- Attention taxpayers! CBIC-DIN is now implemented to uphold tax doc transparency
- Trade unions with public sector banks announce for All-India strike on 8th January
- SBI reduces interest rate on savings account from 1st November
- Want To Know Your FASTag Balance Call This Number
- SBI warns its customers about account details sharing
Planning to Buy Health Insurance Five Things You Need to Know
Buying a health insurance is one of the smartest things you can do since bad times don’t check the bank balance before crashing your happy life. Thankfully, there are plenty of health insurance policies in India which suit various needs of the vast customer base in the country. However, this huge sea of policies also adds up to the confusion making the opting of a healthy policy a tough task for people.
In this article, we have tried to jot down the things you need to know before buying a health insurance. Read thoroughly!
1. The Claim Process
The simplicity and speed of the claim process in directly proportional to its friendly nature. So, always opt for a healthy insurance policy that has an easy and fast claim process so that you don’t find yourself in a mess when the emergency falls on you. A better customer support is also an additional advantage you should not ignore.
2. The Insurance Amount
This is quite a difficult task and thus needs a lot of calculation and prediction. Take your age into account; since earlier you buy a health insurance, the lesser will be the sum assured. You should also keep your income in mind to purchase an affordable policy.
One thing that is also important is your locality. If you are living in a metropolitan city like Delhi or Mumbai, cost of medical treatment will be high as compared to Tier 2 cities. After considering all such factors, decide an amount and plan your policy.
3. Network Hospitals
Always go for a health insurance company that has a huge cashless network of hospitals. This will be of great benefit during a medical emergency since the insurer can directly settle the medical bills. Try choosing an insurance company that have over 5000 hospitals in the network. In case there are chances you might shift your home, look for a health insurance that has national presence.
4. Pre/Post Hospitalization
It’s not just the hospitalization that can burn a hole in your pocket but also the tests and doctors visits before and after hospitalization that cost a lot. Thus, to ensure these expenses do not put your financial stability in jeopardy, opt for a health insurance policy that covers pre/post hospitalization aspects as well.
5. Claim Settlement Ratio
Never ignore this part when buying a health insurance policy. Claim settlement ratio is derived after considering the number of claims settled by the insurance company. The higher the ratio is, the better chances you have to get the money when you need. So, do check the list before buying a health insurance.
Purchasing a health insurance is a crucial decision for your life. Therefore, it is necessary that you must cross check each and every aspect before making the final call. Read the terms and conditions properly and never hesitate to clarify your doubts. Here are top five health insurance companies in India:
1. Apollo Munich Health Insurance Company
2. ICICI Lombard General Insurance Company
3. Star Health & Allied Insurance Company
4. Religare Health Insurance Company
5. SBI Health Insurance Company
Check these out and choose the one that suits you the best.