Medical emergencies are like uninvited guests – they can show up at any time! However, with health insurance, you can live life without worrying about these contingencies. It gives you the financial support to handle these unfortunate events and allows you to smile in the face of life uncertainties. Great isn’t it? However, before go and buy yourself a medical insurance policy, here are some important things to look out for, they will help you get the perfect policy for your needs.
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The number of network hospitals.
Network hospitals are those at which you can avail cashless treatment. A medical insurance plan with a higher number of network hospitals is always advisable – it ensures you do not have to endure the hassle of collecting bills & running around to get your expenses reimbursed.
No or low co-payment.
If your plan has a co-payment clause, it means you will have to pay a pre-defined percentage of your claim amount. Therefore, it goes without saying that you should opt for health insurance that does not have co-payment or as little co-payment as possible.
Day-care cover.
Many health insurance plans only cover your costs if you are hospitalized for more than 24 hours. Any short procedures will be considered as day-care procedures and will not be covered. There are a number of major procedures that can be finished within 24 hours and without day-care cover, you will have to pay for these on your own.
Pre & post hospitalization cover.
Always get health insurance that covers pre and post hospitalization costs. 
These will include diagnostic tests, doctor’s consultations, ambulance fees, the cost of medicines, etc. They can really add up and you’ll be in a spot of bother if your plan does not cover these expenses.
Cumulative or no claims bonus.
Plans that offer cumulative or no claim bonus are great. They reward you for maintaining a clean bill of health & not making a claim against your insurance. They do so by offering an increased sum insured at the same premium or by discounting your premium amount whilst providing the same levels of cover.
Lifetime renewal.
As you grow older, the chance of you falling ill increase. Therefore, you should have a health insurance plan that will cover you at all ages. With lifetime renewal, the insurance company agrees to keep you insured from illnesses, at whatever age, as long as you pay your premiums on time.
Free medical check-ups.
It’s best to look for a health insurance policy that offers free medical check-ups every year. These should not be chargeable or affect your premium in any way when renewing the policy. Free health check-ups help you keep tabs on your fitness levels and stay proactive when it comes to your health.
Maternity cover.
Pregnancy and its related costs have really shot up in recent time. To avoid the burden of these costs, it makes sense to opt for medical insurance plans that have maternity benefits includes and cover these expenses for you!
No or low waiting periods.
If you have any pre-existing conditions, your medical insurance provider might have a waiting period. You’ll have to wait for this period to pass before some or all of your health care coverage can begin. Therefore, it is important to evaluate the waiting period of all the plans if you have pre-existing illnesses.
Low premiums.
After finding a few plans that tick all the above boxes, compare the premium amounts and go with the one with the lowest premium. Some people take the opposite approach and end up with plans that compromise on the above factors to provide lower premiums.
We hope these pointers help you find the right health insurance plan. Good luck, all the best and take care!
