Medical expenses are rising exponentially every passing year and it is now more necessary than ever to have signed up for a Medical Insurance Plan. With so many different insurance agents and many technical details that go into a policy, choosing the best one for you can be a difficult task.
So here are some of the most important features of a Medical insurance plan that you need to keep a check of:
1. Policy Features:
The most important of the criteria to look into are the features of the policy. Policy length, initial payment, the credibility of the insurance company, and benefits are the four main aspects you need to verify before signing up for the policy. This will help you ascertain if the policy is in your favour. The credibility of the company is just as essential as the financials involved in the process of taking the insurance. Here are a few things that make a policy, a good one:
- Favourable policy duration such as 5 years
- The policy covers a wide array of medical concerns
- The insurance company has credibility and a reputed name
- It is renewable without an age bar
- It has minimal sub-limits or day limitations for claim
2. Premium Amount:
The premium must be an amount that is viable to you not just for the moment but for the entire term of the insurance. Therefore look for an insurance plan that allows you to claim any amount that comes up to the sum total of the policy. Ensure it does not place conditions like - amount claimed must not exceed the amount paid as premium per month. Although a lower premium amount is easier to maintain financially, it is also essential to find out if the low premium will give a good return policy.
This is a clause that only a certain insurance companies include in their policy. However, if this clause is present in your policy, then pay close attention to the details of the clause. Co-payment means you will be required to pay a percentage of money for certain medical services such as doctor visits, prescriptions, etc. Co-payment only asks for a small percentage of the amount, the rest of which will be paid by the insurance company.
4. Deductibles in the Plan:
A deductible is that part of the claim that is settled by the insured person. For example, if the medical expense comes up to 15,000 then the insured pays 5,000 and the insurance company pays 10,000. This varies from policy to policy, but it is a fixed annual amount. If you are bound to have multiple medical expenses every year, it is sensible to go for a plan which has a less deductible amount.
5. Exclusions/Limits for the policy:
Although it goes without saying, one must always remember to check the exclusions or the limitations of the policy. There could be hidden limitations that could be mentioned under a particular clause. Common limitations like the per-day maximum claim amount and the per annum maximum premium limit, need to be clearly checked. Also, make note of the exclusions of the policy for any pre-existing conditions and check your eligibility for the policy.
In today’s world where there are so many chronic health issues and with the mortality rate fast declining, it is essential to have a good medical insurance plan. Although thorough background research helps, having professional guidance would definitely be a better plan of action. Consult a Medical Insurance Agent and invest in this necessary financial advantage.