Metrics you should look for before zeroing down on a health insurance plan.
Are you looking for a health insurance policy for yourself or your family? Are you overwhelmed by the plethora of options available and do not know which one to choose?
Well, there are close to 30 insurance companies in India which offer multiple health insurance plans with different benefits. It can be daunting to choose the one which is good and suits you the most.
Here are some of the metrics you should look for before zeroing down on a health insurance plan.
Claim Settlement Ratio - Claim settlement ratio tells how many claims a company is settling out of every 100 claims it receives. Always purchase your health insurance from a company which has a good claim settlement track record.
Coverage - Some plans provide global coverage and while other provide cover only in India. Also, many health insurance plans provide zone-wise coverage in India.
If you have taken your health insurance policy in (say) Zone B and you are going for treatment in a hospital which is located (say) in Zone A, you might be asked by your health insurance company to make a co-payment of 10% to 20% at the time of claim.
We will always recommend you to choose a plan which provides broader coverage though this might come at a higher cost.
Consumables - Consumables are items which are used once during the course of treatment and then discarded. This would include masks, gloves, syringes etc. Choose a health insurance plan which has cost of consumable covered in it.
Sub Limits - Many health insurance plans have sub-limits on daily room rents, ICU charges etc. These sub-limits make these plan a bit cheaper. But it is always good to choose a plan which come without any sub-limit.
Network Hospitals and Cashless Facility - Network hospitals ensure cashless claim settlement.
If you take treatment at a hospital which is not in the network of you health insurance company, you will have to first settle the claim from you own pocket. After that, you can ask your health insurance company to reimburse the amount to you. This is a cumbersome process which requires paper work and time.
Choose a health insurance company which has more number of hospitals in its network, especially in the city in which you are living.
If you are loking for more advice on health Insurance, get in tough with us Algates Insurance.
