HOW TO CHOOSE THE RIGHT HEALTH INSURANCE?

Life can be uncertain, and adding to this are the many health problems that arise in people even of younger ages. Especially after the onset of the pandemic, more and more people have become concerned about their health and the lives of their family members in case of health conditions. This makes health insurance not just a priority, but a necessity. The growing concern also acts as the building blocks for insurance companies to bring in well-refined health insurance policies.

Choosing from these may be tricky, especially for a person who is new to the concept. This process of selecting the right policy for you and your family may be time intensive but holds utmost importance.  This is because the right plan will prove to be a great investment when you require financial aid during an illness. However, a plan picked in haste, and not suitable for your requirement shall be costly and make a futile investment.

Here is a step-by-step guide to help you select the most suitable health insurance for you and your family.

1.    List Down Your Options

A lot of insurance companies offer excellent health insurance policies. Each of these focuses on a different type of health coverage. Find out the right plan with insurance health quotes.

The types are:

• Individual plans: As the name suggests, this plan covers one person under the sum insured. This plan is well-suited if you are looking for a plan for a single person in the family.
• Family plans: This plan acts as an umbrella coverage for all members of the family. Here, the insured sum is used among all members of the family. This is a wise option than individual plans for all members of the family as it is cheaper.
• Disease-specific plans: These plans aim at covering a specific disease such as COVID-19, dengue, heart conditions, diabetes, etc. Here, only the expenses related to this illness are borne by the insurance company.
• Senior citizen plans: This insurance plan covers family members aged 60 or above. Bearing all the necessary expenses including both inpatient and outpatient treatments. This plan is just right for the elder members of the family as they are more prone to illnesses.
• Critical illness plans: Aiming at covering the illness insured for, this health insurance policy shall aim at covering fatal illnesses such as cancer, strokes, etc. Whenever the insured person may be affected by the disease, the insured amount shall help cover the expenses.
• Top-up and Super top-up plans: These plans work as a supplement to health plans and come with a deductible limit. These come to help when the limit of your existing plans exceeds.

2.     Selecting the Plan

When it comes to choosing a plan for your family, it is best to select a family plan. This covers you, your spouse, and depending children. Your children shall be covered till the age of 25 after which an individual plan can be chosen for them. In the case of depending parents, you can choose a senior citizen plan for them as it works best for people of older age as they are prone to illnesses and frequent medical care.

Moreover, the chosen plan should also be in line with your budget, and the amount of investment you are willing to make by analyzing health insurance quotes for family.

3.     Comparing Your Options

The demand for health insurance and other insurance policies has given rise to a lot of companies offering this service. However, picking the right one to invest your money in is important. The best way to solve this doubt is by charting the benefits and out-of-pocket costs for each company.

At Sheerquote we help you get health insurance quotations online considering all the factors that are relevant to you and your family.

• Compare benefits: The benefits offered by health insurance are based on the expenses they cover. You must check which policy offers maximum coverage. These expenses include hospitalization costs, physical therapy, mental health costs, loyalty bonus, etc. The given benefits must be suitable and satisfy the medical expenses for you and your family. Determined to understand our customers.
• Out-of-pocket expenses: The expenses made other than your medical expenses are termed out-of-pocket expenses. These include deductibles, copayments, and other similar expenses. These factors deviate from the purpose of purchasing health insurance which is to cover your medical costs. The plan’s summary shall include the costs your policy does not cover. It is recommended to consider this factor and choose a plan with the least out-of-pocket expenses.
• Network hospitals: Another factor you must not miss while comparing plans is the network of your health insurance plan with the hospitals. In the case of a hospital that falls under your company’s network, you will have the benefit of reduced hospitalization costs. Whilst in a hospital that doesn’t fall under your plan’s insured network, this may not be covered by your insurance plan.

If you have a preferred hospital that you frequently visit or are certain about their quality treatment, it is best to check the plans that cover this hospital.

In absence of a preferred hospital, you can consider a reputed hospital or one with a network chain around the country.

The better the network of your insurance plan, the more effective it is. Adding to this is a good network abroad and across the country.

CONCLUSION

The process of choosing the perfect health insurance policy can get tedious. However, this step-by-step guide shall assist you in this process. The above-mentioned factors are crucial to the process of selecting the best plan for you and your family. “Health is wealth” and both work hand-in-hand to maintain good health, with the right wealth investment. With unconditional care for you and your family, at sheerquote, we assist you in choosing the right plan.

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