How to choose best Health Insurance for you

“How to choose best Health Insurance for you”

Here you will find the way to choose best Health Insurance

As we all know that Health is wealth. Everybody wish for the best health for self and for our loved once also. Though we have progressed in Science and technologies, many diseases and illness has also increased. Some time, to protect from such a dreadful situation, is unable for us we must prepared for such an emergencies. Thank god, to protect from such a horrible condition, Health insurance has been made for us.

But the actual problem in this time is that, How to choose best Health Insurance for us? We have lot of options available. To help in this problem, We have given some important tips to you, which will definitely help you to choose best Health Insurance plan for suitable to you and your family. You can be ready for every emergencies which can ruin your life….!!

Q) What is Health Insurance & what does it for?

          Health Insurance means a financial contract between you and a company that provides a medical protection against a certain premium amount paid by you. The policy holder & its member can get reimbursement or direct expenses for a medical treatment.

          Health Insurance can cover almost all medical expenses including surgery, consultation, treatment before and post disease, ambulance fees, room fair, medicines, checkup etc.

Q) Do we really need such a Health Insurance?

As we all know that Inflation is increasing day by day like all expenses also increases including medical treatment and medicine also. This is the reason why everyone must choose a health insurance plan for himself and for our family. Higher cost of medical treatment can affect your life forever.

Having a sufficient health insurance policy will not only just take care of you and your family from all diseases and illnesses but also provides urgent medical coverage’s against any accident injuries and all covered illness and diseases. A good Health Insurance policy not only support you in hospital but also protects your lifetime savings which will helpful for your futures.

Some helpful tips to Choose Best Health Insurance:-

1)   Sum Insured :-

In any Health Insurance, Sum Insured amount means the maximum amount paid by a company for a medical treatment and expenses in a particular year. If your expenses of medical treatment increased, you have to pay the additional cost from your own pocket. That’s why you must choose proper medical cover health insurance policy which can cover all your expenses.

In general it is suggested that you must take at least 50% coverage of your annual income. Suppose your annual income is 30 lakhs per annum, you should buy 15 lakhs cover sum insured policy. This will most suitable for you. Sum insured amount can be vary by age to age. You must consider you and all your family member and their ages also. Is there any emergencies can come in nearby future. If you have recently married, it means in your wife can be admit for delivery in nearby future. For such a planned emergencies you should always ready and considering such a situation you should buy proper health insurance. For better suggestion about health insurance you can connect with us @ www.yourmoneyworkforu.in   or mail us @ yourmoneyworkforu@gmail.com

2)    Check what are covered in policy :-

Before purchase any Health Insurance you should check, which things are covered in a plan. You should purchase comprehensive coverage plan. It will help you in any condition. Comprehensive plan can covered following things like Ambulance fair, all Critical Illness, Regular Health Check-up (including pre and post disease), Daycare procedures, Nursing charges, Second opinion etc. To get detailed term and condition, First you should read all document of the policy carefully because once you bought policy you cannot change in it.

3)   Find best Flexible plan :-

A good Health Insurance policy must include flexibility to add any family member for coverage. You can save policy premium if you can add all your family member in a single policy coverage. Like your parents, spouse, children etc. you don’t need to pay extra pay for a family member. Your policies coverage should divide in all your family members. If you used small amount from your sum insured, the remaining amount can be used for next time. In a Floater policy, you can cover all your family members in a single premium covered policy.

4)  First Check payment clauses :-

In general, Health policy divided into two categories. One is co-payment clause and second is without co-payment clause. In co-payment clause, company have mentioned % of co-payment for the policy holder. If it is mentioned 20% co-payment for policy holder, it means that if your medical expenses is 50,000/- you must paid 10,000/- from this amount from your pocket.

It is advisable that you should choose without co-payment policy. So you would not need to pay from your own pocket.     

5)  Compare Waiting period :-

In health insurance policy, waiting period means those period which denotes the time during which claims are not accepted by the company. In some policies, those waiting period can be three months, six months or one year also. In some cases this waiting period can be consider or else it cannot be considered. But when you buys any health insurance policy, you must check first is there any specific waiting period is mentioned or not. If there is mentioned, you must remember it. You can ask for other company also in such a cases.

6)  Prefer High claim settlement ratio company :-

Normally people complains that their Insurance Company denied to their claim. So while you purchasing any type of policy, you must ask to company about their CSR means Claim Settlement Ratio. The maximum CSR means you have maximum probability to accept your claim. Thus, remember higher CSR indicator is one of the important criteria while you purchase any policy. Though it is Medical, Term or else insurance policy.

7) Compare with others health plan :-

While you purchase any Health Insurance policy, First of all you must compare various companies’ policy. Because many companies would focuses on any specific point like some focus on sum insured or some focus on other medical benefits. But you should check which thing is important for you. You can compare companies’ premiums with their given benefits. If you find best benefits in low premium with higher CSR you must buy it. Thus you can save your money.

8) Check is there Lifetime renewability of policy :-

As we all know that, day by day we are growing like our expenses also growing. In later days, there is higher probability to get sick and can be admit in hospital. In such time, if you have a longer time renewable policy, you can save your maximum money.

        Some companies offers longer validity health policy. Or else they have renewable options for such a policy without any extra charge or at the same price. This thing can save your lots of money. While you purchase such a Health Insurance policy, you must consider this thing on a primary basis. 

9) Consider Room rent :-

Most of companies, offers to customer to choose rooms facility which they want like deluxe room, private room or semi deluxe room as per their premium are vary. Every policy has its room limit after existing this limit you can be paid room rent from your own pocket. You should choose this feature as per your budget because it can affect your service of hospital. You should be very careful while selecting such a feature.

10) Company should have Pan Network of hospital :-

While choosing a Health Insurance policy, you must consider this feature on a primary basis. Your nearest best hospital can be save your life if it is included in your Insurance policy hospital network. A wide network of hospital with all advanced facilities will surely helpful to you in an emergencies.

You must consider second major important point is, is there cashless facility also available or not in such a hospital? Because cashless facility will give you more comfort in such an emergencies.

11) Nursing and other medical charges :-

While considering health insurance policy, you must consider that is it including nursing charges or not. Because the hospital in which you get admit this hospital will add this charges in your bill. For such a situation, your policy must contain nursing facility. If this is not included, you must add in it. This thing will save more money of you. 

Conclusion :-

        In short, while you purchase any Health insurance policy, you must alert about all the above points. Because escape any point means a big problem can be arise in future which can be harmful to you and all your family member and can be spoil your future forever.

You can take consultation with us for better financial adviser and manage your money wisely. Do connect with us @ www.moneyworkforu.in or mail us @ yourmoneyworkforyou@gmail.com

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