How to select the best medical insurance policy for the family?

How to select the best medical insurance policy for the family?

Amid the unprecedented health crisis, ensuring your and your family's medical needs should take precedence. Health insurance is becoming increasingly important for people to ensure that their families are adequately covered against escalating medical costs. If the applicant is looking for suitable family health insurance, they may easily compare and select the best family health insurance plan online.

Some of the factors which can help in selecting the best medical insurance policy are as follows:

Adequate sum insured amount

The proper quantity of coverage is determined by several factors, including the type of hospital the applicant likes, their current age and health conditions, their budget, and so on. The cost of healthcare varies greatly depending on the institution and the services chosen. A health insurance should provide a comprehensive coverage against all kinds of treatments, hospitalization, pre-and post-hospitalisation and other medical expenses.

Right coverage type

Most financial advisors recommend that all financial plans begin with a health insurance policy. Having a proper health insurance coverage for oneself and one's family is beneficial even before one begins investing toward one's goals. 'Indemnity plans' and 'defined-benefit plans' are two types of health insurance policies. Defining-benefit plans pay a flat sum amount regardless of the actual medical expense, whereas indemnity plans cover the hospital expense. Choosing the right coverage is critical, as the right medical plan will be a valuable asset in times of need.

Pre-existing disease waiting period

Many insurance companies have waiting period before enabling coverage for pre-existing diseases. If an insured person has conditions such as diabetes, high blood pressure, thyroid, and so on at the time of purchasing health insurance, there is a possibility of waiting period offered by the insurer. Generally, the waiting period is between 2 years and 4 years depending on the insurance policy you choose. Some health insurance policies offer zero waiting period for pre-existing diseases coverage.

Insurer with high claim settlement ratio

Claim settlement ratio in health insurance is one of the most important factors to consider when choosing a health insurance company because it indicates the insurance provider's capacity to settle claims. If the company cannot resolve the claims, the entire point of acquiring insurance is rendered useless. Several insurance providers promise claim settlement within a specific time frame, as long as the claim is not false. Aspects like these increase an insurance company's consumer trustworthiness. As a result, an insurance company's Claim Settlement Ratio (CSR) displays its dependability, which aids policy purchasers in making decisions when purchasing a new health insurance policy.

You can choose the right health insurance plan from Bajaj Finance that suits you the best.

Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?