Medical insurance is critical for you and your family’s well-being as the rising cost of medical treatments could prove detrimental to your financial well-being in the absence of an insurance policy. Therefore, if yet don’t have an insurance policy; you should get yourself and your family insured at the earliest. However, if you have been a smart thinker and already have an insurance policy and are thinking of an upgrade, then there are certain things that you definitely need to know before you enhance your cover.
The insurance industry is a very competitive industry and every provider is trying to outdo each other in order to introduce better plans and provide more services at a lower cost. But, that also means that it often tends to get very confusing with the plethora of services on offer. So how do you decide the best line of action when going for an insurance upgrade? Well, that’s where it is important to introduce you to 3 crucial things that you need to keep in mind for when you decide that’s it’s time for an enhancement.
Coverage of the Plan
Just because you have a health insurance plan doesn’t mean that you are inherently covered from every kind of illness. To put it into perspective, there are many good health insurance policies out other, you can try a HDFC ERGO health insurance, which is offering many important benefits. It makes sense to check up things like air ambulance coverage, coverage for donor expenses, sub limits, network of hospitals covered under the policy and so forth. Further, making sure that the insurance entitles you to one free complete health checkup each year along with added benefits that includes dental and eye care coverage will save you a lot of heartache in the long term. Therefore, make sure that you go through multiple insurance plans offered by each insurance provider to upgrade to a plan that offers all of these benefits.
Co-Pays and Deductibles
Not all policies are created the same and you need to check whether the policy you are opting for has a co-pay feature. Co-pay is when you have to bear a certain amount of expenses out of your own pocket; therefore, it’s always better to buy a policy where you don’t have to spend anything and there are no caps on the maximum amount you can spend on the room rent or your selected line of treatment. On the other hand, higher deductibles mean a lower premium, but do keep in mind that if you think you would be unable to set aside funds to meet that requirement; it’s always better to pay a higher rate of premium instead.
Cost of Premium
This is also a critical factor to count in when you are looking to upgrade. You would want to make sure that you do thorough research prior to buying a health insurance or upgrading your existing one so as to make sure you don’t upset your family budget. The goal here is to find a reliable provider who is offering the maximum cover for the specified amount.
Keeping these 3 simple things in mind will help you make better decisions and choose a plan that best fits your requirements.