Are you planning to get health insurance for yourself or your loved ones? Are you uncertain whether or not it is profitable to have health insurance? Do you feel like you do not have ample knowledge and expertise regarding the same? If yes, then this blog will for sure get all your doubts covered.
We understand how difficult it is for a layman to understand the intricacies of health insurance plans. Besides, the policies, regulations, terms, and conditions vary according to different insurance providers. Hence, we have covered all the significant points that you need to keep in mind before you opt for health insurance.
Health insurance jargons simplified!
First of all, get to know about these basic terms that you will stumble upon now and again while going through the insurance plan:
- Sum assured: It refers to the maximum amount you will be getting from the insurance company. For instance, if the sum assured is INR 6 lakhs, then under no circumstances, the company will pay more than this amount.
- Premium: This is the charge you pay to maintain the cover of your insurance plan. Beware of buying the cheapest plan since it may or may not be up to the mark. The higher is the premium, the wider will be your health coverage.
- No Claim Bonus: This is more like a freebie for being an obedient kid. In case you do not get unwell and thereby do not make any claim, the health insurance provider will either offer discounts on your premium or increase your sum insured.
- Room rent limit: Your insurance plan will always mention a room rent limit. Make sure you choose a room that matches this limit. In case you opt for a room that is beyond the limit available, then you will have to pay the extra amount from your pocket.
- Portability:This is the process that allows you to switch to a new health insurance provider in case you are not happy with your current insurance provider. Portability enables you to do the switch without having to face a loss in terms of the waiting period.
- Waiting period and exclusions: The waiting period is basically the time period for which you need to wait before you can actually make a claim from your health insurance provider. Keep in mind that certain conditions like hernia removal, fibroids, etc., do not require immediate medical attention and hence, are considered exclusions. You won't be covered for these conditions for at least the initial 2 to 3 years.
- Pre-hospitalization expenses: Expenses that you incur before getting hospitalized are called pre-hospitalization expenses.
What to consider when buying health insurance?
There are certain things to check before buying health insurance. If you know these details well in advance, then it can be easier for you to choose the best health insurance policy that caters to your requirement. Below-given are some significant points that you need to consider while investing in a health insurance plan:
- It is always better to get your health insurance policy customized. When you customize your insurance plan, you are in a position to improve the coverage by using some add-ons.
- Buying health insurance at an early stage in life is indeed a smart move. This will enable you to opt for feasible premiums, and your waiting period will also be smooth.
- Triple check each and everything which the insurance policy covers. Do not forget to go through the terms and conditions.
- Select the right sum insured by considering factors like your age, number of people who require coverage, healthcare requirements, and so on.
- Evaluating all the options before settling down for a specific health insurance policy is of optimum significance.
Additional tips that will help you get the best health insurance plan:
- Always have a critical illness cover included in your plan.
- Opt for a maternity benefit well within time so that you do not face the issue of a waiting period later on.
- A higher sum insured increases the chances of greater coverage for Accidental Hospitalization.
- When buying a health insurance plan for your parents, make sure the plan covers common treatments such as cataract surgery, knee replacement, etc.
Q: Which documents are needed while making a claim?
Ans: Documents may vary according to the type of claim you are making. Suppose you are claiming reimbursement. In that case, you will have to upload or submit all the health invoices. If you want a cashless claim, then you simply need to fill out a form provided to you by the TP of the concerned hospital.
Q: What will happen in case I am unable to pay the renewal premium for my health insurance policy?
Ans:Unfortunately, your health insurance policy will expire if you fail to pay for the renewal premium.
Q: What is one of the most significant things to consider before buying health insurance?
Ans:If you are wondering about the various things to consider while buying health insurance, then the first and foremost thing that you should consider is the sum insured. A high-end insurance policy will always offer better coverage and enhanced benefits.
Q: Is it possible to get admitted to a non-network hospital?
Ans: Yes, of course! You can get admitted to any hospital of your choice. However, in that case, you will have to place a claim for reimbursement. Please note that cashless claims are available for only the network hospitals.