Healthcare is one of the biggest expenses of a middle-class family. And in recent times, in the Covid pandemic families who suffered the wrath of coronavirus lost all savings in hospitals. So the need for a universal health insurance plan becomes a necessity for every middle-class family to focus on more things rather than medical treatments only. But one thing also to notice is the humongous number of insurance plans which confuses them. That's why we are providing some points to ponder while buying a health insurance plan: -

1- Age Criteria
Age is one of the most significant factors in buying an insurance policy. It plays a vital role in a family insurance plan. For example, A person has a family of 6 people with one elder aged above 65 years and one neo-natal. The insurance premium rate will be higher than the usual, the insurance company thinks there is a higher risk in this family. Hence the plan must be bought carefully, looking for all age-related factors. 

2- Pre and Post Hospitalization Costs
Some Insurance Plan covers both pre and post hospitalization charges, but some do not, so it should be taken care of with utmost priority and carefulness. Even if a company is charging a slightly higher premium but providing post-hospitalization charges, it should be preferred over the company that doesn't.

3- Premium Rate
The premium rate is the amount one needs to submit every month or year to the insurance company. It is generally believed that the more the insurance premium rate, the more the benefits are. But it is not always true. Many companies in the market cost less premium but still offer a wide range of benefits. But what happens with them? They do not do enough marketing. 

4- Claim Process
The claim process is the most important in the insurance policy. Many companies have a lower premium rate, but their claim process is very hectic, tiring, and cumbersome. Stay away from them and look for a company, even if it charges a little higher, which provides a liquid and hassle-free claim process. 

5- Tax Benefits
Group health insurance does not provide tax benefits. And various other factors play their role in deciding the insurance rates. So if one wants to get tax benefits, they should ask the same from the agent of the insurance companies. 

6- Co-Payment Clause
Co-payment is the amount of money the insurer needs to pay while claiming the insurance. Some insurance companies hide these prices to fool and dupe the insurers. They charge a very less premium but take a hefty 60-70 percent of co-payment. So it is always recommended to stay away from these unworthy and time-consuming companies. There are many internet websites like PolicyBazaar, Make my policy, etc., from which one can research insurance plans. And don't forget, Don't be afraid to give up the good to go for the great.

So these were some of the most important points to ponder while buying a health insurance plan. If ignored, they can make a middle-class family suffer even after owning a health insurance plan.

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Author's Bio: 

Dr Santosh Guptha, CEO – MEDESUN is a dynamic leader in Healthcare Information Management, an expert in the field of coding analysis, EM auditing, and ICD-10-CM, ICD-10-AM Coding with a career span of more than a decade. He was instrumental in developing various ICD-10 coding tools, guides and has authored various ICD-10 training programs, blockchain technology in healthcare etc. Dr.Santosh Guptha has extensive knowledge in all areas of HIPAA, privacy and security, and the application of HIPAA requirements in physician’s offices and facilities settings.