Key Factors to Understand in a Health Policy
The cost of health in escalating at a rapid pace and it has become important for a person to have a Health Insurance Policy. There are various options available in the market offered by both private and public sectors. Due to the multiple options available, it becomes quite difficult for a person to select a policy.
Following are some factors that you need to keep in mind while selecting a health policy:
1. One of the major aspects to look is for the option of including the maximum number of your family members under the plan and compare the premiums across policies to get the best deal.
2. Select a policy that not only covers the sum assured but also other benefits like critical illness, ambulance services, OPD coverage, pre-existing diseases. But including all the above benefits lead to higher premiums.
3. The premium should not be the only factor to select a policy. It is vital to understand the trend in annual premium loading. There are many firms that increase the premiums without any notice when the claim is made, and the policy owner is forced to pay higher premiums to get the sum assured. There are also many other companies that charge a premium on the basis of age. So, it is suggested to compare the policies and get the premium that suits your budget.
4. Many companies specify limits on the expenses under various heads. Check the deals properly and select an offer with minimum such limits.
5. The insurance company you choose should be trustworthy and have a good track record. It is important to discuss with existing policyholders on online forums. You should choose a company that does not introduce changes frequently.
6. Select a plan that offers No-Claim Bonus only if premiums are not increased.
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