A Quick Guide to Understanding Health Insurance Plans before Buying

Purchasing health insurance is a vital decision. There are numerous things one should consider before buying a policy. Personal healthcare needs form the core of this decision apart from the policy-related benefits that are also crucial.

Buying health insurance plans is always a smart choice because it acts as a protective shield when a health emergency arises. It saves us from financial drainage and proves to be cost-effective. From a broader perspective, it is an important investment to safeguard our families’ health and financial stability in times of need.

To ensure that you select the best healthcare policy, it is essential to know what constitutes good health insurance plans. When it comes to health, it is always better to be safe than sorry, so keeping that in mind, here’s a quick guide to help you choose the best healthcare policy.

What To Look For In Health Insurance Plans

Research is key. In-depth knowledge about different healthcare policies will make you better prepared with doubts or questions regarding any clause that can be addressed later by your chosen insurance provider before investing. Apart from research, here are some of the pointers you should keep an eye out for:

1: Comparing Brands

The first, and perhaps, the most pivotal thing to do is to compare various insurance companies. Several competitors in the market offer various schemes that might suit your needs perfectly, so assessing those offers carefully and raising questions related to any company policy that you might not fully grasp is important. In addition, there are many renowned insurance providers like TATA AIG who cater comprehensive health insurance plans to their customers and allow maximum benefits that can save you from high expenditures on medical bills.

2: Reasonable Premium Amount For Sum Insured

According to your healthcare requirements, age, type of income, and responsibility of dependents (if any), you can opt for a coverage amount that best suits your needs. A good health insurance plan would allow for a reasonable premium to be paid to the insurance provider annually/monthly/quarterly or on a half-yearly basis. This enables the insured individual to pay the minimum premium set as easily as possible.

3: Vast Range Of Network Hospitals

Each insurance company has tie-ups with a wide range of hospitals for the direct settlement of the expenses incurred by the insured individual. These are called the specified network hospitals where the insured person can avail a claim on their medical bills. Medical insurance plans offered by different insurance providers have this network for the ease of claim settlement where the transaction would happen between the concerned network hospital and the insurance provider. This enables a cashless feature on healthcare policies, so it is extremely important to keep a check for the network hospitals.

4: Claim Settlement Ratio

Claim Settlement Ratio (CSR) is a unit of measurement for rating different insurance providers in the market for the successful settlement of claims in a calendar year compared to the total number of claims filed. This number is essential and should be considered as the higher the rating number, the more chance you have of receiving your claim.

This quick guide will surely help you figure out what ideal health insurance plans have to offer. Trusting credible insurance providers such as TATA AIG, who have been in the industry for more than 20 years will be a good option. They offer the benefits like speedy claim settlement, paperless policies, round the clock assistance and a stellar network of partnering hospitals. Always be sure to consider these factors before investing in health insurance plans.

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