A Guide To Select The Right Health Insurance Plan 

We are all looking to invest in a comprehensive health insurance plan that offers maximum coverage. However, different types of health insurance plans make it challenging for us to select the right one. But you have to spend some time carefully evaluating each policy to determine the best one for you and your loved ones. Here are some important caveats that you should be focusing on while choosing a health insurance plan: 

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  Consider The Covers 

Whether it is individual or family health insurance plans, you need to get maximum coverage to cater to the medical needs of your entire family. You need coverage against different kinds of medical problems, emergency ambulance charges, maternity benefits, pre and post-hospitalization, critical illness cover, cashless treatment, in-patient hospitalization, among other features. Moreover, when you are taking a health insurance plan for your family, make sure the medical expenses of each family member are met. 

• Know The Waiting Period Clause 

Generally, health insurance plans provide coverage for pre-existing diseases, maternity expenses, treatments for conditions such as varicose veins, hernia, etc. after a defined period. This is known as the waiting period, and it varies based on the insurance provider. For instance, maternity expenses are covered after 2 to 4 years after the policy is activated depending on your plan. So when you are buying health insurance, make sure that you are aware of the waiting period. You would want to choose a policy with a minimum waiting period. 

• Flexibility To Add Family Members 

When you are purchasing a health insurance plan for your family, ensure that the provider offers you the flexibility to add a new member. When discussing this feature, make sure that there is no or little change in the coverage and premium of the plan. 

• Opt for Insurance Plan With Lifetime Renewability 

Lifetime renewability is an important factor that you should not overlook. You should opt for health insurance plans that offer lifetime renewability. This is because you will definitely need a health insurance plan in the later stages of your life. Insurance plan with lifetime renewability allows you to keep the existing plan active for years. This way, you do not have to take the hassle of buying a new plan once you cross a certain age threshold.

• Be Clear About The Co-Payment Clause

Co-payment is referred to as the amount that you have to pay for the medical expenses. The insurance providers pay the remaining expenses that you bear in the hospital. For example, if the co-payment is 10% and the claim is for Rs. 1 lakh, you will need to pay Rs. 10,000, and the insurer will admit claim for the remaining Rs. 90,000. 

Final Thoughts

Having a reliable health insurance plan is important to ensure that you and your family have the right financial resource in case of medical emergencies. Consider the above factors while selecting a medical insurance plan to choose the best product for you and your family.