Picking the right health insurance product for your needs from among the hundreds available is confusing. It is quite similar to navigating without a map. You can ask people for help in finding the right policy or product, but they might charge you for it. As a result, many people end up getting inadequate health insurance. In such cases, you end up losing money when you are hospitalised. To prevent such a situation, you can take note of these five crucial tips for evaluating health insurance products. Taking these tips into consideration, you can get the right health insurance products and not get burdened with large hospital bills. So, continue reading to understand how to navigate the maze of health insurance products.
1. Check the coverage provided for pre-existing conditions
Many people who have pre-existing conditions such as diabetes hesitate to get health insurance. This is because they think that they won’t get coverage for such illnesses. However, coverage details for pre-existing conditions are evolving with times, and this is reflected in many insurance products. So, when looking for health insurance, do take pre-existing conditions in your family into account. Then compare the products offered by various providers as well as the waiting period for the inclusion of the pre-existing conditions into the policy.
Currently, the top products offered by health insurance providers allow for pre-existing conditions to be covered, after a “waiting” period of anywhere between 2 to 4 years. These products are a cut above the rest and should always be considered first.
2. Check the premium payable and the sum assured as part of insurance coverage
The amount you have to pay as premium for health insurance can be high or low, depending on the provider you choose. So, after taking your health insurance needs into account and the number of people in your family who need coverage, you should compare the prices of different products. Comparing different offerings allows you to find policies with the features you need. Once you have sifted out these policies, you need to use a health insurance premium calculator to compare the premium they charge.
By comparing plans with similar features and sums assured in case of illness/hospitalization, you can pick those that align with your needs and budget.
3. Compare the network of cashless hospitals included
Health insurance providers collaborate directly with a select number of hospitals in a country. These hospitals are authorized to provide cashless treatment during hospitalisation. Cashless treatment is always preferable, as it does away with the need for paying hospital bills and then claiming reimbursement from insurance companies later. Several health insurance providers, however, do not have a vast network of cashless hospitals. So, it is essential that you compare the number of hospitals that each provider has partnered with and choose the one with a more extensive network.
4. Check the coverage for different procedures including domiciliary hospitalisation
Several health insurance providers do not cover costs arising from domiciliary hospitalization. Additionally, some providers exclude a larger number of daycare surgeries in their policies. So, it is recommended that you find a provider that supports a higher amount of daycare procedures and a wide variety of domiciliary hospitalisation costs. Costs related to transportation via ambulance, and pre/post- hospitalization treatment and tests, can also turn into a burden when you are struggling to provide comfort to an ill person. Confirming that a health insurance provider will cover these costs is, therefore, essential before you invest in a policy.
5.Estimate the out of pocket expenses
Even if your hospitalization and surgery costs do not overshoot the maximum sum assured, you can end up spending a lot of your own money if you fail to meet the rules stipulated in your insurance policy. Most often, these rules are hidden in the fine print and are, therefore, easily overlooked. This can result in you having to pay a high portion of hospitalisation. So read the terms and conditions carefully before and after buying a health insurance policy.
To sum it up…
Buying health insurance means sifting through the plethora of available options and finding the one that suits you the best. Each of these products comes with several pages of paperwork. Handy tips help you focus on the most important points as you compare several policies/products and keep you from getting confused.
Hunting for the right health insurance product is not a complicated process, provided you know what to consider. With the right guidance, you can swiftly find the best product to meet your needs and that of your family.