4 Essential Things To Consider When Investing In A Health Insurance Plan
- Author :
- TATA AIG Team
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But do you pay similar attention to things that matter more such as, a health insurance policy that helps you cover most of your medical expenses?
Things To Consider When Investing In A Health Insurance Plan
How do you buy a new phone? You don’t just walk into the shop and buy the first one you see, right?
You probably watch a bunch of review videos, go through device specifications on various websites, talk to a friend who’s already using it and then maybe also check it out at a brand outlet. And, we are talking about a phone that you’ll probably replace in a couple of years!
But do you pay similar attention to things that matter more such as, a [health insurance] (https://www.tataaig.com/health-insurance) policy that helps you cover most of your medical expenses?
Before zeroing down, check and compare these 4 critical features in your health policy:
1. Waiting period
Once you have bought a health insurance policy, you need to wait for a while before the coverage kicks in. Think of it like booking a cab; it takes a while to arrive. In most cases this period is somewhere between 30-90 days, but if you’ve been diagnosed with a pre-existing diseases, this can go up to 2 to 4 years. So, make sure you check the policy’s waiting period before purchasing a health plan.
Getting insurance while you are young helps you clear the waiting period before the need arises. You can learn more about the reasons to buy health insurance early with our blog. Like how you would have booked the cab a little early, so it reaches you by the time you are ready to leave.
2. Network hospitals
You may have heard of the cashless treatment feature you get with most comprehensive health insurance policies. But did you know that this only works at hospitals that have partnered with your insurance provider? So, check how extensive this network is before finalising a plan. Imagine having a lot of coupons but no stores that would take them. Before finalising your plan, also check if the hospital you generally visit is a part of the network hospitals.
3. Claim settlement ratio
What’s the point of getting lower premiums and extensive benefits if your claims aren’t likely to go through in the first place?
Don’t worry, you can avoid this risk by checking out the insurance provider’s track record and the best way to do that is by looking at their claim settlement ratio. This is the ratio of the number of claims made and the number of claims settled in a year.
4. Sum insured
Even if your claim goes through, the sum insured isn’t nearly enough to cover the expenses. This is why getting the right amount of sum insured is essential. When deciding the insurance amount, think ahead and plan for the future as well. Always go for a higher sum insured rather than a lower one to stay better protected.
Injuries and illnesses come without warning and we can’t always prevent them. But, what we can do is prepare ourselves the best way possible.
With *Tata AIG MediCare Premier *(UIN: TATHLIP18005V011819), you can always be assured your wellbeing!
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.