Important Tips to Consider during Health Insurance Comparison

These days if you talk to individuals in their early 20s, you will find many of them complaining about their health. Apart from pollution and food adulteration, a sedentary lifestyle is one of the reasons why many of us have some or the other health conditions. Although we can make changes to our lifestyles, we still cannot be sure that we will live a very healthy life and would never need to visit the hospital. While being hospitalized in the majority of the cases means that we will receive the best of treatment and may come back home cured; however, it sometimes can make a hole in the pockets. This is why we should consider health insurance.

When we buy a health insurance policy, we can be free from the stress of paying high hospital bills. Either the insurance company will reimburse the amount that you pay in the hospital or the insurer itself will settle the amount with the hospital. In either of the cases, you will not have to bear the entire expenses of your medical treatment. All that you need to do is buy a health insurance policy that suits your needs.

There are several health insurance companies in the market offering various types of health insurance policies. Therefore, find the right one can be a little challenging for some people. So, if you are planning to compare health insurance policies, here are some tips for you that will make it easier for you to choose the right one.

  • Pre-existing ailments: Many among us have pre-existing ailments which would want to be covered. As a matter of fact, most of the insurance companies provide coverage on pre-existing illnesses; however, there might be a waiting period that you will have to serve. You can compare the health insurance policies on the basis of the coverage of the pre-existing illnesses and the waiting period.
  • Co-payment: The co-payment clause in a health insurance policy will help you to reduce the premium. It also means that you have to pay for the predetermined percentage of the amount to clear the treatment cost.
  • Daycare coverage: If there is any need for a daycare procedure, you do not have to be hospitalized for more than 24 hours. Medicine costs and diagnostic test expenses are covered under daycare coverage. While you are comparing the health insurance plans, you must check the daycare clause.
  • Cashless service: Health insurance companies settle the claims in two ways, either reimbursement or cashless. Choosing a cashless service will make it easier for you to pay the hospital bills. The health insurance company will settle most of the hospital bill with the hospital and you will not be required to pay anything upfront.
  • Network hospitals: In order to provide a smooth claim settlement to the policyholders, the health insurance companies tie-up with the hospitals. Those hospitals are called network hospitals. Therefore, you should check the network hospitals, and choose the health insurance policy accordingly. You can choose a health insurance policy depending upon the network hospital which is not only trusted for its service but also located near to your home.
  • Claim settlement ratio: This is perhaps one of the most important points that you must not miss out on. Checking the claim settlement ratio of the insurance company is very important as this will enable you to understand if your claim will be settled and how long the entire process may take.

These are just some of the tips that will help you to find the best health insurance company and policy. To find a list of health insurance policies that you can compare online, you can visit the IIFL website today. You can take your time and choose the one after comparing each of them with the others.

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About the Author: Abhay Choubey

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