Take these factors into consideration before buying a healthcare policy
Illustration: Dominic Xavier/Rediff.com
A recent report by the World Health Organisation on the rising healthcare costs in India declared that almost 40 per cent of Indian families borrow money from others to get the quality treatment on time.
Therefore, it is essential to safeguard any health related emergency with the help of a health insurance policy at an affordable cost.
Here are six factors which need to be kept in mind before buying coverage products:
1. Premium
Check the features that you require and don’t go for something that you do not want in your policy. The premium that you pay depends upon the features that you select. Hence, be aware; select wisely to get the best plans online
2. Hospitalisation cover
If your pocket does not permit you to shop for a comprehensive medical insurance policy, you need to purchase a primary medical health insurance plan, which will pay charges incurred on medical treatment or illnesses.
3. Sum assured
Sum assured can be determined on the basis of the town or city that you and your family reside in. Remember the fact that healthcare costs more in larger cities as compared to smaller towns, so figure out the sum assured accordingly.
4. Family floater policy
It is advocated to buy a family floater medical insurance policy instead of individual coverage if you want all the family members covered under a single sum assured.
5. Day care procedures
Before buying coverage, have a look at the list of diseases being covered under day care benefits which include those treatments which do not involve hospitalisation.
6. Exclusions
Before signing the policy documents, consumers ought to go through it very carefully and also ask for distinctive terms and conditions of the policy. In any coverage, exclusion component is very important as it mentions the diseases and scenarios which are not included under the policy.
Naval Goel is CEO and Founder, PolicyX.com
