Over the recent year, there has been a considerable growth in the adoption of health insurance purchasing. According to estimates from the General Insurance Council, health insurance had a market share of 29.5 percent in March, with a growth rate of 13.3 percent. Market analysts anticipate the rising trend will continue since there is widespread concern that the epidemic will not abate soon. While it is encouraging to see such a high level of interest, it is important to remember that the purchasers must make an educated selection. They must not hurry into purchasing insufficiently covered policies.
Important elements that must be ascertained
When opting to purchase an insurance policy, various factors must be considered. They’re there;
- Examine coverage options: Different insurance plans offer different benefits, and each one may have different coverage limitations and conditions. Buyers must completely comprehend the options and be aware of what is and is not covered. When purchasing disease-specific insurance, one should also be prepared in case of the advent of additional conditions that might put the customer’s finances at risk.
- Health Insurance Plans Give Information on Enlisted/Network Hospitals: Health insurance plans provide information on enlisted/network hospitals where the insurance coverage is available on a cashless basis. It is in the buyer’s best interests to learn which neighbouring hospitals would give treatment on a cashless basis, as offered by their insurance provider.
- Claim settlement ratio: Claim settlement ratio is one of the most important elements to consider. The buyer should also try to figure out how long the insurance company takes to settle claims, whether they are cashless or reimbursed since this is an essential service element.
- Restriction on room rent or any other prerequisites: Before making a decision, it is important to understand any pre-conditions or stipulations that may impact the services provided.
Selecting the policy that suits you
Once the customer is certain of what they need from an insurance policy, the following step is to choose one that suits their needs.
- Individual Health Plan: ‘Individual Health Plans’ are tailored to the needs of each individual; customers should purchase them after examining their personal needs. A senior citizen may require a particular strategy, whilst a child may want a different one.
- Family floater plans cover several family members without requiring separate insurance premiums, i.e., at a single pre-determined composite rate. These plans can cover parents, spouses, and children.
- Critical sickness plans: These are diseases that demand a longer recovery period and more expensive treatment costs. These insurances assist the customer in obtaining long-term financial support by paying a certain sum upon the diagnosis of such conditions.
- Covid-19 insurance plans: Since the onset of the pandemic, insurance companies have offered basic indemnity policies to cover the expenses of COVID-19 treatment. This short-term insurance, known as Corona Kovach, does not cover other ailments.