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Posted by Royal Sundaram on 03 Jun 2016
Most individuals fail to understand the importance of availing a good health plan until such circumstances arise where there is a need for health insurance. Choosing a health policy that is not suited to your needs can actually escalate health care costs. Follow these simple tips to buy the best possible health insurance plan:
- Choose the right insurance provider
It is advisable to choose general insurance companies when availing health cover. Compared with life insurance providers that also offer health plans, general insurance companies offer lower premium rates.
- Choose the appropriate sum insured
Sum insured is the maximum amount that is available to the insured under the health insurance policy in any one year. When considering this amount, it would be wise to factor in rising healthcare expenses due to inflation. At the same time, it should not be so high that paying the premium becomes a burden.
- Check the hospital network
Every insurance provider works with different hospitals to provide quick and easy settlements for policyholders. Check the list of hospitals included, specialties, distance from your residence, and reputation before choosing a health insurance plan.
- Understand premium calculation
Premium calculation follows a standard procedure and this is affected by certain variables. Some of these include age, health condition, and the presence of any pre-existing conditions. Confirm the annual premium amount and the cost of any services, including add-ons, before you finalize your purchase.
- Review the clauses
Every health plan has numerous clauses and reviewing these in depth will save you from unpleasant surprises later. Users should seek clarification on any clause or term that they do not understand before availing the policy.
- Check policy flexibility
During any illness, it helps to have some amount of flexibility in making premium payments. Premiums are recalculated every year and the increase depends on the claims made during the past year. Depending on your financial situation, it may help to opt for a plan that allows for lower premium payment initially, before you are able to make bigger premium payments.
When buying a health insurance, keep in mind that a plan that is available for life is preferable to one that is available only to a specified age. These cost more, but will give you greater benefits. Royal Sundaram provides different health plans to suit the varied requirements of buyers. Lifeline and Family Good Health- health policies from Royal Sundaram that offer cashless hospitalization across a wide network, lifetime renewal and tax benefits.
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