As of 2018, 482 million Indians had a health-related insurance cover in place for themselves. Distressingly, however, most individuals were not quite clear about the scheme they had opted for. Conversely, these medical insurance schemes often cannot offer the adequate help that they can usually offer; simply because customers rarely opt for the most suitable scheme as per the terms of coverage offered. In order to avail the best of health insurance schemes, it is imperative that an individual looks for some specific facets and features; pointers to make the right choice.
- Whom to cover: The first point of consideration while going for an insurance plan pertaining to the health of an individual is the individual in concern. Every aspect is considered, from medical history to age and marital status. Understandably, with age or a long medical history, there are several considerations to be made in the required scheme. Medical insurance coverage plans take all these details into serious consideration to ensure the best possible terms for their clients.
- What to cover: There are many types of health insurance schemes on offer from different financial institutions. Companies like Bajaj Finserv offer individual policies, family health policies, and even group medical policies. The former deals with the coverage of a single individual, usually the insurer himself/herself. In case of a family insurance scheme, a single policy covers all the medical complications of the whole family. Lastly, the latter is for a group of employees and is primarily referred to by organisations. Often, a popular choice is to go for a combination of individual and family health insurance schemes.
- How much sum is covered: Amount of money insured is a very crucial component to decide before opting to buy medical insurance online. There are numerous policies on offer online from different financial institutions and they have different features of which the most crucial is the sum of money that is insured. One needs to take into account two primary things while deciding this sum. Firstly, it is the current health condition which should decide the sum insured. Secondly, foreseeable medical expenditures for future must be taken into consideration so as to ensure the necessary financial assistance when these assured expenditures come knocking.
- Basic features: There are numerous basic features which must be contained in an insurance plan. This includes ambulance costs, hospital charges and medicine bills. Any medical insurance plan must have these basic features to ensure proper protection of the insured client.
- Renewal and related features: Renewal is an important feature of health insurance policies. Every health related insurance policy has some sort of renewal plan on offer. These premiums and features on these plans depend on the age of the insured. In case of family insurance schemes, the age of the eldest member is taken into consideration.
One should also look for related features on no-claims. Under circumstances where no claim has been made, premium financial institutions offer a bonus percentage in case of renewals.
- Applying for the policy: Application is the final step while deciding a policy. While the above pointers aid in shortlisting the institution of choice and the plan itself, easy application is the final consideration while choosing from health insurance plans. With many financial institutions offering insurance policies, few offer easy and hassle-free online application procedures.
Choosing a medical insurance policy for yourself or for your family is a crucial decision for the necessary financial coverage. Choosing one such plan should take the above steps into consideration to find the best medical protection possible.