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Factors to Keep in Mind While Investing in a Health Insurance Policy

One undeniable fact everyone learned after millions of lives and livelihood were affected by the global pandemic of COVID-19, that no one can predict any major or minor health emergency. And it has told us how important it is to safeguard our future by investing in a good health insurance policy. With the increasing cost of healthcare and a life full of uncertainties, investing in a health insurance policy is an inevitable need of modern times.

With a myriad of options available, it can become a daunting task to select a health plan that suits your requirements. To help you find a good health insurance plan, here are few factors to keep in mind while investing in a health insurance policy.

The right amount of coverage and premium:

Try to look for maximum coverage at an effective premium, considering the cost of healthcare near you. Check if there is an additional clause of co-payment, deductibles, and sub-limits. Make sure you will not have to pay more at the time of the claim. The sum insured should be optimal with an affordable premium.

Protection of the entire family:

When it comes to investing in a family health insurance policy, it is advisable to keep in mind their ages and pre-existing medical conditions. You can choose to cover everybody in a single-family floater policy or opt for an individual plan for each member.

Waiting period clause:

A very crucial factor to keep in mind while investing in health insurance is the waiting period clause. During a period ranging between 24 to 48 months, the insurer will not accept any claim arising from pre-existing illnesses or specific illnesses. So, you can compare and select a plan that comes with a minimum waiting period in order to claim the benefits in case of a health emergency.

Cashless payment benefits:

The health insurance companies usually tie-up with network hospitals where insured members can use cashless claim facility. These claims do not require you to take the burden of the hospital bills. The bills get directly settled by the insurance company.

No claim bonus:

NCB is the bonus offered by the insurance company for all the years that you have not filed a claim. Most of the times insurance company specifies the NCB limit.

Co-payment clause:

The co-payment clause is usually applicable in health plans for an individual aged 60 years and above. It is the percentage of the amount that you would need to pay at the time of claim and the rest will be paid by the insurer. If possible, buy a plan that does not have sub-limits or a co-payment clause.

Company credentials:

It is very significant to know your insurer before investing in a health insurance policy. Make sure the insurance provider has a good reputation and is trustworthy. Go with a company that has a high claim settlement ratio and a simple claim process. Make sure you invest in a brand having good customer service, and you can check customer reviews online.

Above are some of the essential factors to keep in mind while investing in a Health Insurance Policy.

If you are looking to safeguard your future from any unforeseen medical emergency, click here to know more about the Health insurance policies offered by Kotak General Insurance.

Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.


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