With the introduction of new insurance plans with new additional coverage features and benefits, the medical insurance market has seen an upsurge. Medical insurance is a variant of health insurance plans that offer financial protection against health-related expenses. It is an inexpensive way to mitigate the cost of any medical emergency.

With the numerous medical insurance plans available in the market, it becomes paramount to compare health insurance plans to make an informed decision. You will need to check what your preferred insurance plan has in store for you and compare those benefits with other medical insurance policies. 

As a policyholder, you should consider the following factors to compare medical insurance plans before buying an insurance policy for yourself looking for physiotherapy in sittingbourne.

The scope of medical insurance coverage

Not all expenses are covered under a medical insurance plan. The coverage benefits vary across insurance plans. The common benefits across all policies are doctor’s fees, ICU room rent, pre, and post-hospitalization, and ambulance charges. 

However, while choosing a plan, you must also look into expenses such as domiciliary expenses, OPD expenses, and the cost of alternative treatments like Homeopathy, Unani, Maternity coverage, etc. 

When you compare medical insurance plans, make sure to buy an insurance plan that covers all aspects of the medical treatment. You should also be able to get treatment in a hospital of your choice. 

List of exclusions

Unfortunately, your medical insurance plan does not cover all and every type of medical cost. The excluded medical expenses are pre-existing illnesses, cost of dental treatments, congenital defects, etc. 

Pre-existing illnesses clause in your insurance plan is too crucial to overlook. The illnesses existing while entering into the insurance contract are excluded as well, but for a specific waiting period which usually ranges from 2 to 4 years. It would be wise to choose a lower waiting period. It enables you to include your existing illness in your insurance coverage. 

Discounts and bonuses

Medical insurance plans contain discounts and bonuses depending on certain conditions. For instance, your insurance company may offer a discount if more than one family member is in the insurance coverage. Paying a two-year premium in a lump sum can also earn you a discount at the time of commencement. 

You will also earn a No-Claim Bonus if you have not claimed your bonus in the previous year. You will receive a percentage increase in the sum assured at the current insurance premium rate. So, when you compare health insurance plans, consider the discounts and bonuses of insurance plans to make an informed decision.

Claim settlement policy 

The insurance claims are settled under two methods – Cashless facility or reimbursement. Under a cashless facility, you will receive cashless treatment at a network hospital. The claim amount is settled by a Third Party Administrator (TPA). 

As with reimbursement, you will bear the medical expenses yourself and get them reimbursed later from the insurance company. The claim settlement policy varies across insurance companies. It would be wise to choose a medical insurance plan that favours a cashless settlement facility.

Also, Before signing the insurance contract, check your insurer’s claim settlement record to make a better decision. 

List of network hospitals 

Although cashless claim settlement is a better alternative than a reimbursement facility, the downside of a cashless facility is that you should find the hospital with a tie-up with your insurer to get treatment. 

When you compare health insurance plans, check your insurer’s list of network hospitals, and see whether your preferred hospital to get medical treatment is on the list. If not, check if any of the hospitals from the list is within your vicinity for emergency cases. 

Insurance company’s history

After comparing the coverage features and benefits, ensure that the insurance company you choose to buy a medical insurance plan from is credible. Any insurer’s credibility lies in its claim settlement history, so check their Claim Settlement Ratio, which indicates the record of claims honoured by the company against the total claims raised in a financial year.

Make sure that the claim settlement ratio is at least 1.5 as per the Insurance Regulatory Development Authority of India (IRDA). 

In a nutshell 

It is a daunting task to compare health insurance plans, but a necessary one. Due to numerous insurance plans and their features, you can not risk getting a policy that does not serve your needs. The above-stated factors will help you compare health insurance and get the best medical insurance plan in the market. Contact Mahindra Insurance brokers phone number for any query related to health insurance. 

By admin

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