Insure Love this Valentine's Day: 5 Points to Consider while Buying Health Insurance - News18

This Valentine’s Day gift your partner a health insurance. The aim is to provide your partner the necessary financial security in the unfortunate event of a health crisis and mounting bills. This becomes a very thoughtful Valentine’s gift since we are living in a pandemic-afflicted world, where we are witnessing harsh repercussions of medical emergencies. In such a scenario, health insurance is an indispensable pre-requisite of a modern life that grapples with multiple health deteriorating stressors every day, including lifestyle imbalances and degrading air quality. An adequate medical insurance cover can take care of diagnosis, treatment and healthcare in the most affordable as well as dignified manner.

Here are Five Factors to Consider while Buying a Health Insurance for your Partner this Valentine’s Day:

Opt for a Policy that Offers Adequate Coverage

Having insurance that provides an adequate coverage amount is the most essential factor whilst selecting a plan for your partner. Treatments can be expensive, and one must carefully evaluate their health insurance coverage amount based on the dependents, family members, and financial status and liabilities before making a decision.

Check the Different Premium Options Available Online

Ideally, one would always prefer a health insurance plan with low premiums but would have sufficient coverage. A health plan should feel like a future securing investment and not a liability. The world has succumbed to the pandemic, and having an optimum health insurance plan that provides financial support is significant. One must carefully evaluate their financial stature and select a plan with affordable premiums that would also provide good coverage and which also very well fits the needs of the individual and his/her family’s needs.

Cashless Hospitals

Many insurance companies have tie-ups with a list of hospitals (also known as Network Hospitals), and having a plan with such an insurer can help one obtain the benefit of cashless treatment during medical emergencies. Thus, this becomes a crucial parameter before shortlisting insurance plans. For new buyers or people who wish to renew their existing health insurance plans, making sure that a particular insurer has tie-ups with nearby hospitals that are equipped with Covid-19 treatment capabilities will make a big difference during an emergency situation.

Waiting Period Clause

The waiting period is the time during which you are unable to claim some, or all, of the benefits of your health insurance from your insurance provider; that is, you must wait for a certain amount of time before filing a claim. You can select the best plan based on your needs and other plan benefits.

Claim Settlement Process

The claim settlement process is the critical factor with regards to health insurance or, rather, any insurance plan. Claim settlement can be complex or time-consuming at times, and it is the last thing one would want to go through whilst dealing with a lethal disease like Covid-19. Making sure that the claim settlement process is easy, seamless, and agile is extremely important. Hence, one must compare settlement processes, timelines, and approval ratio amongst various companies before selecting a health insurance plan.

Auto Restoration of the Sum Insured

Auto-restoration is usually an extremely helpful benefit provided by some insurers where they restore the base sum insured after its exhaustion during the policy year, that is before the policy renewal date. There are two types of auto-restoration benefits- 1) Complete exhaustion 2) Partial exhaustion.