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Deciding on anything is not easy and if it is related to your health & well-being, it becomes more crucial. People buy health insurance plans to secure their & their loved one’s lives. Though every plan offers coverage to the insured against medical calamities, which one to opt for leaves everyone in a state of dilemma. Ice on the cake is the jargons or technical words, often termed as Policy Wordings add more confusion while choosing the one. However, considering a few factors before deciding about the one can ease this daunting task. Let’s take a look at them.
1. Network Hospitals
Health insurance companies tie-up with hospitals and these hospitals provide cashless treatment to the insured in case of an emergency. These hospitals are termed as Network Hospitals. Always opt for a health insurance plan which has your preferred hospitals in their list of network hospitals. Do pay attention to the accessibility factor as in an emergency, every second counts.
2. Check on Exclusions
Checking on ‘Exclusions’ before buying a health insurance plan is a very important task. ‘Exclusions’ in a policy refer to the features that are not being covered under the plan. Generally, this part is jargon-loaded and people often get confused about the terms & conditions. Make it a point to ask for the exclusions & get clarity on them so at the time of claim you know what you’ll be getting from the insurance company & what expenses you have to bear your own. It is always advisable to zero in on a policy that provides comprehensive coverage.
3. Diseases Covered
Health insurance companies offer a myriad of plans and every plan has different coverage depending on the premium paid. Before deciding on a policy, check which diseases the plan covers & which are not mentioned there. It would give you a clear picture of the scope of the policy and reduce the chances of chaos at the time of claim.
4. Waiting Period
One morning, Priya, mother of two kids and Account Manager in an MNC entered happily in her office. After an hour she felt an unbearable pain in her lower abdomen & fainted. Her colleagues took her to the nearby hospital and after several tests, she came to know that she has developed an appendix that needs to be treated as soon as possible. She was worried for her health, but not bothered about the bills, as she had bought a health insurance plan recently. However, when it came to claim-settlement the insurance company refused reimbursement as her plan was under a Waiting Period. Priya paid the bills using her savings & left with a hole in her pocket.
Yes. Waiting period, often termed as cooling period, is another major deciding factor when it comes to buying a health insurance plan. It is the period when insurance companies are not liable to reimburse medical expenses. Though this varies with company to company depending on the plan, the normal waiting period is of 30-90 days. It is therefore recommended that one should always check on the waiting period/cooling period of the plan.
5. Lifelong Renewability
Renewability feature plays a pivotal role in deciding on a plan. Lifelong renewability means one can renew their insurance plan without thinking of the age-limit clause. Lifelong renewability plans are preferable in comparison to others as one can avail insurance benefits in old age too when it is most required.
6. Facility of Pre & Post hospitalization
Generally, insurance companies offer the benefit of cashless hospitalization in case of an unfortunate incident, but one should always check if their plan is offering the facility of pre/post hospitalization or not. This facility means the insurance company will not only reimburse for the amount incurred during hospitalization but also pay the bills incurred before & after hospitalization including bills paid for medical tests, medicines, and visits to the doctor, etc.
7. Comprehensive Coverage
The thumb rule for choosing a health insurance plan is to zero in on the one that provides comprehensive coverage catering all your needs. As we know people’s requirements vary with age, keep that factor also in mind
8. Track-record of the Company
Now that you have made your mind to buy the one, check the company’s track-record before locking it. See the ration of claim settlement & the reviews by the customers. For instance, say if Apollo Munich has settled a larger number of claims in comparison to the other players of the industry, it is more preferable. Also, go to the insurance company that has made transparency a point.
9. Additional Benefits
Everything that comes as an additional benefit attracts people. Speaking about health insurance companies, they offer many additional benefits to the customers like free health check-ups, no-claim bonus etc. Look for those benefits & then finalize the one.
10. Portability Feature
Many health insurance plans have a portability feature i.e if you want to switch from your current insurance company to another company, you can do the same owing to the portability feature. See if the plan you want to take-up has this feature or not & then make your decision.
It is never advisable to buy a health insurance plan before thoroughly checking on it. Keep the aforementioned points in your mind, pay attention to the minute of the details & buy one as soon as possible as gambling with health means risking your precious life!
Promotional Feature: Health Insurance Plans in India
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