Healthcare in India is touching heights with costly treatments, expensive medical costs, and high consultation fees. Healthcare insurance, therefore, is a must for you to have. With a health policy, you can get the required medical assistance by paying the premium.
With the help of various healthcare insurance policies, people with low income can also access good healthcare in the country. So, you must be aware of how different health policies work. Read further to learn how to choose the right commercial health insurance plan by considering all important factors.
What is a Commercial Health Insurance Plan?
A commercial health insurance policy is a privatised insurance plan. There are two most popular types of healthcare insurance- Preferred Provider Organisation (PPO) and Health Maintenance Organisation (HMO).
You can buy affordable or cheap commercial insurance policies directly from licensed commercial insurance companies or agents. Moreover, healthcare insurance can vary in coverage and premium.
How Does a Commercial Healthcare Insurance Work?
Healthcare Insurance is designed to provide financial assistance in case of a medical emergency. In order to avail the benefits of a health plan, you have to pay a premium on a monthly or yearly basis. The amount of premium depends on the type of coverage of the policy, your age, the number of members, etc. The policy can be cashless or non-cashless. In the case of a cashless policy, the medical expenses are directly reimbursed to the hospital, while in a non-cashless policy, you have to pay the expenses from your pocket and later submit the claim to the insurance company. A health policy covers the cost of pre and post-hospitalisation, ambulance charges, maternity expenses, and other daycare expenses.
6 Factors to Consider When Choosing Commercial Healthcare Insurance?
While buying healthcare insurance, you must learn about your insurance provider and the kind of medical services you will get against the premium. Moreover, you must consider the following factors when buying such an insurance:
1. Coverage
Healthcare insurance providers offer you a range of insurance policies with different coverage. Most common insurance plans provide coverage for hospitalisation, medicines, ambulance charges, and maternity costs. Before you buy healthcare insurance, always remember to consider the coverage which is being offered to you by the commercial insurance company.
2. Network Hospitals
Once you have shortlisted the insurance plans to purchase, it is important to consider the list of a network of hospitals covered by the policy. It is always a great idea to choose a policy with a large panel of hospitals covering both international and national hospitals so that you can access the best health facilities without paying any cash.
3. Premium
An important thing to consider while buying a health plan is checking its premium. Before deciding upon the insurance provider, it is always a good idea to check and compare the premium of the various health plan and the coverage they provide. This will enable you to get the best insurance plan at a reasonable rate.
4. Higher Claim Settlement Ratio
The claim settlement ratio of an insurance company determines the number of claims settled by the company in the past year. CSR helps you determine how effective the best health insurance company in india is in handling your claims and providing you with the service. Moreover, the greater the CSR, the better the chance of getting a claim. Hence, you must consider a company with a higher CSR.
5. Short PED Waiting Period
Pre-Existing Disease or PDE waiting period refers to the period you must wait before you raise a claim on a pre-existing disease. A pre-existing disease could be anything from diabetes or a skin condition. The waiting period is between 2-4 years. Thus, before buying healthcare insurance, remember to check the waiting period and always choose the policy with a shorter PED waiting period.
6. Lifetime Renewability
While purchasing healthcare insurance, you must ensure the policy is renewable for a lifetime. It is essential as the need for medical assistance can arise at any time; thus, having healthcare insurance with life renewability is ideal. Thus, you must confirm with the company about the renewability of the insurance.
Conclusion
With the changing lifestyle and the greater chance of getting diseases, a health plan has become necessary to save yourself from financial constraints and ensure peace of mind. Several leading insurance companies offer various kinds of healthcare insurance plans.
Niva Bupa is one of them. It offers various healthcare insurance plans at an affordable rate. You can quickly buy insurance through their website. So check their website today!
