A health insurance plan known to be medical has become inevitable in today’s date of skyrocketing medical expenses. And if you don’t possess one of your own, then you have to end up shelling out massive amounts from your pocket.
Knowing the benefits of health insurance for your family is just the starting point. The next important step is the choice of an ideal health insurance plan. There is a wide variety of health insurance plans available today. Some of them have unique features.
Some of them have standard features which you need to compare before considering any health insurance plan. Let’s look at the eight essential elements that you must reach before you set up your mind to buy any health insurance plan:
Sub-limits on room rent
Room rent is one of the highest expenses you have to bear if any family member gets hospitalised. Some health insurance companies cap the most elevated amount they can pay under their insurance plan; mostly, such limits are to the extent of 1% of the sum assured.
For Intensive care units or ICU, the highest limit is 2% of the sum assured. But some companies don’t have a maximum limit on room rent, so you should consider such insurance plans.
Co-payment is the clause in insurance plans that need cost-sharing by policyholders. Now your question may be, what is cost-sharing? It is the specific percentage of the admissible claim amount. So it would help if you always buy health insurance plans which do not come with a surgery co-payment clause.
Network hospitals are the ones that have direct ties up with your insurance company. So if you claim it, you get the benefit of availing of the cashless facility. A cashless facility saves you from the hustle of settling the bill amount with the hospital, as these health insurance companies determine the bills on your behalf.
Also, you don’t need to file for reimbursement if you claim. So it would help if you always buy health insurance plans which have the highest number Of good network hospitals.
Pre and post-hospital action expenses
Pre hospitalisation expenses are the ones that are incurred before your admission to the hospital, while post hospitalisation expenses are the ones that are incurred after your access. The former is covered for a minimum of 30 days, while the latter is covered for 60 days.
You will also get Many insurance companies who cover these expenses for more days. Hence, you should buy health insurance plans that provide a maximum number of days of ore and post hospitalisation.
No claim bonus
Health insurance plans can only erupt in the year of hospitalisation. The health insurance companies also provide you with a “no claim bonus”. This increases if your sum is assured in the subsequent renewal of the policy. These bonus amounts range between 10 to 59 % for a claim. So, it would help if you always buy health insurance policies which give you the highest no claim bonus.
Once you purchase an insurance plan, you may feel relaxed that you have covered your family against hospitalisation in future. But make sure to go through the exclusion section and select the one with the lowest number of exclusions before making your final insurance plan choice.
Premium is a crucial aspect that should be considered before buying a health insurance plan. Make sure that your is not paramount in your selection process. Suppose you purchase an insurance plan without considering the features of the policy.
At the time of claim, you get to know that the insurance company is not liable to reimburse you as the cause for which you were hospitalised was not covered under the policy. Hence it is ver6 essential to be aware of all the features, or you may find yourself in the need of paying a large hospital bill!
Medical emergencies can erupt anytime, so it is crucial to have an adequate health insurance plan. Having a good insurance plan helps you to manage medical emergencies better. It is better than optimal insurance coverage, which allows you to put your personal finance in order and help you achieve long-term financial goals.
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