Step-by-step Guide to Choosing the Best Health Insurance Plan
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Step-by-step Guide to Choosing the Best Health Insurance Plan

  • Highlights

  • Health insurance is a rising necessity

  • Avail the right health insurance cover for your needs

  • Consider network facilities in the area

  • Compare benefits of various plans

Present environmental conditions, hazardous nature of various professions and rising healthcare costs have made health insurance a necessary factor in personal finance. People often regret not being financially secure when medical problems strike. Group insurance can often fall short of the adequate medical cover you require. Hence it is advisable to avail a personal health insurance plan.

Once you have decided to buy health insurance, choosing which plan to buy is the next big step. Below is a comprehensive guide to help you choose the best health insurance plan -

Decide the coverage amount:

Calculate the amount of health insurance coverage you need. Always go for plans offering maximum health coverage and amount for the treatment. Medical costs are on a constant increase and coupled with inflation, it can burn a hole in your pocket.

Compare different types of health insurance plans:

Keeping in mind the need of the policyholders, insurers have come up with a wide variety of health insurance options -

- Individual health insurance
- Family floater policy
- Maternity health insurance
- Personal accident insurance
- Group/employee health insurance
- Top-up health insurance
- Critical illness insurance

Study the inclusions and features of the available options to determine the best option for you.

Consider network healthcare facilities:

Health insurance entitles you to avail cashless treatments from network hospitals. Network hospitals are a group of hospitals associated with an insurer. For example, if you are availing a health plan from Bajaj Finserv, you can avail treatment from the hospitals that are in Bajaj Finserv’s network hospital list. Make sure medical facilities near your present location are covered in the network hospital list.

Calculate related costs:

Consider the amount of out-of-pocket expenses you will be making. Compare the premium charged by different insurers, contact your preferred insurer to gauge the premium amount. Also remember to consider deductible and co-payment charges you may encounter. Generally, the lower your premium, the higher are your out-of-pocket costs.

Compare benefits offered:

By now, you might have narrowed down your options. To zero in on the best option, compare the benefits offered by each plan. Some may have critical illness coverage another might be useful in case of emergencies. Consider factors like your current health situation, pre-existing conditions, renewal age, waiting period, exclusions, coverage amount, etc., to get the best possible cover.

Secure yourself today with insurance from Bajaj Finserv

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