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Five thumb rules to select the right health insurance policy

 The healthcare industry has witnessed a rapid rise in demand across the country, especially since the Covid outbreak. New and complicated ailments, lifestyle diseases and better health awareness are some of the reasons for medical inflation. Going by our lifestyle patterns, there’s no way these figures are coming down in the near future. So, how do we protect ourselves and our savings? Having a good healthcare plan in place can save you from going bankrupt. It will also help you access the best facilities.

When it comes to choosing the right health insurance plan, confusion and questions are normal. There are so many healthcare providers to choose from. To add fuel to the chaos, each provider has a plethora of products (same game, different name). This is why it is impossible to cherry-pick the most appropriate health plan for yourself or your family. In case you’re stuck with the same delirium, here are five thumb rules you can follow to make an informed decision.

When it comes to healthcare plans, age isn’t just a number. This number determines the subscription price that you’ll have to pay to the healthcare provider. The rule of thumb here is that healthcare subscription charges increase with age. This is primarily because elder people have higher medical expenses compared with teenagers or young adults.

Therefore, when it comes to buying a healthcare plan, the sooner you start the better. In fact, 18 is considered the appropriate age for getting your own healthcare plan but anywhere in your early twenties is also fine, as long as you’re healthy. Also, you should carefully check the age limit criterion of a healthcare plan before you make your choice.

It is estimated that 65% of our healthcare costs are spent on OPD. This includes your regular doctor visits, medicines, lab tests etc. A lot of companies have now started offering OPD benefits but there’s a limit attached to it. Make sure you go through these terms and have your doubts answered.

Look For Loopholes

Each and every loophole of the healthcare plan such as post-purchase deductions, limitations on the benefits, exclusions etc can throw you off guard. Opting for healthcare plans that are completely transparent in their settlement process is the way to go.

Generally, when agents are selling you health plans, they won’t care about explaining these finer details. The website will also cleverly leave these details out. It is important to know what you’re signing up for and what’s your contribution should you undergo a treatment or an emergency.

Go For What’s Easy

This is by far the most important point one needs to remember while buying a healthcare plan. No matter how good a plan seems upfront or how expensive it is to buy, the process for settling your benefits must always be transparent, easy and well-laid out beforehand.

How many days does it take to settle your requests? Who should be your point of contact? What to do in case of an emergency? What documents are needed after undergoing a treatment? Who pays first – you or your health plan provider? These are some questions that you must ask before making any payments.


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