Taking care of one’s health is a prime responsibility, and in the modern age, it is crucial to ensure financial security for medical emergencies. A good health insurance policy offers adequate coverage against high medical costs thus safeguarding one’s financial stability. However, while buying a health insurance policy in India, one needs to be mindful of certain aspects to avail best benefits. This article will discuss just that and also shed light on methods such as the PMJAY card download for availing health insurance.
Here are the fundamental factors to consider before buying a health insurance policy:
1. Individual Health Requirements:
Health insurance isn’t a one-size-fits-all concept. Each individual’s health status and requirements differ. Certain factors such as age, lifestyle, pre-existing diseases should be evaluated while choosing the plan. Additionally, family history of any specific illnesses should also be considered, and the required coverage must be selected.
2. Comprehensive Coverage:
The health insurance policy should provide comprehensive coverage. It should ideally include pre and post-hospitalization expenses, ambulance charges, critical illnesses, domiciliary treatments, annual health check-ups, and more. It should also provide coverage for the treatment of COVID-19.
3. Select the Right Insurer:
Research about the insurance companies and choose a reliable and reputed one with a higher Claims Settlement Ratio (CSR). Reading reviews and customer feedback online can also provide insights into the insurer’s efficiency and service quality.
4. Policy Terms and Conditions:
It is essential to carefully read and understand the policy’s terms and conditions. Ensure you are well-informed about the inclusions, exclusions, waiting periods, coverage limit, co-payments etc. In case of any doubts, don’t hesitate to seek clarification from the insurance company.
5. Premium Affordability:
While it is essential to get all-encompassing coverage, it is equally important to make sure the premium is affordable. Compare various health insurance plans from different insurers and select a plan that provides maximum coverage at an affordable premium.
6. No-Claim Bonus:
No-Claim Bonus (NCB) is a benefit for policyholders who don’t make any claims in the policy period. The insurer rewards them by either increasing their sum insured or by reducing their premium for the coming year. Check if your potential plan offers these perks.
7. Network Hospitals:
Health Insurance policies come with a network of hospitals where cashless treatment can be availed. Ensure your preferred hospitals are included in this network of your chosen policy.
8. Maternity and New-Born Coverage:
If you are at a stage where planning a family is on the cards, opt for a policy that covers maternity expenses. Some policies also cover new-born expenses, including vaccination costs for a specified period.
9. Room Rent Limit:
Some health insurance policies in India have a cap on the room rent. Ensure you understand these limitations as opting for a room with higher rental may increase your out-of-pocket expenses.
10. Free-Look Period:
The Insurance Regulatory and Development Authority (IRDAI) mandates a free-look period for all health insurance policies. This period allows you to review all the terms and conditions within 15 days of purchasing the policy.
Apart from these factors, initiatives by the Government of India, like the Pradhan Mantri Jan Arogya Yojana (PMJAY), are aimed at providing health insurance for all. Eligible individuals can avail the PMJAY card download online, to get access to the benefits under this scheme.
To streamline your process of selecting and managing health insurance, consider using the Bajaj Finserv app. Download the Bajaj Finserv app for easy access to various health insurance options and tools to help you make informed decisions.
Purchasing a health insurance policy is a proactive step towards leading a financially secure and healthy life. But, before you dive in, take the time to understand your needs and carefully analyse various options. This way, you will be able to choose a health insurance policy that not only covers you adequately but also fits your budget. With the right policy, you can ensure peace of mind for yourself and your loved ones.