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10 factors to consider before choosing health insurance...

Understanding the importance of medical insurance is essential because we have already discussed why it is necessary. But it's equally important to choose the right health insurance.


Today, we will discuss 10 factors to consider before choosing health insurance.

Let's explore these factors:

1. Insurance company: First, determine if the insurance company is reliable. Consider their customer service and the ease of receiving insurance benefits.

2. Claim settlement ratio: This ratio indicates the percentage of insured individuals who have received the insurance amount they requested. A higher ratio signifies that more people are being paid by the company. Therefore, choose accordingly.

3. Pre and post-hospitalization: Check if your medical insurance covers expenses before and after hospitalization, including tests and prescribed medications.

4. One-day medical expenses: Some medical treatments are completed within a day but can be quite expensive. Verify whether such one-day medical expenses are covered by your medical insurance.

5. Waiting period: Medical insurance often has a waiting period before it becomes effective, typically due to pre-existing conditions. A shorter waiting period is preferable, so consider the duration before making a decision.

6. No Claim Bonus: Insurance companies offer a bonus if you do not make any claims, reducing your premium amount. This bonus can be utilized to increase your insurance coverage instead of lowering installment payments. Understand this concept and make an informed choice.

7. Number of network hospitals: Find out how many hospitals your insurance company has tie-ups with. Having a tie-up with the hospital where you receive treatment enables cashless transactions. Determine if your preferred or nearby hospital is included in the network.

8. Co-payment: Co-payment refers to sharing medical expenses between you and the insurance company. Ideally, try to avoid co-payment as the purpose of medical insurance is to avoid financial burden during treatment. Choose an insurance plan that covers your medical expenses entirely, even if the premium is slightly higher.

9. Room rent: Check if there are any specific terms or conditions regarding room rent in your medical insurance policy. If limitations exist and the rent exceeds the coverage provided by the insurance company, you may need to pay the additional amount. Consider this aspect before finalizing your choice.

10. Coverage amount: The coverage amount is crucial. Select an appropriate insurance amount based on your family's needs and financial situation. Carefully assess your requirements and make a decision.

Obtain insurance at a young age to benefit from lower premiums and ensure coverage for medical needs during old age. Considering the aforementioned 10 factors will assist you in choosing the right health insurance

In conclusion, make well-informed decisions regarding health insurance

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