How to Choose the Best Medical Insurance Policy?

Choosing the best medical insurance policy is not an easy task. Consider factors such as proximity to healthcare centres, services provided, type of coverage, etc., to arrive at the best medical policy for you. Premiums are not the only factor that should be considered when you buy medical insurance. There are many other factors you need to keep in mind in order to choose the best health insurance policy.

1. Hospital network

One of the most important factors when choosing a health insurance policy is to consider the network of hospitals. When you need to visit a hospital, it should be on the list of the insurance company’s network, only then you will be able to enjoy the benefits of your policy. Additionally, you also need to take the quality of the hospital and its proximity to your place of residence into consideration in order to buy medical insurance policy. A hospital that offers cashless facility but does not offer quality healthcare services will not do any good to you.

2. Third Party Administration

A lot of insurance companies have an in-house settlement process and do not outsource the process to third parties. You need to look at health insurance companies that have an in-house settlement process because it helps in the cashless settlement. It is easier to handle in-house and your claim will be resolved at the earliest. You can also look into the number of claims that have been settled by the company in the last one year to gain an insight into the same and then choose to buy medical insurance online.

3. Co-pay and sub-limit clauses

Co-pay is a financing mode wherein the insurer fixes a percentage of the total sum assured for specific expenses. That percentage will be borne by the policyholder while the rest is paid by the insurer. Sub-limit clauses too fix expenses for specific aspects of the treatment. For example, if the sub-limit clause for hospital bed charges is Rs.2,500, but you wish to stay in a room that charges Rs.3,000, the extra amount of Rs.500 will be borne by you.

4. Comprehensive coverage

When choosing a policy, you need to compare the features and the coverage offered. Choose the policies that offer comprehensive coverage and then compare their medical insurance cost. Some plans may have add-ons that you may not require, thereby pushing up the premium amount, while plans that cover illnesses prevalent in your family may be more relevant. Also take into consideration the waiting period and coverage of pre-existing conditions. You need to compare the costs with medical insurance benefits and then make the final decision.

Additional Read - Easy Steps to Get the Best Medical Insurance Coverage

It is extremely important to invest in a medical insurance policy at the earliest to enjoy lower premiums and higher coverage. There are numerous medical insurance benefits you can enjoy with timely investment in a policy. With Bajaj Finserv, you can buy medical insurance online in just a few clicks. In addition, you can also avail easy financing for various needs with a gamut of loans. Enjoy pre-approved offers on loans and other financial products by simply providing a few, basic details.