6 important things to know when buying health insurance in 2021
Buying health insurance, A high claims settlement ratio is considered one of the most important factors when choosing an insurance company
In the midst of a coronavirus outbreak, it is necessary to have a health insurance policy. These policies protect your savings against unforeseen expenses related to medical treatments.
Such a policy typically covers expenses before and after hospitalization, room rent, ambulance facilities, doctor’s fees, and drug costs.
Thus, having the right health insurance policy can provide you with much-needed financial assistance in the event of a medical emergency. Against this background, here are six important things to keep in mind when purchasing a health insurance policy.
Buying Health Insurance The company claims settlement reputation
A high claims settlement ratio is considered to be one of the most important factors when choosing an insurance company. If the claims are not paid on time or if the cashless approval is not approved, the policy is useless to the customer. The claims settlement ratio numbers are publicly available or you can check with your intermediary.
Main features of the policy
The policy should provide comprehensive protection against illness, injury, and chronic disease. For this, the person must check the terms and conditions of the policy.
Pallavi Roy, Executive Vice President (Product Development), IFFCO Tokyo General Insurance said, “Effective medical insurance will provide comprehensive insurance coverage. Pre-existing illnesses are not covered and should be taken into account when purchasing health insurance. The best way is to look at the main features of the policy. Check if it is available for the individual or the family. A floating policy covering all family members would be ideal. Some policies can provide coverage for extended family members such as blood relatives. ”
In some cases, insurers may make certain deductions from the final claim amount, such as copayment or sub-limitation or treatment in off-grid hospitals. Roy said, “When checking the key characteristics, determine if there is a co-payment, which means you have to share part of the claim, the sub-limits, which means if there is a co-payment. room limit or limitations on certain surgical procedures., If treatment is performed in an off-grid hospital, some insurers may deduct a certain percentage from the amount of the claim. ”
City-based premium and sum insured
The premium payable will depend on the sum insured, the sum insured being the maximum value that an insurer can pay for one year during hospitalization. The amount greater than the sum insured must be withdrawn from your pocket. “While there is no ideal sum for an individual health insurance policy, there are two accepted market-wide rules about its amount. Roy said, first, your health coverage should be at least 50% of your annual income.
It would be a good idea to check the network of hospitals made available by the insurer. Network hospitals are hospitals that offer a cashless claim settlement method due to their special arrangement with the insurer or TPA. The policyholder can only enter and leave the hospital without paying anything for treatment or room costs. They may only have to pay nominal fees that are not covered by the policy, such as consumables, special foods, toiletries, and registration fees, if applicable.
Roy said: “Most people who work in blue-chip companies feel safe because they and/or their families are covered by their employer’s group health coverage. But what if you quit or are made redundant? Suddenly you will find yourself without adequate health coverage. Therefore, if you want basic health coverage or additional coverage from your employer, it is better to have additional coverage such as critical illness coverage if the sum insured for group health coverage is not sufficient. “