June 27, 2022

Here are all the Things you Need to Check Before Buying a Health Insurance Policy

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Buying a health insurance policy is one of the wisest decision one can make in life. The skyrocketing prices of medical care is making it harder than ever to access quality medical care without risking one’s savings from wiped out. So, if there is a medical emergency and the person is without cover, they may end up facing financial doom, putting the future of their loved ones at risk. Therefore, there is a renewed push by the government to increase awareness on health insurance in India, and thus there are tax breaks that you are eligible for on buying a health insurance policy. The importance of health insurance is something that cannot be debated in today’s world, and everyone should have some kind of cover to ensure that they are able to access medical care when the need arises.

However, just getting a policy isn’t enough. There are a lot many things that you need to keep in mind when buying health insurance in India to ensure that your policy is best one you can get that has you truly covered against any medical exigencies.

So, what are things you need to look for when buying health insurance in India? Let’s have a look!

Insurance Service Provider

Since the market is full of insurance companies, with all of them trying to get your attention; the best way to choose an insurance service provider is by observing a few things about them. All of which we will discuss in brief detail later.

  • How long have they been in the industry?
  • There service record in terms of claim settlement ratio
  • Quality of hospitals on its network
  • Additional benefits offered
  • Claims settlement process

Spend some time getting to know your insurance service provider to get a better picture of their standing in the market and based on the individual service record of each one of them, start shortlisting your policy. Doing so will help you dial down to only the best insurance service providers who have been known to offer policies that actually deliver on what they promise, and gets you access to quality medical care if you ever need it.

Claim Settlement Ratio

See how an insurance service provider fares with their claim settlement ratio. A higher percentage signifies more trust and ethical ways of operation, while a lower one signals the exact opposite. Always buy a health insurance policy from an insurance service provider with a robust claim settlement ratio. Because when the time comes for hospitalization, this would play an important role. The faster your claim gets honored, the sooner your treatment can be started. So, if you don’t want to waste time waiting on the insurance company to come up with a decision on your claim, choose one that has a record of honoring claims without wasting precious time.

Quality of Hospitals on the Network

Every insurance service provider has tie-ups with hospitals where the policy holder gets access to cashless hospitalization, and all expenses right from the doctor’s fee, nursing charges, medicines, blood, consultation charges, room rent, etc. is taken care by the health insurance policy. It’s important that the service provider has some of the top tier hospitals and medical institutes in its network of hospitals, with hospitals within your immediate vicinity being a part of it.

Additional Benefits Offered

Check to see if the health insurance policy provider offers any addons such as critical illness cover, free annual health checkups, cumulative bonus offers, etc. The perks may vary across insurance service providers; however, it’s important to check what is being offered apart from the regular coverage to get the maximum out of your health insurance in India.

Claims Settlement Process

Some insurance service providers have a third-party claims settlement process, while others have it in-house. Choose the latter, as it is faster, more efficient, with a single point of contact to help you and your loved ones get through the entire process of getting admitted, treated and discharged from the hospital without having to face any issues.

There is no denying the importance of medical insurance today. Such a policy will come as savior during an unfortunate hospitalization event; therefore, it’s crucial to choose a policy that delivers on its promise, rather than buying a policy just because it comes with a lower premium.

Max Life Insurance offers one of the best health insurances in India, and all of their plans are designed to make things less complicated so that you can rest assured that in case you or one of your loved ones requires hospitalization to get better, you are completely covered and won’t have to pull your hair out trying to get the insurance policy to work for you, and not against you. So, choose carefully, and stay healthy!