|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Falling sick is one situation which is beyond your control. With the advent of new diseases every other day arising out of junked lifestyle, hectic and night working schedules, air, ground and sea pollutions, traffic jams, parking problems, etc one is prone to fall sick more often compared to the primitive days. Whereas the scientists are doing their job to bring about cures by the innovative and creative means to overcome the diseases, there is no doubt that for the general people day by day it has been becoming very difficult to cope up with the high doze of expenditure they have to incur on medication, hospitalization etc. The general people have to face two-edged sword. It is not possible for them to leave all their work and spend time on poorly maintained government hospitals. On the other hand, it is equally difficult for them to spend in cash the exorbitant hospital bills. So in a nutshell as the scientists and doctors have to be innovative and creative to treat diseases, the general people have be aware about the measures to combat health related issues and sudden medical emergency arising out of it.
One great measure to help you relax during any health emergency and manage the out of the way finances is by going in for a suitable healthcare insurance policy, which offers you the best compensation, commensurate with your investment vis-a-vis your basic needs and requirements. In the most competitive insurance business world of today, you have innumerable options to opt for healthcare policies, which offer you cashless hospitalization. You have general health insurance plans, personal accident plans, mediclaim insurance plan, critical illness insurance plan, etcThere are choices to buy any health insurance policy as per your preference from the numerous insurance companies around you. Mediclaim Insurance Plan and Critical Illness Insurance Plan are the best chosen plans one should buy. In both plans you have cashless facilities which gives you financial independence to tackle any medical needs required for self or individual. For any kind of treatment in the network hospitals, the insurer provider and the hospital will settle the bills through a third party administrator without the need of you paying anything towards the bill depending upon the coverage of your health insurance p olicy.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
The following are the facilities available vis-a-vis cashless norms in various insurance agencies for various healthcare plans:
- The best advantage is that you enjoy peace of mind
- 50-60% No Claim Bonus (NCB) on renewal if no claim was made the previous year
- Cashless facilities in very many hospitals towards hospitalization, hospital charges, room rent, doctor's fee, surgery, etc.
- Income tax deductions under section 80D and 80DD of Income Tax Act.
- Benefits till old age by continuing renewal of policy every year.
- Allowed to shift your insurance plan to any other insurer for better facilities.
- Provision to add many features for the family within a single insured sum by paying a small extra amount.
- Easy and satisfactory settlement of claims
NOTE: The only care you have to take is that the premium always stands paid in time.
Cashless Hospital List – Online Quotes
Every reputed insurance company has list of thousands of empanelled hospitals which offer cashless facilities. They are spread all over India. But every individual may like to choose from the list which is suitable for him/her, e.g. what type of facilities are available in which hospital, how far they are from one's residence, what are the transport means etc. Every company may have deviations in the list compared to other ones. So it is advisable to first make up your mind as to which insurance agency you want to hire and then ask for the list from that company.
For this it is better to go for online insurance. Call for online quotes from some reputed insurance companies. Sort out two/three good ones. Then go in for question and answers with these two/three without feeling shy of asking as many question as you want. Also ask these companies about the list of hospitals. Ultimately choose the best one suitable for you.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|