Major factors to think about while buying health insurance in Mumbai
Health is a man’s only true wealth and without it, life becomes very difficult. This is especially true in a city like Mumbai, where life is so fast paced and there is also a major risk of accidents happening. It therefore becomes very important to choose the right health plan for you and your family, when you’re living in such a bustling metropolis. There are many good health insurance companies in Mumbai that you can rely on for securing your health. Here we tell you a bit more on how to go about it.
Major Factors to Consider
Choosing a health insurance plan is a big decision. The total cover amount (sum assured) and the premium are important factors to consider while deciding on your policy. The following are the other factors to consider:
· Claim Settlement:
Insurance companies with high claim settlement ratios or a low claim pending ratio are better at handling health insurance quickly and efficiently. Choosing such a company, would be better for you, should you need to make a claim.
· Co-payment:
Although the premium is an important factor, cheaper polices may not always offer you complete coverage, especially if it comes with a co-payment clause. Co-payment means that the policyholder will have to pay a pre-defined percentage of the claim while the insurance company will pay the rest. This is a common clause in group policies like employer-provided policies.
· Day-care Procedures:
Day-care procedures are those that can be done without needing hospitalization (meaning within a day). Normally, to make a claim, at least 24 hours of hospitalization is required. Therefore, opting for a plan that covers maximum day-care procedures would be ideal.
· Network Hospitals:
Insurance companies usually have a list of network hospitals at which their cashless facilities can be availed. This factor becomes especially important for those who travel a lot. The list will be different for different insurance companies. Explore the comprehensive list of hospitals in Mumbai covered by ICICI Lombard.
· Pre/Post Hospitalisation:
Pre/Post hospitalisation expenses include those medical expenses incurred before and/or after hospitalisation. Follow up visits to the doctor, medication costs, follow-up investigations etc. are included under post hospitalisation expenses. However, this facility will cover only those expenses related to the ailment that you were being treated for.
Other Factors to Keep in Mind
Health insurance policies often include a no-claim bonus which can add to your overall sum assured if you make no claims in a year. Therefore, it is better to buy them early, when you are young and healthy. Additionally, since health insurance policies have a lifetime renewal, this can come in handy.
Another thing to keep in mind is that, even if you have a complete health insurance plan for your entire family, it is still better to have individual plans as well, especially for the older members of your family. This is because if the older ‘high risk’ members have frequent claims, it will leave other members of the family without any cover.
Finally, read the fine print carefully before choosing your health insurance policy, especially if you are buying it online. Consult an insurance agent/expert in case you need further clarifications.
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