Health issues are rising day-by-day. Fortunately, scientific and technological advancements have found treatments to tackle the threat caused by such issues. Unfortunately, the cost of such treatments is financially out of reach for a lot of people.
In such a scenario, the importance of an extensive health insurance policy increases a lot. And in order to find an ideal plan, you need to research and compare health insurance. Read ahead to know useful tips to keep in mind while comparing health plans.
1 Pre-existing diseases
As the name suggests, pre-existing diseases are those diseases that you already suffer from before purchasing the health policy. The insurance company might cover such a disease but after a fixed period after you purchase the policy. This period is known as the waiting period. Compare health insurance policies based on the pre-existing diseases covered and their waiting period.
The co-payment clause in a health insurance policy is instrumental in reducing your premium. However, it does mean that you have to shell out a predetermined percentage of amount from your side to pay the treatment cost. For example, if your co-payment clause is of 10% and the treatment bill is of Rs. 1,00,000 you shall pay 10,000 while the insurance company shall pay the remaining amount. Get to know the co-payment clause (if applicable) of different insurers before purchasing the policy.
These are the caps on the amount that is paid by the insurer in case of a claim related to a specific clause. For example, an insurer might have a 2% (of sum insured) sub-limit for room rent. As per this limit, if the room rent is more than 2% of the sum insured, you have to bear the cost that exceeds 2%. Compare health insurance plans based on these sub-limits as well.
4 Day-care coverage
Day-care procedures are those procedures that do not require you to be hospitalized for more than 24 hours. That is, the treatment is completed within a day. Day-care cover includes diagnostic tests conducted, medicines bought, etc. Check the day-care clause when you compare health insurance.
5 Room rent
Room rent can shoot up the premium. As mentioned earlier, there can be certain monetary limitations on the rent related to rooms in hospitals. Comparison of health insurance plans in India should be based on the room rent clause offered by the insurer.
6 Cashless services
Health insurance companies offer two methods of settling claims: cashless and reimbursement. Prefer those insurers that offer cashless services. This way, the insurer will settle a major part of the hospital bill with the hospital, and you will not be needed to pay upfront. Note that you will have to factor in the deductible amount and any co-payment clause, if chosen.
7 Network Hospitals
Health insurance companies have a tie-up with hospitals for smooth claim settlement. Such hospitals are known as network hospitals. Comparison of health insurance plans in India can also be done based on whether your preferred hospital is included in the insurer’s list of network hospitals or not.
Choose a comprehensive cover. You are likely to suffer health issues in your sunset years as compared to your prime. Therefore, opt for health insurance as early as possible and choose a policy that has lifetime renewability.
Once you have the basic cover in your mind, you can go online to compare policies that offer similar coverage at a lower premium.
10 Claim settlement
Last but not the least, check online reviews and speak to friends and family regarding the claim settlement aspect of your short-listed/preferred insurer. Purchase the policy only after you are satisfied with the reviews.
Read the fine print
Spend time in reading the fine print. Get your doubts cleared and make an informed choice before purchasing a health insurance policy.
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