods to plan accordingly.
The best health insurance policy providers have a vast network of hospitals and a reputation for a high claim settlement ratio. They also have a simple claim process and clear policy terms and conditions.
Summing up
Buy a health cover plan to save money in a health emergency. Health insurance provides a financial safety net, ensuring that you and your family can access necessary healthcare without facing overwhelming expenses.