Editorial

Does Your Medical Insurance Offer Enough Coverage? Find Out!

When it comes to the health of a person medical insurance helps a lot in many ways, such as providing proper treatment, coverage against medical expenses, critical illness, etc. But, if you are at a young age, the premiums will be less, and so will be the health problems. As the age increases, the premium of the health insurance plans also increases. 

Numerous plans and policies provide coverage against various health-related issues. So, the question which arises is, whether your insurance policy provides you enough coverage? How do you know that the policy you are buying will be able to fulfill your needs and requirements?

The answer is, no policy will ever be enough to complete all your needs and provide you complete coverage. But, some points should be considered to make it as efficient for you as possible.

Does your insurance policy fit your top priority?

The first thing you should look for is what are your needs? If you are looking for insurance for your children? Do you need it for the coverage of any pre-existing illness? Whether you need it for your parents or due to some medical history in the family. If the policy you are planning to buy fits your needs and requirements and falls in your budget, then it fills the first criteria.

What are the exclusions and waiting period of the plan?

You must always look very carefully at the waiting period of a policy. the lesser the waiting period, the better. with so many plans available, it is hard to choose among them. You should opt for a policy plan that does not exclude your top priority for which you are buying the medical insurance policy.

Look through the co-payment clause. 

Co-payment can be both beneficial and not beneficial depending upon your financial conditions. Co-payment refers to the percentage amount for which he has to pay during any claim from his insurance policy. If a person is financially stable, he should opt for an insurance plan without any payment clause.

Choose an insurer that has a network of top hospitals with cashless hospitalization.

While choosing an insurance policy always prefer an insurer that a large chain of reputed hospitals under his name in your city. This ensures that you and your family members can get proper treatment in case of emergencies. All the claims are settled cashlessly by the insurer.

Study the coverage offered.

Study the coverage offered by your health insurance plan carefully. It should cover the pre and post-hospitalization charges. It should cover day-care treatment (treatments that require less than 24 hours of hospitalization). It should cover room rent and other medical expenses such as ICU charges, doctor fees, etc.

These should be the criteria while deciding on an insurance policy for you and your family. There are various other factors such as the sum insured, critical illness coverage, claim settlement ratio, OPD expenses, etc. which should also be involved while deciding your insurance policy.

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