According to data released by National Health Profile (NHP) in April 2017, only 27 percent Indians, which is approximately 35 crore out of over 135 crore people, have health cover. Buying a medical insurance is a good step to ensure your family’s well-being and financial stability. Choosing the right health policy is important to ensure you and your family members get the best chances of recovery, if something goes wrong. TATA AIG’s Mediprime offers cashless health insurance in just four hours, along with benefits of tax saving and no co-payment.
Before you look for options, here’s a checklist of important things to consider buying a medical insurance:
1. Insurance Amount
Today’s inflation rate needs to be considered before selecting the coverage amount. If you stay in a small city or town it should be at least be between Rs. 3 to 5 lakhs and if you are living in a metropolitan city your medical insurance should lie between at least Rs. 5 to 10 lakhs. Also keep updating your medical cover from time to time to cope with rising medical costs.
2. Mediclaim Process
The simpler the mediclaim process, faster will be the settlement period; which means a good insurance policy. Good customer service also proves to be an advantage in this process.
3. Network Hospitals
One should always check the number of hospitals provided on the network of your insurer. Hospitals on networks offer cashless settlement with the insurer directly, avoiding inconvenience to you and your family in times of emergencies. Always choose a policy with a high number of hospitals on the network.
4. Family Coverage
Always consider your family members, their age and present ailments, if any, before buying a medical insurance. Medical history of the family should be checked before opting for a policy.
5. Waiting Period
Most insurers have a waiting period for pre-existing ailments. This period may vary from 2 to 5 years. Always opt for a medical insurance policy with minimum waiting period.
6. Lifetime Renewal
A policy that offers life time renewability option is always the best. There are chances you may suffer from a particular disease as you get older. Protection in old age is only possible if your policy offers lifetime renewability.
7. Free Medical Check-Up
You should look for a policy which provides for a free medical checkup and periodic full body checkups.
8. Maternity Benefits
It is vital for women to buy medical insurance with maternity benefits, as pregnancy costs have seen a steep rise in recent times. Waiting period to claim maternity expenses and sub-limits offered should be considered.
Choosing the right medical insurance is a serious decision. Most people buy medical insurance just to avail the tax benefits but fail to consider the importance of a comprehensive health benefit.
Mediprime has been designed to provide you the peace of mind necessary to recover faster and prevents you from financial debt in stressful times.