It is vital to fulfilling responsibilities at every stage in life. As a person matures and nears adulthood, there are many expectations that society has from them. A responsible family member thinks of not only themselves but also the rest of the relatives. The head of the family ensures to meet all the necessities and satisfy the needs of all the family members, even when it involves health and medical treatment.
It is beneficial for every person to buy a health insurance policy where they can meet the expenses during an emergency. It saves a lot of additional money which gets covered like hospital charges, ambulance charges, charges for medicines and medical treatment, etc. Healthcare is also becoming expensive in India because of technological innovations and the introduction of new methods of treatment. Following are some tips to remember while selecting an insurance plan:
1. Choosing the optimum sum insured:
Every insurance applicant must first consider the coverage amount or the sum insured according to their budget and affordability. They also must evaluate many other factors which include risk appetite, family history, and the funds that they currently own.
2. Evaluating the exclusions and the waiting period of the plan:
These are some of the ideal features that all applicants must consider while choosing their health insurance plans. They should understand what all aspects their plan covers and after how much waiting period can they make a claim. Also, analyse the inclusions and exclusions of the policy. For purchasing a plan with a low premium, the waiting period and exclusions are higher than the rest of the schemes.
3. Choosing the right insurance partner:
The insured should not only select an insurance partner with a clear and transparent list of terms and conditions but also has claim settlement abilities according to the ratio decided.
4. Ensure it offers lifetime renewability:
While applying for health insurance, check whether the insurance provider is offering lifetime renewability. Usually, all insurance plans have this facility, and the policyholder can renew the plan every year if they are alive. All insurance applicants must read the terms and conditions carefully to understand the lifetime benefits of the plan.
5. Daycare procedures and hospitalisation charges:
These are also some critical points to note while choosing an insurance plan. Daycare procedures are surgeries and medical treatments that do not require the patient to get hospitalised. In case the insurance plan covers these aspects, it is beneficial for the individual as well as their family members.
6. Declaration of existing medical conditions to the insurance provider:
While using a health insurance app such as the LGI LivMobile App, confess all the family history and the existing medical conditions to the insurance policy provider. Maintain transparency so that there are no issues at the time of claim.
7. Be thorough with the coverage and benefits of the plan:
Every policyholder needs to consider this while deciding the premium. If they consider only the premium amount, the coverage can reduce significantly, which can cause financial stress at the time of claim.
8. Co-payment by the insured:
Plans with a low premium can have a higher co-pay, which is the percentage of the claim expense payable by the policyholder. Whatever amount they save on the premium gets paid at the time of insurance claim.
9. Strong and diverse cashless network:
All the individuals must ensure that the insurance company has a strong cashless network across India because the hospitalisation could be anywhere across the country.
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