How do you choose something when you have multiple options?? You would compare! Why should it be any different when it comes to selecting a good insurance plan as well? In this article let us talk about some of the factors that are important in the insurance world. Apart from this, you can also compare insurance quotes online.
- Coverage: Have a good understanding of all the factors that are covered and not covered according to your insurance plan. This can lead you to avoid any surprises along the way. Based on the premium amount paid, some of the insurance companies provide full coverage, but even in such schemes, there can be some exceptions. Read well about the coverage of your insurance plan.
- Documents and paperwork: Have a look at the paperwork needed at each stage, e. opening the policy, renewal, rising claims, claim settlement etc. Most of the companies would also require a number of documents for opening the insurance; have such documents handy for speeding up the process.
- Network hospitals: When it comes to health insurance policies, network hospitals are very important. Check, which all hospitals would accept your insurance so that you can avail the cashless It is better to buy insurance that has a maximum number of hospitals under its coverage.
- Pre-existing conditions: Most of the insurance plan requires you to disclose any of the pre-existing medical conditions. The premium amount would vary based on that. Usually, the insurance forms will have a category of questions which will ask about various health conditions and parameters. Some of the pre-existing conditions may or may not be covered by the insurance plan. There is also the possibility of claim rejection if you have failed to mention any of the pre-existing medical conditions.
- Other coverage aspects: For health insurance, it is also a good idea to check the other benefits and coverage. Most of the insurance plans need at least a 24 hours hospitalization. Check the outpatient procedures that are covered by your insurance plan. It is also important to check other assistance which can be claimed. For example, outpatient physical therapy, medical devices like wheelchair and other rehabilitation facilities etc. when insurance quotes compare is done
- Policy renewal: Most of the insurance plans are for the duration of one year after which it needs to be renewed. Check with your insurance agent regarding the insurance renewal process and the change in a premium amount to be paid if any. Ideally, your insurance agent should also be letting you know any change regarding the terms and conditions and coverage aspects.
- Out of station coverage: It is better to choose an insurance plan which will give benefit even when you are travelling at least within the country. In such cases it is good to note the network hospitals in the area, you are travelling to. Most of the chain hospitals will accept insurance of well-known
You can compare different schemes, identify the good and bad in each one and then make an informed decision.