What Should Be Considered Before Choosing Health Insurance?

It's almost like medical emergencies have an evil sense of humor. They crop up when you are most vulnerable, in middle of the night and when you are low on money. Most people don't understand the value of a good health insurance right until they are hit by a medical emergency. With rising hospitalization charges, doctor's fees, and medicine prices, it's not always possible to be financially prepared for a medical emergency. However, with more than few options out there selecting a medical insurance plan is a complicated task. Health insurances today come with loads of different benefits and features that may or may not help you when a situation arises. The trick is to know the basic features of all health insurances and the common loopholes. To help you get the most out of your health insurance, here's our list of 7 tips before you sign the dotted line.

Consider Future Medical Needs: Although some hospitalizations are unexpected, some can be predicted beforehand. Family medical history and unhealthy habits can give you an insight about health conditions that may cause an issue in the future. Make sure the health insurance you opt for covers all the predicted illnesses. If you are planning to start a family, opt for an insurance policy that includes maternity coverage.

Get The Right 'Sum Assured': The rising cost of medical expenses calls for selecting an insurance policy with a high sum assured. Your insurance should not only be equipped to deal with medical expenses today but also be geared up for the future. However, the sum assured should also not be outlandishly high as it might be difficult to continue paying its high premium in the years to come.

Check The List of Network Hospitals: No matter how good a policy might be, it doesn't really matter if it has limited network or partner hospitals. Network hospitals are pre-instructed to settle claims and are used to dealing with patients who have the same insurance policy. This really speeds up the admission and claim resolution process. Therefore, before signing the offer document, check if your local hospitals are part of that group.

Check The Exclusion List: All health insurance policies have a list of illnesses and conditions that doesn't fall under their coverage. It's best to select a policy that has very little exclusions. 

Check Renewability Clause: Some insurance policies can be renewed throughout lifetime while others are only good enough until you reach a certain age. Insurances with age capped renewability clause are not recommended at all. They will end their coverage when you are 70 or 75 exactly when you would need it the most. Therefore, when selecting an insurance policy be sure it's renewable till life.

Read Customer Reviews: This probably the most important tip of all. Insurance companies are only as good as their payment record. To be sure, if your health insurance policy is trusted, check for online reviews of real customers who have the same policy. If a certain policy has a lot of bad reviews and lawsuits associated with it, it's a good idea to stay clear from it.