They say, ‘Health is wealth’. So it becomes important for us to take good care of our health. Health being the biggest asset, it’s crucial for us to invest in a good Health Insurance and safeguard our family from any unforeseen medical situations.
What is Health Insurance?
Health Insurance is a contract between a company and the insured, promising financial assistance to meet your medical expenses at the time of your need. Changing lifestyles, rising pollution levels, and a slew of other issues all have a negative influence on one’s health. To deal with health-related dangers in the future, we should be prepared and financially secure. This is where Health Insurance Policy comes in. It protects you and your funds from uncertain expensive medical expenditures.
What are the things you should consider before selecting your insurance provider?
This is one of the most important aspects one should consider before selecting a health insurance provider. Network hospitals enable the insured to avail cashless treatment at any of the listed hospitals. This saves the hassle of arranging a huge amount of money in a short period of time and then applying for reimbursement.
Room rent capping
Many insurance providers have a room rent capping which is the limit of the hospital room cost that is borne by the insurance provider. If this amount is exceeded during hospitalisation, the balance has to be borne by the insured.
Brand Value of the company
Health Insurance is essentially a promise that you buy from your health insurance provider and a medical emergency is not something you compromise upon. Hence it better be from a good and reputed insurance provider so that you don’t have to face any difficulty in the hour of your need.
Claim settlement Ratio
Claim settlement Ratio can serve as a very important metric in the process of selection of the right insurance provider. It essentially gives you an overview of how many claims are settled by a particular company against the registered claims in a particular financial year.
Pre and Post Hospitalisation Period
Pre and post-hospitalisation is a feature in which the medical costs incurred by the patients are reimbursed by the insurance provider. This period usually differs from company to company. So it becomes essential to check pre & post-period before selecting your insurance provider.
Restoration benefit is a component that allows your insurance provider to restore the sum assured of your policy to its original value once it has been depleted. So, even if you consume the entire sum insured, you need not worry, your insurance company can restore the entire amount. If you’re buying a family floater, this feature becomes a crucial considering factor.
So, these are the essential factors you should consider before choosing your insurance provider.