In this era of skyrocketing medical costs, a medical insurance plan is an indispensable part of financial planning. The increase in the medical costs has made it all the more vital to buy a medical insurance plan which could assist with the hospitalization and medical treatment expenses.
How to Choose the Right Type of Medical Insurance?
How to Choose the Right Type of Medical Insurance?
- Decide what type of coverage is necessary. The individual insurance plan covers only one individual, while the family floater policy covers all the family members. An individual policy is perfect for those who do not have any dependent parents or family members. On the other hand, the family floater policy can protect the dependents of the family. Thus, an individual who has dependent parents and family should choose a family floater plan that will offer protection to his or her dependent family.
- Every insurance provider has a specific set of clinics and hospitals. Knowing the list of hospitals is important as this would help you to know which healthcare facility to visit to in case of a crisis so that you can experience the benefit of cashless facility.
- Find out the types of medical conditions and the diseases that are covered. For example, insurance policies usually do not include certain pre-existing illnesses such as diabetes, high blood pressure etc. So, if you have any such illness, it is essential to enquire about these things before purchasing an affordable medical insurance plan.
- An insurer usually settles the claim either by cashless facility or by reimbursing the amount. It is always better to opt for the cashless facility since the reimbursement method of claim settlement may involve costs which are not affordable. Moreover, it will make the entire process smooth and hassle-free.
