A health insurance plan is a necessity today since you don’t know what will happen to you when and the health sector prices have skyrocketed. Choosing the right kind of insurance plan for your healthcare requirements is not that easy and you will need to research a bit on it so that you don’t choose the wrong plan. Choosing the wrong plan will get you less utility for the amount of premium you pay every month. So, before you decide what plan you should take up, here are a few important points that you need to ponder on.
Settlement ratio and settlement time
When it comes to the efficiency of an insurance company, the settlement ratio and settlement time play an important role. If the settlement ratio is high and the settlement time fast, you don’t have to worry much about the efficiency of your insurance provider. However, make sure that you research on a few other insurance companies as well before signing up for something so that you can choose the best out of the rest.
Know about co-payment
Most of the insurance companies will require you to bear a certain percentage of the claim amount. A lot of insurance plans may seem like there are cheap, but they will not give you complete coverage if there’s a co-payment clause. A co-payment clause is simply a clause that states that the policyholder will have to bear some amount of money and the insurance company will pay the rest, in case of any health emergency.
Many of the insurance plans do not cover day care treatments and require you to be hospitalized at least for 24 hours before you can make a claim. So, know what kind of an insurance plan you are looking for and decide how much of daycare treatment coverage do you need. If you want an insurance plan that will cover day-care treatment procedures, either you will have to sign up for another plan or you will have to sign up for a plan that’s a little more expensive.
Maternity coverage for women
It’s always better to choose an insurance plan that will cover maternity-related costs. If you’re signing up for such a plan, make sure that it will cover the outpatient expenses during pregnancy as well. This is because you will have to spend a lot of money during the course of pregnancy and not just during the delivery of the baby.