Health insurance is an important part of life for everyone. Medical expenses have increased so much that getting treatment without insurance becomes heavy on the pocket. This is the reason why people have started buying health insurance plans from a young age. At the same time, some time ago, the government reduced the GST on health insurance from 18 percent to 0 (GST Rate Cut), due to which it is expected that many new people will join insurance.

Many times, people buy a policy without thinking, just by looking at the premium amount. Later, when it comes to getting treatment in the hospital, it is known that the policy does not provide much benefit. Therefore, it is important that before taking health insurance, you must pay attention to these 9 things.

1- How much coverage is there? This is the most important

The biggest benefit of health insurance will be available only when its coverage is tailored to the needs of you and your family. Many times, people choose small coverage for a low premium. But the hospital bill reaches lakhs. So always choose a policy that starts at least from 5 lakhs and can be increased as per the need.

2- Understand the waiting period

Every health policy has a waiting period. This means that if you already have any disease, its treatment will not be covered immediately after taking the policy. Generally, this time is from 2 to 4 years. Therefore, before buying a policy, definitely see how long the waiting period is for which disease.

3- Check the list of network hospitals

The facility of cashless treatment will be available only when your hospital is included in the company's network. If the network hospital is not in your city or nearby, then cashless treatment will become difficult. Therefore, before taking health insurance, definitely check the list of network hospitals.

4- Pay attention to the claim settlement ratio

Every company's claim settlement ratio is different. That is, out of how many claims, how many were approved by the company? If this ratio is high, then the company is considered reliable. If claim settlement is easy, then the benefits of the policy will also be available properly.

5- Benefit of no-claim bonus

If you do not use the policy for a year, that is, do not make any claim, then the company gives you a no-claim bonus (NCB). This increases the coverage for the next year. While buying the policy, definitely see what percentage of no-claim bonus the company gives.

6- Condition of co-payment

Many health policies have a condition of co-payment. This means that you will have to pay some part of the hospital bill yourself, and the rest will be paid by the company. If the co-payment is high, then the burden may increase on you. Therefore, try to choose a policy in which there is no co-payment or it is very low.

7- Right balance of premium

Do not buy a policy just by looking at the low premium. The premium may be low, but the coverage is also equally low. Always choose such a balance in which the premium is also within your budget and the coverage is also good.

8- Family Floater/Individual Policy

If there are 3-4 members in the family, then taking a family floater policy will be cheaper and beneficial. But if any member of the family is already suffering from a serious illness, then it will be better to take a separate individual policy for him; otherwise, your premium will be very high due to it.

9- Health Checkup and Extra Benefits

Some policies cover free health checkups, ambulance charges, day-care treatment, and even vaccination every year. While choosing a policy, definitely look at these benefits as well.

Conclusion

Taking health insurance is no longer an option, but has become a necessity. But to choose the right policy, you should not only look at the cheap premium, but should give priority to things like coverage, claim ratio, and network hospital. Remember, health insurance is a long-term investment, so only by taking the right decision after thinking carefully, you and your family will be able to stay safe.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.