Of the many things that you should plan about your finances, your health care costs should probably be a top priority. Considering the amount of stress you are exposed to on a daily basis and the various health hazards around, health is definitely a big concern in today’s times. Moreover, if you are a family person, you will not just have to worry about your health but of your loved ones’ too. The main reason behind why health care is becoming an increasing concern is the ever-rising medical costs. Of course, the advancement in medical technology has made it a lot easier to recover, even from the most gruesome illnesses, the fact remains that your financial planning is going to go for a complete toss if you do not accommodate a part of your earnings to your health care. A better way to do so would be to buy a health insurance plan.
However, can you just go and buy any health insurance policy for yourself or your family? Definitely not! Here are some essential aspects that you will need to bear in mind:
Basic parameters to consider when buying health insurance
While there could be some very reputed companies offering some of the best health insurance policies, you should typically look for the below mentioned aspects:
- The waiting period clause: Most insurance policies come with a clause that provides an initial time limit, wherein medical claims during the first 30 days (or the stated period in the policy) will not be admissible. This is usually not considered for any accidents or such incidents that require immediate medical attention.
- The network hospitals: Not every health insurance plan will be supported by every hospital. If you are very specific about the hospital you would like to receive treatment at, look for health insurance policies that are supported by that hospital.
- The claim process: Identify the process adopted by the company to settle the claims and the average time the entire process ideally takes.
Should you buy online?
Several reputed insurance companies are offering their policies online. This is an easy and convenient mode to buy health insurance policies if you are well aware of the clauses and have a very busy schedule. There are some additional benefits of buying your health insurance online, such as the fact that you can easily compare different policies and get the best deal.