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A Quick Buyer’s Guide for Health Insurance Plans

Health insurance is an excellent policy that financially protects you in a medical emergency. With the help of good health insurance, you will not have to spend your extra savings on medical expenses. Because of the high number of health insurance providers, you can get health insurance plans at competitive prices. And the premium prices can further decrease if you join an insurance scheme earlier.

But the selection procedure of health insurance plans is very tough. There are many things to consider so that there are no problems while raising a claim in health insurance. If you are planning to buy the best health plan, read to know the factors you should consider before deciding.

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Health Insurance Plans

Health insurance plans or Mediclaim policies are insurance schemes that focus on a person’s medical expenditure requirements. They can cater to all the aspects that require spending in and around medical treatments.

Health insurance plans cover expenses incurred in check-ups, scanning, tests, consultation, treatment, medicines. In short, the best health insurance policy will ensure that you do not have to pay for any medical treatment-related expenses.

Click here to learn about the advantages of health insurance plans.

Things To Look Out in Good Health Insurance Plans

As of December 2021, 33 non-life insurers have the approval to sell health insurance plans in India. IRDA regulates and gives approval and authorization to all the insurance providers in India. They give specific and updated guidelines for health insurance plans for all insurance agencies to follow. Every health insurance agency must create health insurance plans while adhering to the IRDA guidelines.

As every best health insurance policy is based on the IRDA rules, most health insurance share common benefits.

Below are some of the main factors to look out for in good health insurance. You must ensure that the health insurance policy you select has all these features.

No Renewal Age Limit

Although IRDA guidelines restrict the age limit to 75 on policy renewal, the actual limit is at the insurance provider’s discretion. Some good health insurance providers give lifetime renewal options to their customers. A lifetime renewal is beneficial for senior citizens who are more vulnerable to diseases.

Zero Waiting Period

A waiting period is the duration of time you must wait before claiming pre-existing conditions. Pre-existing conditions are lifestyle and chronic diseases. Depending on the insurance provider, a waiting period can prevent raising a claim for around 2 to 4 years. But some insurance providers give the feature of zero waiting period to their customers.

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Full Hospitalization Cover

Most health insurance plans provide full hospitalization cover. They will include pre- and post-treatment expenditure, day-care, transportation, and other aspects of treatment.

No-Claim Bonus

Every insurance company gives a no-claim bonus to their customers for not raising a claim in the previous term. The no-claim bonus benefits come as deductions at the final premium price.

Network Hospitals

Network hospitals are hospitals that have tie-ups with the insurance provider. One of the advantages of network hospitals is that you can get a cashless treatment at the network hospital.

Mediclaim Portability

Mediclaim portability is a great feature introduced by IRDA that allows you to transfer your existing policy to another insurer. There are some rules and underwriting for portability. But the main reason for the existence of portability is to protect the customer from any cheap customer support.

Health Insurance Plans Selection

The first step to buying health insurance is the selection stage. You must keep in mind all the points mentioned above during selection. There are two types of primary sources to learn about insurance plans. They are insurance agents and health insurance premium calculators.

Insurance Agent

Insurance agents work directly under insurance providers or are individual executives involved in the insurance sector. Before you take any advice from an insurance agent, make sure they have proper registration and are trustworthy. It will protect you from being false information from a non-authorized agent.

A great benefit of taking insurance advice from agents is they compare various insurance providers. They give you a comparison of the best health insurance policy of every insurance company. A wide range of options allows you to select the best premium with a large cover.

Health Insurance Premium Calculator

A health insurance premium calculator is a modern tool that helps you to calculate and create personalized insurance premiums. These calculators use some personal details and inputs to process your request. And after matching your requirements with the available insurance plans, they suggest different plans along with their respective prices.

You can get a detailed health insurance quote from a good insurance premium calculator. Nowadays, all insurance providers have an online premium calculator on their websites. These are easy and free to use. You can take a premium calculator’s help anytime you want without any charges.

Purchasing

The final stage in buying health insurance plans is purchasing the policy. You will need to complete the insurer-specific formalities before moving ahead with payment. And after successful payment and policy approval, you will get your policy papers.

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