Wednesday, 9 January 2013

KNOW TOP TEN THING'S (Before Buying Health Insurance)

Most IMPORTANT things which person must check in before buying Health Insurance 

Health Insurance is product on which every person have there own views, Many of the people will agree with all the point mentioned in, But may not agree with the Order in which we represent it. However we recommend to come to correct conclusion one should follow  this checkup in which it is mentioned below.
Network Hospital : Always First check are the Network Hospital of your area of reach in companies List of Hospital, If none of the hospital of your reachable area are in their list you may find difficult to have cashless facilities and in such cases you may have to pay the amount and then claim by manual processing the claim process, which can be painful in high claim amount and followups to get the amount back.

Company Performance : Performance is most important for Health Insurance Company, Always check from how many years is company into this business,  this is very minor point but at times we have noted big companies have started Health Insurance but not fulfilling the promises to which they stand for and ultimately happened to be nightmare for policy holder in getting the services.

TPA Service /In House Support. : Many of the company generally have TPA (Third Party Administrator) Companies who takes care of authorization and settling the claim  request received, How ever now a days Health Insurance company themselves do all this work and have this administration done by their dedicated team called as In House support. Hence, At times In house Support give better service and are preferred by majority of person.

Premium : Most important which every one of you do check on comparing the premium with Sum Insured and is a criteria on which every person does make their decision. This stand fourth in our views although it is number one for many. One more thing to be checked in this is not only compare the current Premium but also check the Premium Slab and their increased charges too (ie. 0-35, 36-45, 46-55.. or it is 0-35, 36-40, 41-45, and so forth) Hope you get what we mean.

Claim Settlement Ratio : This is second criteria for many but we rate this at number five as there are many point to be checked based on which Claim Settlement Ratio is derived. As Fraud and rejected claim reason play a vital role. Still 90% near by ratio is considered to be acceptable.

Renewal-ability : Always check this point however this should not be point of worry for much days as news are there and also there has be growing demand with IRDA which will ensure all policy are made life long renewal. But until this is made officially let us all consider this for always that the policy is life long renewable.

Bonus & Discount : Almost all the company give some Bonus or Discount for every free claim period which is accumulated in policy or group discount are given on premium paid which ultimately help you to save money.

Recharge Facility : This is one of the most common feature introduced by new companies in Floater policy and act toward giving competition for other companies where in case a person occupies whole amount in one claim period and is left with nothing to be claimed, still company provides the same amount of recharge in same policy period without any premium charged and is called as Auto Recharge feature which can be claimed for other instance or any other person

Exclusion : Those who have ever taken Policy before or had inquired about policy you would have noted there are certain hospitalization which are excluded permanently and some hospitalization have  wait period upto 48 months, generally this is seen in case of (Pre Existing Diseases) however certain companies differ with exclusion and their waiting period and are quite justified too, but this need to be checked for sure while taking a policy.

Co-Pay & Capping: Co-pay means particular amount would be paid by insurer and rest to be paid by insured, which generally happen in case of fresh policy taken for senior citizen and capping means there are limitation with room rent charges, doctor fees charges, ICU Charges etc etc which differs form policy to policy and there sum insured. 

We know many of you will have lost of question on couple of question but all this point cannot be explained in full details in single post. as it will difficult for us and will equally be boring for you to read it. Hence do check our up coming post with latest update on each of the point in details.

Beside this there are many things which also do need to be considered which differs from case to case, But however we are confident that if any one takes care on all this TOP TEN POINT while deciding for the policy in comparison  there are hardly any chance you will regret on your decision taken while deciding on HEALTH INSURANCE and getting proper after sales services on the same

Do share this Article with all whom you know now and help in educating all 

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