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Tips to grab the right medical insurance policy as per your needs

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A medical insurance policy is akin to a friend who helps you when you are in need of such dire help. Medical insurance policy will save you from unwanted large expenses as the insurance policy will cover your costs for any treatment. 

Most medical insurance policies have standard features, and consumers don’t even look at the terms and conditions. However, with increasing medical costs, a comprehensive policy that will provide adequate cover and can serve your family’s purpose must be selected. 

With a multitude of options when one compares medical insurance plans, here are some tips that may help you in selecting the best policy as per your and your family’s requirements:

 1. Don’t rely on employer cover

One of the biggest mistakes that people often make is solely depending on their employers’ medical cover. While employer medical cover is a good start, it is generally insufficient to cover you or your entire family. The sum assured is usually lower while the coverage may or may not be extensive. 

Medical insurance plans must cover a wide variety of illnesses and be able to foot your entire hospitalization cost. Even if your employer is providing insurance cover, one must study such cover and take another policy as per their requirements.

 2. Select the sum assured carefully

Many people often select the policy with the lowest premium due to a lack of understanding about medical insurance. The sum assured will play a vital role in the coverage being provided to you. A more considerable sum assured will ensure that any disease or treatment which requires a long duration won’t burn a hole in your pocket. Apart from that, various policies limit certain expenses as a percentage of the sum assured. A higher sum assured will ensure that one gets the best treatment.

 3. Ensure coverage for critical illness

Most insurance policies often provide coverage for general illness while specifically excluding acute diseases. It is these critical illnesses that often affect the financial budgets of the families. While looking for a medical insurance policy, it is prudent to select policies that provide critical illness coverage. If one’s existing policy does not offer critical illness coverage, selecting another policy that offers such coverage is recommended, especially if the family has a history of critical illness.

 4. Select a policy with a comprehensive network hospital list

An essential factor in the selection of medical insurance policy is the hospital network list. A broader network hospital list will ensure that one can get treatment in various hospitals with cashless facilities. Cashless facilities would ensure that there is no fund blockage even for the short term for any person, whereas a more exhaustive network list would ensure that one can get the best treatment in the hospital of their own choice.

 5. Avoid claim loading policies

 Claim loading is a procedure wherein the premiums for a policy are increased every time a claim is made under the policy. Not only would the premiums increase multifold times in an illness which has a longer time frame of treatment, but it would also ensure that the policy becomes unaffordable beyond a point. 

Any person looking for a medical insurance plan should avoid claim loading policies as it will defeat the very purpose of having medical insurance. Whereas often such terms are offered in a guise that in the long-term, staying healthy will cost you less, illnesses often come unannounced, and falling for such a trick would cost you a more considerable amount in the future.

 6. Choose a reputed brand or site 

The internet has ensured the availability of plenty of options online for everything. This statement applies to the availability of medical insurance plans as well. However, customers should be careful about selecting a company or site wherein they are buying medical insurance. While they compare insurance plans online, cheaper is not always good as it can be a dubious trick or hoax. 

A medical insurance plan is a primary need for any family in today’s time of rising medical costs. While there is no one perfect insurance plan that would suit everyone, the consumer merely needs to be self-aware and use common sense to choose the right medical insurance policy for themselves and their family.

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