Individual Health Insurance Policy

According to a report published by the National Sample Survey Organisation, about 70% of the total patients in India are treated in privately owned hospitals. The expenses incurred by patients to seek treatment in private hospitals are about three times more than that in government hospitals. Thus, for an average household, it can become difficult to cover the cost of medical treatment, especially for those paying for their treatment from their own pockets.

However, with health insurance plans in place, it can become much easier for you to bear the financial liabilities that come with seeking medical care. These insurance policies provide high coverage that enables policyholders to cover the cost of hospitalisation, diagnostic tests, and other miscellaneous treatments.

The benefits offered by these insurance policies vary from one insurance provider to another. Therefore, to avail of the best health insurance policy, you should check the factors mentioned below.

Things to Check Before Availing of Health Insurance Plans:

With so many insurance companies offering this insurance policy, it is crucial for you to conduct the necessary research to avail the best one in the market.

To do so, it is pertinent to check the following factors:

#1 – Coverage Limit:

Coverage Limit - Health Insurance Plans

There are financial institutions that offer various types of health insurance policies, which cater to different requirements of policyholders. You should thus check the coverage amount that the policy offers before you avail it to ensure that it covers your financial requirements.

#2 – Check the Claim Process:

One of the prerequisites of purchasing medical insurance online is to ensure that it has an easy claim process. When the claim process is simple, reimbursement and settlement of claim can also be carried out without any hassles.

#3 – Check The Availability of Different Types of Insurance Plans:

Type of Insurance Policy

When you avail an insurance cover, check if it comes with benefits that can be extended to your family members. For instance, the family health insurance policy offered by financial institutions like Bajaj Finserv provides benefits where the sum assured can cover medical expenses incurred for treatment of the policyholder’s family members as well. The sum assured can be utilised to cover the treatment costs of one individual or for multiple beneficiaries in due course of multiple claims.

Also Read: Things You Need To Know About Cancer Insurance In India

#4 – Network Hospital Coverage:

Before you buy medical insurance, make sure you check the number of network hospitals covered under the policy where you can seek cashless treatment. A greater number of network hospital coverage makes it easier for you to avail the benefit of cashless treatment upon hospitalisation if required.

#5 – Free Medical Check-up Benefits:

Free Medical Check-up

When it comes to availing comprehensive health insurance plans, you must check if it offers free medical check-up benefits. There are times when a routine medical check-up and other related diagnostic tests can end up costing quite a lot. To ensure that you don’t have to pay for these expenses out of your pocket, it is crucial to make sure that your insurance policy covers it.

#6 – Affordability:

The premium you need to pay towards your health insurance policy should be within your budget, to ascertain that you do not miss out on any payment. Therefore, before availing an insurance plan, make sure that you can afford the policy.

There are various health insurance plans that offer the benefits mentioned above. If you check for the factors mentioned above, you can avail a comprehensive plan that can cater to all your requirements. Nevertheless, make sure you check all the details like eligibility, documents required, and premium to be paid, etc. to make sure that there are no hassles in the application process.

There are many insurance policies related to personal accident covers which provide further monetary assistance in case of health issues.

For example, a Personal Accident Insurance policy from NBFCs like Bajaj Finserv provides comprehensive cover to the insured under all several situations. Such plans offer financial coverage for medical expenses, hospitalisation, children education bonus, etc. These policies also offer discounts on premium if two or more family members are included in it.

Additionally, it is best to have a health insurance policy in place since even apart from accidents, an individual might face health hazards at any time. Such insurance cover plans offer a high sum insured along with pre and pro-hospitalisation costs and medicine expenses. Individuals availing insurance plans for protection against accidents should also consider covering all their health expenses.