Ramesh, an architect by profession was looking for a comprehensive health insurance policy for himself and his family. He thought of asking his friends but he wasn’t getting the appropriate information on various aspects related to the policy coverage. Most people go through this dilemma and often end-up making wrong decisions on such important matters.
However, this might sound cliché but the only way to have a genuine and beneficial policy is via research and a detailed comparison amongst the leading market players. Luckily, due to advent of online media platforms since last 15 years; online research, comparison, shopping etc. has made decision making so much easier with possibility of customized solutions. Google has become everyone’s go-to teacher to fetch answers related to a plethora of topics. Growing Digital media platformshave given a new dimension to the traditional, limited and mundane way of research and knowledge building methods. Now it’s instant, accurate as well as time saving.
A health insurance policy plays a pivotal role in helping us to evade any medical emergency. In the wake of rising medical expenses, detrimental diseases and awareness towards a healthy lifestyle, people today have become pro-health insurance policies than ever before.
The trick lies in buying a policy that’s most suitable and providesmaximum benefits and cover. Surprisingly, this is one of the key areas where people fall short due to sheer negligence. A well researched online policy comparison can help manifolds.
Important parameters to be kept in mind while picking the best amongst the lot are as follows:
Know the premiums
Premium is the amount which is paid by the policy holder to maintain the coverage.The premium to be paid is one of the most basic inputs for comparison before choosing an insurance plan. It can be paid, monthly, quarterly or annually. The amount of premium would depend on the kind of policy one is looking for.
While signing on your healthcare plan, it is very important to know of the exclusions which are not being covered under the policy. Mostly, policies have certain pre-agreed list of medical conditions and treatments that are excluded from the scope of coverage. Since, the cost of treatments under exclusions category won’t or might get covered with attached set of terms and conditions, it’s advisable to read the policy documents carefully.
One of the most critical points while deciding on a medical insurance policy is the mode of payment during the treatment. Every insurance company has tie-ups with a list of hospitals. If any insured gets admitted in one of these hospitals, the insurer will directly settle the payable amount with the hospital. This indirectly facilitates the best possible treatment even if one doesn’t have the money to pay for it upfront.
Network of hospitals
The network of hospitals with which your insurer has tie-ups is very important so in the eventual case of hospitalization one can utilize the cashless hospitalization benefits. Also, the number of hospitals in and around your place of residence can become vital in cases of medical exigencies.
Health insurance policies are eligible for the income tax exemption under section 80D.
It’s better to be safe than sorry. Don’t wait and ask others, simply log on to your laptop/desktop, research and then opt the plan that best suits your requirements.
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