5 Questions You Must Ask Before Selecting A Health Insurance Provider

Health insurance is extremely important given the heavy costs of medical treatment these days. A single surgery can run into several lakhs of rupees and send you into deep debt. Health insurance saves you from going financially bankrupt during times of bad health. 

Now, many people often make the mistake of not evaluating the insurance company before selecting a health insurance plan. This is not advisable for the true value of any insurance policy lies in the reliability of the insurer. Asking a few right questions at the right time can help you correctly evaluate an insurance company. To that effect, here are 5 key questions you must ask before selecting a health insurance provider. 

  1. Do you have network hospitals in my area?

The primary purpose of buying health insurance is so that you can not only make a claim but also make a claim easily. In this regard, it helps to have the insurer’s network hospitals close to home. Choose an insurance provider who has at least a couple of network hospitals near your place so that you can avail of cashless treatment whenever the need arises. The best health insurance companies have a wide network of hospitals across the country. 

  1. Does the health insurance plan have a free-look period?

It is advisable to choose a health insurance plan that comes along with a free-look period. This way, you can take a few days to review your coverage and opt out if you change your mind. 

  1. What is your claim settlement ratio?

The claim settlement ratio is an important consideration to keep in mind when choosing a health insurance provider. Basically, the claim settlement ratio shows you the ratio of the totality of claims settled by the insurance company against the total number of claims they actually received. A good ratio shows that the insurer is one who can be trusted to settle your claims. 

  1. Can my premiums be paid in instalments?

Sometimes, paying a lump sum premium for a health insurance plan can prove to be quite difficult. It helps if the insurer offers you the option of making your premium payments in instalments. Do ask the insurer if you can opt for paying your premiums monthly and how claims will be settled if they arise during this period. 

  1. What riders are available with health insurance plans?

Riders or add-ons help to enhance the coverage you receive from your base health insurance plan. It is highly advisable to talk to your insurance provider and ask them what riders they offer and what they charge for these. Choose an insurer who offers a wide choice of riders at affordable costs. Some of the riders you might want to consider include daily hospital cash and critical illness cover

Do make sure to ask these questions to an insurance company before you choose to buy a health insurance plan from them. Take care and all the best!

Leave a Reply