5 things to keep in mind while buying health insurance amid the Covid pandemic

How you choose the right policy with the right benefits is a big decision. Here are five important tips to consider before buying a health insurance policy:

inflation in the coming years

You need to take medical inflation into account. A health insurance cover that appears to be sufficient now may be inadequate a decade later. Thus, it will help if you ideally choose a mix of reasonable premium and sum assured. And with medical costs rising, a higher insurance bar can ensure that your medical needs are taken care of without breaking the bank. Ankit Aggarwal, Co-Founder and CEO, InsuranceDekho.com said, “By paying a comparatively reasonable health policy premium every year or buying a super top-up policy with your existing health cover, you can opt for quality treatment while opting for medical inflation. can overcome. without worrying about how much it will cost you.”

claim settlement option

Make sure you take a policy that offers the most comprehensive network of major hospitals in your city and near you. Often people who seek treatment for an illness or are hospitalized find that their insurance policy does not cover the hospital. This can be a very costly mistake.

Necessary treatment and value addition

To avoid paying out of pocket, choose a health policy that doesn’t have a co-payment plan. Agarwal said, “You should also ensure that there is an affordable capping in the sub-limit of treatment, especially if one is hospitalized for a serious illness and the expected amount is more than the actual medical bill. Thus, a comprehensive health It would be best to avoid such situations by buying a policy. The policy will help in reducing out-of-pocket expenses to a specific extent.” However, in addition to paying premiums, you must mandatorily pay a certain percentage of your medical bills, irrespective of coverage.

About the insurance company and work policies

Check the background of the insurance company, claim settlement statistics and the customer service it offers. Make sure that the claim settlement ratio of the insurance company is relatively high so that you can claim your coverage as well.

The right policy cover for you and your family’s needs

Know your needs. There are two sets of health insurance policies – an individual health policy and a family floater policy. Agarwal said, “A family floater covers the entire family unit under a single health policy. Whereas, an individual health policy, as the name suggests, covers an individual. It can be bought for yourself or a family member. It can also be customized based on the pre-existing conditions and needs of the said person. Hence, you need to decide which type of policy you should buy and should be at the top of your list.”