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With medical and treatment costs increasing day by day, purchasing a health insurance policy has become more important than ever. Whether you are in your early 20s or early 40s, you will need health insurance to act as a cushion against the high expenses incurred due to any minor or major health treatment options.
If you’re a woman, you know how expensive maternity care costs are these days. Moreover, this is only “one” part of the total health expenses you will have to endure in your lifetime.
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Fortunately, being insured under a good health policy is enough to cover significant health care costs. While finding the best health insurance It can be difficult for many women, we are here to alleviate this problem. To help women find affordable health insurance, we’ve compiled a list of factors you can use to set the ideal policy apart from the rest. So let’s quickly move on to the factors shared below.
Factors to Consider When Buying Health Insurance
1. Evaluate and Choose the Right, Appropriate Scope
As a woman, you should look for health insurance plans that protect you against many medical problems. Before and after hospitalization, ambulance expenses, laboratory test expenses, medication expenses, doctor examination expenses, ICU fees, etc., of your short-listed policy. Check to see if it offers a guarantee.
The better the coverage, the better the policy. If you have certain pre-existing medical conditions, you should check to see if the policy covers certain diseases or illnesses. It is also essential to control the waiting time for the disease or ailments in question. All of these should be on your checklist for getting a health insurance policy with the best coverage.
2. Keep Premiums Affordable
While it’s important to get a policy that offers maximum coverage and benefits, it’s also important to keep the policy premium within your budget. Before you look at health insurance plans, you should list your requirements and budget.
Because even if a single premium payment is missed for any reason, you may lose your option to qualify for the no-claim bonus. If you later decide to move your health insurance plan, non-payment of the premium may also come your way. Therefore, it is recommended to stick with plans that have affordable premiums and are within your budget to avoid any problems in the future.
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3. Look for a Good Network of Partner Hospitals
Every reputable health insurance company has a partner hospital network. An insured can reach any of these hospitals as specified in the insurer’s network hospital list to take advantage of cashless treatment benefits. You should make sure that the insurer you go with partners with good hospitals, as you can only claim the costs if you are treated at one of these hospitals. Check if there are at least two multi-specialty hospitals on the list. The location and reputation of the mentioned hospitals are also very important. So do the necessary research and only proceed if you are satisfied with the network and the list of partner hospitals.
4. Scope of Maternity Benefits
The costs associated with maternity care, whether it’s a cesarean delivery or newborn baby vaccinations, are very high. If you don’t prepare a fund for these expenses in advance, you could run into trouble at the last moment. Therefore, childbirth, medically necessary terminations, vaccination of newborn babies, cesarean section, etc. Look for maternity health insurance that covers all costs of maternity and infertility, such as It is recommended, as most maternity insurance plans have a long waiting period. plan to buy at least two years before you plan to have a baby.
5. Check What It Covers in Scope
Coverage is probably the most important part of any health insurance plan. While you’re buying one for yourself, accidental hospitalization, pre- and post-hospitalization, illness-related hospitalization, daily hospital cash coverage, maternity-related expenses, critical illness benefit, annual checkup, psychiatric assistance, etc.
If you are a believer in alternative treatment methods such as Ayurveda, Unani, Siddha, Homeopathy, you should also check whether the AYUSH coverage is included in the policy. If you don’t want to have an unpleasant experience later on, reviewing the coverage section of your policy documents should be a top priority.
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6. Double Check for Exceptions
Similar to shutdowns, it’s also important to know the exceptions to a health policy. Clear knowledge of exceptions helps people set clear expectations for policy from day one. While exemptions may vary from one insurer to another, all health insurance policies have one exception, namely, hospitalization without a doctor’s recommendation. You can refer to the policy’s documentation to learn more about the applicable exclusions.
7. Smooth Claim Reconciliation Process
The sole purpose of having health insurance is to receive timely compensation and assistance when needed. If your chosen insurer is known for releasing delayed repayments or, worse, refusing to reimburse your claim, you’re in for real trouble. To avoid such a scenario, you should look for health insurance plans from a reputable insurance company with a good reimbursement rate.
You can check the compensation payout rate for the last five years to get an idea of whether you should continue. As you conduct your research, make sure that the policy you add to the list comes with a smooth claim resolution process.
8. Question the Insurer’s Reputation
The Indian insurance market is very competitive, so finding a good insurance company will not be difficult.. But it’s hard to ignore that there are bad fish in the pond, too. There have been many instances in the past where people have come up with this highlighting the poor customer support and delayed claims they have been subjected to by their insurance companies.
Checking the insurer’s reputation is essential if you don’t want to be on the receiving end of poor customer support or delayed compensation payments. A quick glance at online forums, communities and groups related to Indian insurance will provide enough data you need to conduct an informed search.
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9. Read Joint Payment Clause
A contribution clause highlights the amount or percentage of the claim amount that the insured has to pay at the time of payment. For example, if your health insurance policy includes a 5% co-payment clause, you must pay 5% of the claim amount and the insurance company pays the remaining 95%.
If you do not want to bear the burden of significant out-of-pocket expenses during medical emergencies, you should opt for health insurance policies with low co-payments. A policy with a low contribution margin will have a high premium and vice versa. So choose accordingly.
10. Call Waiting Time
When you buy a health insurance plan, you cannot claim benefits from day one, especially if you have a pre-existing illness. Every health insurance policy always comes with a waiting period that the insured must meet in order to be eligible for the policy benefits. The waiting time is not ideally the same for all policies and insurers, so it’s best to check the policy documentation to know the exact waiting time. Knowing this will help you prepare for any medical emergency accordingly.
Investing in health insurance may be your best investment ever. It will protect you against sudden medical expenses and ensure you get timely treatment without having to worry about funds. Because choosing the right health insurance can be exhausting, we’ve listed above all the factors you can consider to get the best health plan for yourself. If you are a woman who likes to plan the important things ahead, you should definitely consider the points mentioned in this article when purchasing a health insurance plan for women.
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