Five key factors to consider before picking your health insurance

Health insurance: The COVID-19 pandemic was a wake-up call for the entire humankind to take their health and overall well-being seriously and count it as a priority. These days, people are following numerous measures such as diets and physical exercises like walking, cardio, weight training, and yoga, among others to keep themselves fit. But are these enough?

As COVID cases are on the rise again, it has become a necessity to take health insurance which can help in case of an emergency. For some, it may be tough to get insured as there are imponderable options to choose from. So, to help you out, here is a short guide on how to choose the right health insurance policy:

1. Choose the right coverage

Various companies provide different health coverage plans. Coverage here means the medical expenses that will be covered by the policy, such as hospitalisation costs, ambulance fees, daycare costs, maternity costs, and so on.

One needs to consider one and one’s family’s health needs and accordingly choose a health plan. If a person chooses a health plan that offers way more coverage than they need, they will have to pay an unnecessarily high premium.

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2. Compare the price of the plan before buying

An individual must compare health insurance coverage to ensure that they purchase a plan that meets their requirements. One can even request a quotation online by submitting their information on the website and getting an estimate of their policy's cost. Gather the best quotation and compare them to make a decision.

3. Research the insurance company

Researching the company is necessary so there are no complications while getting the settlement amount. While purchasing health insurance, look for an insurance company with a high claim settlement ratio, or CSR. The CSR is the proportion of total claims settled to total claims received. As a result, a greater CSR suggests a better possibility of the claim being settled.

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4. Choose a plan with shorter PED waiting

Pre-existing disease (PED) waiting period is the time period after which the insured can raise a claim for pre-existing diseases. Depending on the plan, the PED waiting period typically ranges from 2 to 4 years. As a result, one must select a health plan with a shorter PED waiting period.

5. Network hospital coverage

After narrowing down the list of health plans, have a look at the list of hospitals and doctors that are a part of their hospital network. Always go with an insurance company that has a global network of hospitals. One must also see if the plan covers good hospitals nearby in case of emergency hospitalisation.

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