8 Things You Should Consider Before Buying Health Insurance

Do you want to safeguard you and your family’s well-being? Buying medical insurance will secure the health of your family. Finalizing a health insurance plan is not a child’s play. Finalizing an individual health plan or a family floater plan, check out health insurance from L&T as its plans are formulated to fulfill your health insurance needs. 

The process of buying health insurance becomes more confusing because of the terminology- policy wordings, technical jargons etc.

The sum insured of your medical plan is the biggest factor that insurance buyers consider before selecting or rejecting an insurance plan. Although, it shouldn’t be the sole criterion that insurance buyers should factor in.

Here are the 8 things you should consider before buying health insurance.

The efficiency of claims procedure- It is very important to consider the claim settlement time along with the ratio of claim settlement before you finalize an insurance plan. Higher the claim settlement ratio is, the faster the claim can get settled.  Generally, it means that the insurer is doing a fabulous job with the claims requests.

Co-payment option- Co-payment means that the insured will have to pay a pre-decided percentage of the claim from his/her own pocket and the remaining will be borne by the insurer. If you come across a cheap insurance policy, it might not offer you sufficient insurance coverage in case it has a co-payment clause.

Day-care procedures- Generally, most of the insurance plans don’t cover day care procedures. In order to make an insurance claim, it is mandatory to have hospitalization for a minimum 24 hours. Due to technological innovation, most of the procedures don’t need any hospitalization. It is recommended go for an insurance plan that provides a maximum number of such procedures.

Network listed hospitals- It is recommended to check out the network authorized hospitals and analyze whether it offers the facilities that require often. It’s an extremely crucial factor to keep in mind especially if you travel frequently. Your medical insurance should offer you insurance coverage even when you travel domestically. Cashless facilities are offered particularly at the network authorized hospitals.

Pre and post hospitalization- Medical charges incurred after and before hospitalization are known as pre and post hospitalization charges. In event of hospitalization, the treatment exceeds above and beyond the hospitalization. The follow-up visits, follow-up treatment to be done is included in the post-hospitalization charges. A health insurance plan that covers these charges is considered to be good. 

No claim bonus- Generally, insurer offers a no claim bonus, if the insured hasn’t filed any claim. When NCB is offered, either the amount insured is enhanced or the insurance premium is decreased. Some insurers offer both the benefits.

Maternity Benefits- When an insurance plan is purchased for a woman, the plan should cover maternity benefits. To be able to cope up with the sky-rocketing pregnancy-related expenses, it’s extremely significant to check if the plan caters to maternity benefits or not.

Free healthcare checkup- Check if a health plan entitles insured to undergo a free health check-up. The medical tests or checkups shouldn’t come with hidden expenses that are brought up at the time of renewal.

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Best Health Insurance Plans For Young Couples

It can be a little complicated when you are trying to decide on a health insurance plan for yourself. With so many health insurance plans available for the young couples, it can get a little daunting to choose one from the many available.

Many health insurance schemes like L&T health insurance offer you many benefits and what best suits you and your partner's requirements needs to be listed down first before you buy a health insurance plan.

The health industry has its own set of jargons, and most of us are not familiar with the terms. These jargons are used in the health insurance plans which is bound to leave you all messed up. There are also plans like L&T health insurance that give you various options to choose from.

You could pay a big premium or choose to pay less and get less coverage. In order to go through and sort between the various plans can be time-consuming. However, there are a few ways by which the task can be made easier.

Insurance Offered By The Employer

If your employer offers you insurance, then it is best that you deal with it instead of buying an L&T health insurance policy in the open market. Your employer’s health insurance scheme will give you access to many plans and also offer you a lot of coverage which you may not be able to get on your own. You can pay for the premium with the pre-tax money. In case you both work then also find out if it is best to go for two separate policies or opt just for one.

Pre-existing Condition

If you have any pre-existing ailment or have some limitation on the coverage, then you will see that your health insurance options are very limited. You can thus buy a health insurance plan using the high-risk pool. These charge a higher premium than the non-high risk insurance plans.

Most of the health insurance companies like L&T health insurance will have a waiting time before you can claim for any pre-existing illness. The waiting period differs from one company to the other. This can range from 2 to 4 years. Always choose those policies that offer a lesser waiting period. Also, most of the health insurance plans will not reimburse for any treatment that was done within 30 days of buying the health insurance.

Coverage

When buying the L&T health insurance check that it gives adequate coverage to you as well to your partner. This should be judged based on the current high cost of healthcare. You should never sacrifice the coverage to save on premium. Even at times when you see the same sum assured you will have different health insurance companies that will offer different premium. Instead of opting for one that gives you the cheapest plan; look for those that give you better features in the health insurance plan. If you pay extra by a little amount, you can enjoy additional benefits.

Cashless Facility

Before you buy a health insurance plan, ensure that it gives you the option of going cashless at the network hospitals. Most of the health insurance plans will give you a reimbursement as well as the cashless facility. It is advisable that you opt for a cashless facility given by L&T health insurance policy because you will not have to make any payment to the hospital from your own pocket.

This also saves you from a lot of paperwork and the hassles to claim your money. First, check the network hospitals in the city where they offer cashless facility and also check if the hospital is located in close proximity to your residence.

Annual Bonus

If you had a year that was claim free then the companies that you have taken your health insurance from offers you a bonus on the sum assured for the next year. Sometimes the cumulative bonus even adds up to 50 percent. Make sure that you buy the health insurance plan that offers such a facility.

Room Rent

Like the L&T health insurance, most of the health insurance companies will place a cap on the hospital room rent that can be availed daily. This is usually set at 1 percent of the sum assured. The figure, however, differs from one company to the other. So where you will spend your time in a hospital will depend on what your sum assured is.

Medical Examination

The health insurance policies will ask most of the individuals over the age of 45 to go for a medical checkup before the insurance companies agree to sell them the policy. If your medical report is not good, then the insurance company may also decline to sell you the policy. The age limit will vary from one health insurance provider to the other.

If you are thus choosing a health insurance policy for yourself as well as for your partner, then it is important to go through the plan offered by various companies to be able to make an informed decision. If you and your spouse are young, then you will get adequate coverage in a lesser premium and thus choose the one that offers better benefits.

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