A health insurance plan has become inevitable in today’s times. This is mainly because medical expenses and hospitalization can take a severe toll on anyone’s savings. That being said, you do not have to buy the first health insurance policy you see. You have to weigh the pros and cons thoroughly prior to purchase, as this helps you get the maximum benefits out of the coverage. Here are a few things to consider when choosing a good plan.
Opt for the right sum assured
You need to choose a sum assured that suits your marital status and age. You also have to take into account the ever increasing medical costs. If you are older, the chances of a disease increase. Also, if you are married, you need to increase the sum assured so that it can accommodate your spouse’s health as well.
Maximum age renewal
Health insurance may not necessarily be a prerequisite when you are young, but as you grow older, it becomes more important. This is why it is wise to go in for a plan that can easily be renewed up to the maximum age of 70 or 75 years or comes with lifetime renewability.
High claim settlement ratio
This usually refers to the ratio of claims settled over total claims received. It is best to look into insurance policies that offer a high claim settlement ratio. This gives you and your family an assurance of sorts as it minimizes the chances of claim rejection.
Benefits of the plan
It is essential that you check all of the benefits offered before signing up for a plan. Some benefits that policies offer may include hospitalization costs, pre as well as post hospitalization charges, day care procedures, inpatient hospitalization benefits, free ambulance services, and maternity benefit.
The premium amount
Compare premiums before signing up for a policy. Purchasing a policy that comes with many benefits and a high premium is useless, if you are not going to use the plan to its full potential.
These are just a few points that can help you pick the best health insurance plan for you and your family.