Health insurance is very important if you live in a country that doesn’t provide free medical facilities. Dental costs can also become a significant burden. Therefore, it is also advisable to opt for dental insurance. Since there are many options available, it is important to research all options and make sure you will derive maximum benefits from the money you are paying.
The field of healthcare has made tremendous progress in last few decades. Cures have been developed for many diseases that were once thought to be incurable. Many new medicines and diagnostic techniques have been developed. However, healthcare has become very costly. Changes in lifestyle have brought about new diseases. As a result health insurance has become one of the basic necessities of life in a modern society.
Health and dental insurance are not cheap. Therefore, you should do your homework before buying. Here are 6 things you should know while buying health and dental insurance.
Family plans are the best option
Health and dental insurance plans that provide cover for the entire family are better than individual plans. These plans come with low premiums but provide cover the entire family. The difference in premium will only be marginally high. However, the benefits you will derive will totally justify this difference. If you are living alone and do not have any dependent member, an individual plan may be the only option. However, if you are married or are living with your parents, you should always opt for a family insurance plan.
Check claim settle ratio
It is always a good idea to compare the claim settlement ratio of different companies and opt for the ones which have a better ratio. Some companies reject medical claims on petty grounds. It is better to stay away from such companies. Always read online reviews to know which company provides better services.
Choose the sum insured carefully
The sum insured is an important aspect of medical insurance. It is advisable to choose it according to your age and also other necessities. It is best to best to opt for an insurance policy that provides high sum insured and also renewal benefits on the sum insured. If you have a small family and believe that you have low risk of getting hospitalised, you can go for plans with moderate sum insured at a lower premium. However, if you feel that the risk of hospitalization is high or if you live with your parents, you should opt for higher sum insured.
Most companies do not provide cover for pre-existing conditions or have a lock-in period ranging from two to four years. This means that if you or your family members are hospitalized for a pre-existing condition, the insurance company will not provide cover. The risk of hospitalization from a pre-existing disease is high. You need to carefully evaluate the options if you have any pre-existing condition or if you are buying insurance for your parents as well.
Take into account conditions that are excluded
Many insurance companies do not provide cover for conditions such as cataract, obesity, HIV, gastric ulcers, pregnancy, etc. Dental treatment is covered separately by dental insurance plans. While buying health insurance, it is important to know about the exclusions and decide accordingly. If you stay in a place where a particular disease is more prevalent, the risk of getting that disease is high. If the disease is excluded by an insurance plan, it may be beneficial to opt for such a plan. You should read the terms and conditions and the policy document carefully before putting in the money.
Compare and choose the best
There are many insurance providers with many different types of plans. There are also factors like customer service, limitations on room rent, alternative medicine coverage, etc. that should be taken into account. It is best to compare all the options and take your decision accordingly. Do your homework thoroughly before putting in the money.