Today most of the modern treatments are available in the country, due to which the cost of treatment has also increased. To meet these expenses, having health insurance has become very important.
Health Insurance: In recent times, cases of corona infection in India are once again seeing a spurt. In the last few years, due to Kovid, awareness among people has increased a lot. At the same time, many people often refuse to buy health insurance thinking that their chances of falling ill are very less and hence there is no point in wasting money on paying premiums. People have to bear the brunt of this later.
Bhabatosh Mishra, Director (Products and Claims), Niva Bupa Health Insurance says, “However, the good news is that India has made rapid progress in the field of medicine. Most of the modern treatments are available in the country today. Indian doctors are admired the world over and have the most advanced diagnostic and therapeutic techniques available here.” However, the cost in these is very high, so in today’s time it has become very important to have health insurance to deal with the expenses incurred in treatment. Mishra says that many people do not know how to choose the right health insurance policy. Let us know what you should keep in mind while choosing the right health insurance policy for you.
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While buying the policy, the decision of the sum insured should be taken keeping in mind the following things.
- Habitat The cost of healthcare also depends on where you live. The cost of treatment varies from city to city. Mishra explains, “A person living in a metro city may need a higher sum insured, as the cost of treatment is higher here as compared to Tier 2 and 3 cities.”
- standard of living and age Younger people may need less sum assured as compared to older people.
- family size Larger families will need more sum insured.
- Future expenses in hospitalization – This will depend on the rising cost of treatment due to medical inflation and availability of technology and modern treatment.
claim settlement ratio
This indicator must be checked before buying a policy. “However, you should not rely solely on this figure, as new products may have slightly lower settlement ratios due to the applicable waiting period,” says Mishra.
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Instead of looking at the number of hospitals in the insurer’s network, check how many hospitals in your area and city have tie-ups with the insurer. Mishra explains, “The advantage of this will be that you will not have to run from one hospital to another during an emergency.” He adds, “Also check whether major multispecialty hospitals are in the network or not. If ever there is a need for a better hospital, it will be helpful.”
Terms and conditions
Before buying a policy, one should understand the terms and conditions given in the policy document properly. If you have a pre-existing disease, your claim can be rejected based on the terms and conditions of the policy. Mishra says, “It is important to understand these terms thoroughly and choose a policy in which you do not have to wait long.”