Purchasing health insurance coverage is a procedure which needs a lot of dedication and planning. Without prior planning, you will end up investing in a health insurance policy which doesn’t provide you with the best coverage or doesn’t cater to your needs and requirements. Lately, the health insurance market has witnessed a sudden upsurge of better and newer insurance plans which offer added attractive benefits and features. As the masses don’t prefer buying any new products due to the lack of understanding, they tend to wait for the common health insurance products.
Before you compare your health policies from health insurance – iSelect, you should know about the best things that you should check so as to end up choosing the apt policy. Check them out.
- Extent and scope of coverage
Watch out for the expenses which make up the list of coverage benefits of the health insurance plan. There are few benefits like ICU room’s rent, fees of the doctor, pre and post hospitalization and ambulance charges. However, there are other insurance benefits like OPD expenses, domiciliary expenses and they sometimes even cover alternate treatment costs like Homeopathy, Ayurveda, maternity coverage and Unani.
- Exclusions on the health policy
One more vital factor which we overlook when we compare the health insurance plans are the long list of exclusions. Sadly enough, your health plan won’t be applicable universally to meet different kinds of medical costs and therefore there are few costs which are excluded. Few common exclusions are cost of cosmetic and dental treatments, pre-existing illness, congenital defects and many more. Illness which you already have during the time of insurance will be excluded from coverage.
- Settlement policy of claims
Presently, health insurance claims can be settled through reimbursement or cashless facilities. If it is the cashless facility, the policyholder, on being admitted in the hospital within the network will receive cashless treatment where the claim is supposed to be settled through a TPA or Third Party Administrator. On the other hand, in case of the reimbursement clause, the policyholder will bear the expenses himself initially and later on get them reimbursed by the insurer. The most convenient method is the cashless facility.
- The history of the company
Lastly, the most vital point that you can check is the credibility of the insurance company which you’re choosing. The credibility doesn’t lie in the history of the foundation but in the history of claim settlement which is the most vital factor for the policyholder. You have to check carefully the claim settlement ratio of the company which is a clear implication of the claim proportion honored by the company against the total claims raised. The higher is the ratio; the better will be the chance to settle a claim.
Therefore, when you’re eager to know the main points to check while comparing the health insurance plans, you should take into account the above listed points. If you’re in doubt, get help of an insurance broker and his expert knowledge.