7 Important Features of the Best Medical Insurance Policy

We have all heard from our parents and grandparents that health is wealth. This old age saying holds true even today, especially at a time when the world is reeling from a global pandemic. However, buying a comprehensive health plan can be a daunting task for someone who has never bought one before. 

If you are on the lookout for the best medical insurance policy, here are some important features that will help you make an informed purchase decision. 

• Cost 

It goes without saying that when you are looking for the best medical insurance policy for yourself or your family, cost plays the most important role in making a decision. Moreover, as you browse different plans, you will notice that the policy prices vary significantly from insurer to insurer, even when they are offering the same coverage. 

That is the reason it is advisable to compare policies online when you are evaluating your options. Most reputed insurance providers, such as Care Insurance, have online tools that allow you to compare policies side by side and help you make an objective decision of choosing the one that gives you maximum benefit in lowest premium. 

• Waiting Period

This is also an important factor when choosing the best medical insurance policy. The waiting period is applicable on pre-existing conditions and the time period you need to wait before your insurance provider provides coverage for these conditions. It can be anything between two to four years. Additionally, many insurers will add more waiting for period for certain diseases. 

As a policy buyer, you would want to choose a policy that has the least amount of waiting period. So, make sure you check the policy features, terms and conditions carefully before making the purchase. 

• Pre-existing illnesses

These illnesses are health conditions, such as asthma, high blood pressure, and heart diseases, that you had before buying the policy. When you are looking to buy a new health insurance policy, be sure to learn about their terms and conditions with regards to pre-existing illnesses. 

• Sub-limits

Also known as capping, these limits are incorporated on various elements constituting your health insurance policy. For example, you may have a sub-limit on room rent, ambulance charges, and even certain types of diseases. In this scenario, if you have a policy for Rs. 5,00,000, the disease cap applicable on heart conditions will only allow you to use up to Rs. 1,00,000. Be sure to know about these caps before you buy a policy. 

• Claim settlement ratio

Claim settlement ratio is the ratio that is calculated on the basis of claims settled in a year by the insurance provider. Any insurance provider that has CSR in the upwards of 90% can be considered reliable. It means that they settle 90% of the claims that come to them for settlement. If the insurance provider has a CSR of less than 80%, consider it is a red flag. 

• Co-payment

Some health insurance policies have a co-payment clause where the insured person is required to pay some percentage of the medical bills before their policy reimbursement kicks in. The co-pay clause can be anything between 10-30%. Needless to say, it is best to choose an insurance provider that has the lowest co-payment clause or no clause at all. 

• Maternity benefits

Not all health insurance plans will cover the maternity benefits. Be sure to check if your insurance provider does, if you are planning to have children in the near future. There are also policies that allow you to avail maternity benefits after the pre-determined waiting period. 

When you are looking to buy the best medical insurance policy, you need to keep all these factors in mind before you sign the dotted line. Don’t forget to compare the policies and read the policy document carefully before investing.