For many years, a large number of the Indian population, especially in rural regions, did not care about getting health insurance for themselves and their families. However, since the COVID-19 pandemic, the general population’s interest in buying health insurance has gone up significantly. There are many features and aspects of health insurance that people should understand before they choose to buy any insurance plan. We have compiled the main features of health insurance to help you evaluate and choose the best insurance plan for your needs.
Waiting period for pre-existing conditions:
Pre-existing diseases refer to medical conditions you suffer from at the time of applying for health insurance, like diabetes, heart problems etc. Insurance companies have a waiting period of 2-4 years where they will not be held liable for any expenses related to your pre-existing conditions. If you have a pre-existing condition, try to get a plan that has a shorter waiting period.
Sub-limits on room rent:
One of the main expenses in hospitalisation is the cost of room rent for the patient. As a result, some insurance companies tend to cap the room rent coverage in their health insurance. The usual limit for room rent in hospitalisation is a maximum of 1% of the total sum assured. In the case of an Intensive Care Unit (ICU), the limit goes up to 2% of the total sum assured. Make sure you get a plan with a generous room rent limit.
Hospitals under insurance network:
Most major insurance companies have a network of hospitals around the country that the customers can avail services from. Make sure you buy an insurance plan from a company that has a reputable and large network of hospitals around the country. This can help you get the best services if you need them.
Co-payment is a condition that some insurance companies have as part of their insurance plan. It essentially means that the insurance holder will have to pay a percentage of the hospital bill, along with the insurance company. For instance, if you have an insurance plan with 10% co-pay, you will have to pay 10% of the medical bills while the insurance company takes care of the remaining 90% of expenses. Try to pick a plan with a lower co-pay option.
Premium is the amount of money the insurance holder pays to the insurance company at regular intervals to keep the plan active. You should compare the premiums offered by different insurance companies before settling for your final choice. However, make sure you don’t lose out on any important features in an insurance plan just because you are looking for lower premiums.
Many insurance companies have limits on the coverage they provide for different diseases. So, if your plan offers ₹20 lakh medical coverage but you’re suffering from a disease for which the insurance company has capped expenses at ₹5 lakh, you won’t be able to get coverage for treatment of that disease beyond the specified limit. Make sure you choose a plan with overall higher limits on disease capping.
No Claim Bonus:
When you do not claim health insurance for a particular year, you get a no claim bonus and your coverage limit is extended by the insurance company for the upcoming year. You should look for a policy with the highest no claim bonus coverage extension.
All insurance policies have certain diseases as ‘exclusions’, meaning the cost of the treatment for those is not covered by the company. When buying an insurance policy, you should look for a plan that has the least number of diseases excluded.
Not all insurance policies offer maternity coverage. If maternity coverage is something you are looking for, make sure to choose an insurance plan that includes the same.
Many insurance plans offer yearly medical checkups for free as part of the insurance coverage. You can utilise this option and get a full check-up at least once a year. Try to choose a policy that offers extensive and more frequent medical check-ups.
The above-given health insurance features can help you decide which insurance plan you should buy. Do keep in mind all the main features and benefits that you want in an insurance plan. It is also a good idea to compare all insurance plans available online from different companies before settling on a policy. You can take a look at the various health insurance plans available at Finserv MARKETS and choose one that suits your needs.
The main benefit of having medical insurance coverage is that you remain financially protected in the face of unexpected medical expenses.
You should look for a health insurance plan that provides all the features and coverage you need at an affordable cost.
You can make multiple claims under your health insurance plan as long as you don’t cross the coverage limit. Once the maximum amount of coverage has been received, you cannot make any more claims.
Individuals can choose to buy multiple health insurance plans, but they can only claim reimbursement from a single insurance provider for any given expense.
You can browse through the different health insurance plans from different companies available online. Post which, you can choose one which is affordable and meets your requirements.