The pandemic has highlighted the risks and underscored the importance of risk mitigation. People have now started to value the importance of insurance because they understood the financial consequences of not having it.
Comprehensive health coverage has become essential, especially since the pandemic. Experts say that with the exorbitant hospital and medical bills racked up during COVID treatment, people have now become more careful when it comes to choosing the ideal health plan available in the market.
Rakesh Jain, Managing Director and CEO of Reliance General Insurance, said, âThe pandemic has highlighted risks and underscored the importance of risk mitigation. People have now started to value the importance of insurance because they understood the financial consequences of not having it. You should know that insurance is the best tool to get back on your feet without financially eating away at savings â
These are the things you should watch out for before investing in an optimal health insurance policy;
1. Social Demographics: The city you are staying in and the average cost of hospitalization in your area – your demographics should be considered when choosing your health insurance coverage. For example, experts say that if one has a higher standard of living and expects coverage in better hospital rooms and with modern treatments, they should choose a policy with a higher coverage limit. .
2. Coverage Needed: Check your policy for any caps or limitations on associated expenses up front, especially for surgeries. Choose a policy that offers the most benefits such as ambulance service, coverage for pre-existing ones, etc.
Jain says, âTry to avoid floating policies with lower insured sums – in the current pandemic scenario, those plans have gone badly. Choose a policy that does not limit treatment options.
3. Cashless Claim Options: First examine the insurer’s hospital network and determine if the proposed facilities fall under the cashless claim options. According to experts, it should be noted that it is difficult to make upfront payments during medical emergencies. Therefore, choose a coverage that allows cashless claims.
4. Premium values: Never choose a policy based solely on the low cost of the premium. Jain says, âYou should choose coverage that meets your needs and figure out how to lower the premium. Explore ways to lower the premium using discounts offered by the insurer, such as a 2/3 year higher policy term discount. In addition to benefiting from online discounts, one can also opt to purchase an insurance policy directly from the insurer’s website.
5. Expenses and Other Coverages: Consider the age and pre-existing health of your dependents before purchasing a policy. You may also want to consider choosing super supplemental policies if you are looking to upgrade to supplemental coverage with a deductible through your existing health insurance policy. Experts say choose a policy that covers both pre-hospital and post-hospital costs for an optimal period.
6. Waiting times: If you have a pre-existing condition or a serious illness, the waiting period plays an important role. Therefore, check the waiting period applied in your policy, and experts say to go for policies that have it for less years so that you can get the coverage as quickly as possible.
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