People’s health insurance policies often fail to be in accordance with their medical and financial needs, resulting in disappointment and inconvenience. There are some health insurance tips that will help you buy health insurance that suits your requirements:
A good health insurance policy cover must account for growing medical inflation. If it does not, then during medical emergencies, you may end up bearing a major chunk of the medical expenses, thus defeating the very purpose of a good health insurance plan.
A good health insurance plan must provide sufficient cover for pre-existing medical conditions. Even if this comes at an extra cost, it is worth it.
If your health insurance policy involves an unreasonably lengthy waiting period for a list of diseases before you can make a claim for them, it is time to make changes.
Always ensure that you read your health insurance plan’s fine print in details. Some policies impose limits on expenses that can be incurred to avail adequate and good medical treatment. These restrictions could be on surgery expenses, hospital room expenses, etc. If your health insurance policy’s stringent limits subjugate its benefits – rethink.
Although health plans usually provide pre and post hospitalization cover, some of them mask this benefit by offering expenses coverage only for a limited number of days. This makes the policy more attractive, as lower premiums can be offered. However, in the long run, this turns out to be an expensive affair for the customer.
A good reputation with regard to settlement of claims is a crucial consideration while choosing your health insurance provider. Putting forth a claim is a cumbersome, tedious and time-consuming process, hence the insurer must settle claims as quickly as possible with minimal hassles. If your insurance provider’s claim settlement reputation is not good, you could be in trouble.
If your policy has some or all of these drawbacks, it is imperative that you either change your insurer or make the requisite adjustments and/or changes as it is not a good health insurance policy.
H2: These 4 health insurance tips can help you extract the maximum benefits from your health insurance plan:
You can easily increase your existing policy’s sum assured at the time of renewal, by paying an additional premium. The insurance company will approve your request based on certain qualifying parameters.
The provision of portability by the Insurance Regulatory and Development Authority of India (IRDAI) is a major development in the health insurance field in India, and for policyholders, this is truly a welcome relief. If you are unhappy with your existing insurer, you can switch to a different insurance provider and opt for a different plan. You just need to communicate your decision to your current and prospective insurer, minimum 45 days before your existing policy’s renewal date.
Pick a health plan with your prospective insurer that assures a higher sum, better benefits, no loopholes, and complete transparency. A good thing about portability is that the waiting period for pre-existing medical conditions can be carried forward from the old to the new insurer – subject to the condition that you do not take a break during policy renewal.
If you feel your current policy’s assured sum is insufficient, you can get either a top-up or a super top-up plan on your existing policy. A top-up is an extra cover in addition to your existing health plan’s sum assured. To illustrate, let us assume that your existing policy’s sum assured is Rs.5 lakhs along with a top-up cover of Rs.7 lakhs with the deductible of Rs.3 lakhs. Now in the event of hospitalization claim in a year, suppose the total expenses are Rs.8 lakhs, then Rs.5 lakhs will be paid from your existing policy and the balance amount of Rs.3 lakhs will be paid using the top-up cover.
Read More- Medical Insurance Companies in India
This feature, however, can be availed only once a year, and only after you exhaust the existing policy’s benefits. If you have a second hospitalization claim in the same year, the top-up cannot be utilized.
We can use the same example illustrated above to understand what a Super Top-Up is. If you have a second hospitalization claim in the same year, the super top up will help you with the entire medical cover, provided the amount is within the specified limits. This saves you from the extra financial burden posed by the second hospitalization.
You can purchase either of the top-up plans depending on your current sum assured and your specific medical requirements.
A good health insurance policy is meant to give you timely and adequate financial support, along with making it convenient for you to use it when the need arises. If you fail to get this and continue having issues with your current policy, purchase a new policy that meets your exact requirements, instead of renewing the old one.
When buying health insurance in India, plan as meticulously as possible, and ensure you thoroughly read the policy documents. If you or your policy happen to go wrong somewhere, then at the time of the health plan’s renewal, you can always set things right.
A quiet revolution has swept through India’s health care sector in the past five years- best evidenced in the fact that now nearly 27% of the nation’s population is insured. The Indian healthcare sector is projected ...read more
There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical ex...read more
Sumit recently discovered the excruciating pain of when one’s wisdom tooth starts to come in. Having endured it for quite some time, he decides to get the tooth extracted before it gets even worse. After asking around ...read more
“Change is only constant,” they say. Change in one thing that ends up impacting the other. The 3 percent increase in GST is going to impact the insurance premium adversely. This article will be your guide regarding t...read more
Health insurance is inevitable in today's inflation hit age. Medical costs are indeed rising at an unabated pace but have you ever wondered your health plan might as well have considerable gaps. Even a proper health poli...read more