Your Step-By-Step Guide To Comparing Medical Insurance Plans

The expenses of a healthcare or medical treatment today have skyrocketed. As a millennial who is just into the workforce, you feel a group medical insurance covers your needs. But mind you, it is still very insufficient to meet today’s requirements. And what happens if you leave the job? You are no more a part of the organization and thus have no medical insurance. One single major hospital bill of today is capable of wiping out your whole life’s savings. Therefore, a medical insurance plan is the urgent need of the hour to save you to some extent.

You have limited time to choose the best plan for you and your family, but picking the wrong one will cost you a lot in the future. Therefore, we make it easier for you by making a start-to-finish guide for choosing the best medical insurance plan, whether it is through the employer or the federal marketplace.

STEP 1: Research your Company

While choosing the company, it is essential to know their background, their policies, their management, etc. Many companies offer excellent benefits and coverage for a wide range of expenses, and thus knowing these things is vital.

It is better to choose a general insurance provider than a life insurance company. You can also check online customer reviews to get a varied perspective.

STEP 2: Know your Plan

Choosing a plan can be tricky, and thus you need to be aware of various features under different medical insurance plans. The inclusions and exclusions of policy are an essential part of it. Ensure that your policy covers all major diseases and medical procedures. It can exclude sleep disorders, dental issues, etc. Also, conditions such as drug addiction, suicide attempts, congenital diseases are not covered under any policy.

Also, it is necessary to check for how many years the plan covers you or if it provides limited renewability or not. Because you might need insurance in the later years of your life, hence lifetime renewability, hassle-free and reliable, is a must.

STEP 3: Cost Matters

Budget-friendly insurance is what you should be opting for. The amount you have to pay should be a significant determinant. But the plan benefits are of utmost value before the price. It is wiser to buy a reasonably priced health cover at the start. With time, you can expand cover with the rise of family income, size, and requirements.

You can easily calculate the premium amount using a premium calculator. This helps in letting you know the exact amount; and also helps you in comparing different health insurance companies in India.

STEP 4: Claim Process

The simpler the claim process, the faster the settlement of claims.

There is another factor that arises here, i.e., the claim settlement ratio. It is the number of claims settled by the insurance provider over the total received claims. It is better to choose an insurer who has a high claim settlement ratio.

STEP 5: Coverage Amount

While comparing different health insurance companies in India, one factor that should not be overlooked is the coverage amount. Keep in mind the increasing healthcare costs, the rate of inflation, growth in your family and their needs, etc. For example, if you are from a metropolitan city, your hospitalization cost is higher as compared to tier 2 and 3 cities. Always consider a policy keeping in mind your cost to benefit ratio.

STEP 6: Credibility of the Insurance Company

The credibility of any company must be checked first while you compare various plans. You need to invest somewhere that is worthy of your trust.

STEP 7: Network Hospitals Coverage

Every insurance company has a list of hospitals, and when you seek treatment in one of those, you are entitled to a cashless treatment. This comes as a great relief during critical times of your life. Thus, be aware of the network hospitals in your surrounding areas that are in tie-up with the insurance company. This can also be a crucial factor in comparing plans.

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