11+ Checklist Before Buying Health Insurance Plan (2020-21)

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There are many Insurance companies for buying Health Insurance Plan. But, sometimes people are confused,

 How to choose best health Insurance Company?

Don’t worry,

Today, We will share the 12 Point to decide which Company is Good For you and Your Family.

Let’s Get Started…

1. You Have To Know Company Details & Record

SUCCESS

Always check with the company Profile before you choose a health insurance plan. It is not only for buying Policy but also, Check the Company Profile where you want to join. 

It for, Direct Selling Industry, Corporate Company, or many things.

 It is very important to establish company certificates before selling any plan.

You need to find out the percentage of successful claims settlement of their insurance policy. Check out any illegal Activity, bad or news of this company from People. 

Also, Find out about complaints about the company in consumer court.

2. Select 1 Between Private & Government Health Insurance Plan

There are 2 types of Insurance Policy. 

  1. Public or Government Insurance Policy
  2. Private Insurance Policy

So, You have to decide between choosing a Government or private insurance company. 

We recommend a government insurance plan because they are more stable and the rate of successful settlement is very high.

Some People are conscious of Private Insurance Policy. As because, there is the game of Company Scheme, Policy.  People have poor education about these. That is why they are going with the word of the Company Agent. 

If you don’t like government agencies, you can go to private companies like HDFC ERGO, MAXBUPA, if they have something great to offer.

Although, Company or Private Insurance has a Dhamaka Plan.

3. Determine the Flexibility of the Insurance Policy

Any health or life insurance plan must be flexible. It means you have to select an Easy Payment Policy without any hidden cost. If something unexpected happens, the company must be prepared to change its policy to suit your needs.

If you think, this Health Insurance Policy is not matched as your Family, Don’t buy it.

Although no company changes its policy so easily, you should determine the flexibility of the insurance policy. Your insurance policy needs to be flexible.

4. Calculating Premium of Health Insurance Plan

Calculating Premium of Health Insurance Plan

Before, buy the insurance Premium, you have to calculate the Policy Invest and Return.

The formula for calculating the premium remains the same but a few factors may change when the premium is charged. Some of the reasons like assurance are the time when you have used the policy

You can talk to your insurance agent and find out more about it.

5. What Is The Highest Possible Cover Offered ?

Highest Possible Cover Offered

Constantly go for the highest possible cover offered Plan of Health Insurance Company.

Inflation in the healthcare sector is more than 15% and more and more people are at risk of developing new diseases.

Nowadays, People are very conscious of their Health. By the way, It is the Best time to purchase Health Insurance Policy.

We recommend you to buy the long term Plan. It is a great idea.

In the old-time, you can feel free for your Family any Medical Problem.

The insurance field works on estimates and probabilities so always go for the highest possible cover. This will be helpful for you as you get older.

6. Ascertain What Is Covered? & What Is Not?

If your family has a Senior citizen, You have to judge this before buying a Health Plan.

Check the scope of coverage for senior citizens in plans.

On the other hand, check the list of all exclusions in standard health insurance plans.

This will help you to zero in on the advantages and disadvantages of a particular insurance plan.

7. How Many Hospitals and Doctors are Available for the Company?

Hospitals and Doctors are Available for the Company

You always went to the doctor and paramedic for treatment. When you have a serious condition, it is very important to find a Good Doctor for treatment.

You don’t want to be misled by a new doctor you don’t know. So you have to go with a good doctor and good Hospital Facilities.

Now, for the Health Insurance company, It is your responsibility to find out the nearest health insurance company with a Doctor and Hospital. 

In fact, for Health problems, you have to do work fast.

So always find out if the company has a hospital near your home and you know the doctors and other staff very well.

To find out about available hospitals and doctors.

8. Will Plan Increase in Premium After 45 Years?

Most of the insurance policies have a lifeline of 45 Years.

So, you have to know, Whether there is a long-term increase in premium after 45 years.

Generally, all insurance companies increase their premium rates after the age of 45.

It was a common trend that insurance companies increased their premiums. 

If you have no other extra income, it can be a big burden for you When you retire from your Main Profession.

Therefore understand for premium long term growth.

9. Check No Claim Bonus or any Discount

If you do not make an insurance claim during the policy year, you may be entitled to a bonus or a discount on the premium for the following year.

This is known as a claim bonus or discount.

Some Insurance companies use this Unclear trick and give you as a Bonus or Discount Style.

 Therefore always check that the company does not give any claim bonus or discount in any other form.

10. Building Decision for Paying Before Choosing Services

You all know that a policy with high premiums has fewer concessions and co-payments.

But, on the other hand, low premium policies have higher concessions and higher co-payments.

So, it has been decided to decide whether he will pay before he offers the service or when he uses the service.

11. Go for Most Probable Healthcare Needs

You have to decide to choose your Policy Plan according to your needs. There can be no plan that fits all sizes. Choose Plan what you can effort according to your Monthly Income.

The needs of one person are different than those of a group of people. What you need most is what you need to lean on the brain and determine it and choose a plan accordingly.

12. Always Read the Final Policy Agreement Paper

Must Read what written in the Policy Agreement Paper

If in doubt, ask your company agent or bank questions.

Some of the articles written in print can be difficult to understand and you need the help of the company itself.

The Bottom Line

In conclusion, These are the 12 facts before buying Health Insurance Policy.

We hope, you understood this Checklist. Howevre, There are many point, we have mentioned few most important here.

Now, We’d like to know from you:

Do you Already meet with any Insurance Agent?

Let us know in comment.


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