Home Finance Important secrets to know before choosing health Insurance policy in India

Important secrets to know before choosing health Insurance policy in India

Health Insurance
Health Insurance

Inflation in the medical field has reached new heights! Healthcare costs have skyrocketed as a result of it! As a result of the emotional and financial stress that unexpected medical crises may bring,

many people choose to forego health insurance altogether. With medical insurance in India, this is a huge benefit! It will protect you from excessive medical bills and provide you with access to high-quality healthcare.

However, India has a plethora of insurance firms that provide a wide range of services nowadays. Furthermore, insurance firms are now providing health insurance plans built especially for people, families, older citizens, with severe diseases, and workers working for a company, among other things.

How does one pick the best health insurance in India when there are so many options? Here are a few pointers to consider:

Look for the suitable Insurance coverage

Ensure you have a health insurance plan that covers a wide variety of medical issues, including pre-and post-hospitalization treatment, childcare costs, and transportation, as well as diseases for which you may be at risk based on your own or your family’s health history. 

Consider if the health insurance coverage you are considering satisfies the requirements of each member of your family when purchasing health insurance for your family.

Consider your criteria, compare plans on features and pricing, and perform some due research to find a plan that meets your needs.

Make a cost-effective Decision

When purchasing a health insurance plan, it is crucial to fulfilling your requirements and your budget. When it comes to buying health insurance, the budget is vital. However, before you analyze the plan’s pricing, you should think about the plan’s features. 

It is an excellent option to get a reasonable cost health insurance policy from the outset to guarantee that you are fully protected and that the premiums are cheap. It is possible to revise your strategy over time to expand coverage with rising income, family size, and needs.

Verify hospital network coverage

In most cases, health insurance companies provide a network of hospitals with which covered people may get cashless care in the event of a medical emergency. It relieves you of the time-consuming paperwork necessary for admission and claim. 

Furthermore, the insurance pays the hospital immediately the amount covered. As a result, you won’t have to set aside cash and then make a claim for reimbursement.

If you’re looking for a nearby network hospital, check with your insurance company to see if they have a list of hospitals approved by them.

The waiting period clause

Knowing the waiting time provision puts you in a stronger position to make an informed choice. The insurer will not cover pre-existing conditions and/or particular diseases throughout this time frame. 

It may last anywhere from 24 to 48 months, depending on the insurance and the plan you choose. Furthermore, you will only be eligible to claim benefits once this period has passed.

As a result, you may compare and pick a plan that has a short waiting time before you can claim benefits in the event of a medical emergency.

Co-Payment Clause

Consumers often misunderstand this word, so they disregard it while making a purchase. When you file a claim, you will be required to pay a portion of the total amount due, with the remainder being covered by your insurance company. 

So, when you sign your family health insurance, check to see whether there is a co-payment condition that might affect the amount of your claim.

If at all feasible, get a plan with no sub-limits. Most insurance policies will require a co-payment for those with pre-existing conditions or those who have reached an older age bracket.

Pre/post-hospitalization cover

Pre/post-hospitalization expenditures refer to medical costs incurred before and after a hospital stay. Post-hospitalization fees include doctor’s appointments, prescription medications, and any further testing necessary after that. 

Some aspects of the care provided during hospitalization continue after the patient has been discharged.

In the case of pre-and post-hospitalization charges, only those expenses directly related to the illness for which the individual has been admitted to the hospital are considered.

Is it worth getting a critical illness insurance policy?

In a critical illness insurance policy, the entire sum insured is given to you once you are diagnosed with a critical illness, so you have the liberty to decide how you want to get the treatment done.

You can choose the hospital, the treatment method, etc., unlike a standard health insurance policy where you have to opt from the network hospitals. 

  • This policy protects you from inflated hospitalization costs. 
  • The premiums that you pay for the critical illness policy can also be claimed as a deduction from your taxable income.
  • Critical illness insurance will cover around 50 critical illnesses. 

If you want to know more about the critical illness insurance policy, you can explore different insurers and what they provide.

With the steady rise in the cost of medical treatment and people diagnosed with critical illness, a critical illness insurance policy has become the need of the hour.

A critical illness insurance policy becomes vital to safeguard against the financial implications of such illnesses. This policy gives you the freedom to decide how to use your cover. If you are the sole earner in the family or have a family history of such illnesses, you should get a policy soon.

A high rate of Claim settlement

The claim settlement ratio shows the company’s ability to manage claims. Before purchasing a new health insurance policy, it is strongly advised that you look at the claim settlement ratio.

This element will assist you in determining if the coverage you are considering is the best option for you. 

When you have a high claim settlement ratio, you and your dependents won’t have to hurry from place to place to resolve your claim during an emergency. A hassle-free and transparent procedure for calculating the claim settlement percentage should be provided to the consumer.

When you’ve decided to get a specific policy, don’t forget to tell your health insurance provider everything about yourself.

A thorough and precise statement should be included in your proposal form to ensure no risk of a policy rejection later. When acquiring health insurance coverage, do not attempt to conceal your medical history at any cost to avoid regrets later on.




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