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Top 5 Ways to Get the Most Benefits From Health Plans
Health insurance is slowly but surely gaining popularity in India. Given the rising cost of health care, it only seems like the logical choice for people falling in the low, middle and upper middle income bracket. Since a bulk of the population belongs to that category, a broad variety of insurance products from different insurers are available on the market, each offering a different set of perks, greater coverage or access to a wider health care service network.
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- Top 5 Ways to Get the Most Benefits From Health Plans
However health insurance, being a relatively new product for the burgeoning populace, is something quiet a few subscribers and non-subscribers remain unfamiliar with. Ask an insurance agent and he is most likely to give you the coverage basics which you can anyway glean off the policy wording with a casual glance.
However, when you buy into a health care policy, you shouldn’t limit yourself to simply knowing what benefits are available to you. It literally pays to go a little deeper, do some homework and make the most out of your health plan. Let’s look at some of the ways you can manage to achieve:
1. Have a secondary health insurance policy in place.
In most cases, as is common for a lot of salaried people, employers generally provide health insurance to employees as a part of company norms. As an individual, you will be covered under this policy to the extent of the sum assured per year. You can additionally supplement this by buying another, more comprehensive policy. If you find that your medical bills are only being covered to an extent by the full limit of one policy, you can invoke your secondary policy to take care of the rest. Just remember to disclose the details about each of your insurers to the other since that’s a mandatory requirement.
2. Some policies guarantee preventive care so you should take full advantage of them.
Preventive care includes things like mammograms, vaccines, GYN appointments and annual physicals and are usually conducted free of charge through network care providers under the terms of the policy. The advantages of opting for preventive care is twofold – first off you don’t have to pay anything out of pocket for services rendered, and second, preventive care means that you are much less likely to meet a serious condition down the line which will end in a claim, in turn raising your annual premium.
3. Stay within the service provider network that your health policy subscribes to and know what exactly is covered under your plan.
Going to a non-network care provider will mean that you will have to pay the medical bill out of your own pocket. Moreover, going for drugs and procedures not covered under your policy also translates into paying out of pocket. Remember that insurers will also refuse to cover you for any medical procedures performed which did not have any connection to the actual underlying condition.
4. See what riders are offered by your insurance carrier.
Riders sometime come cheaper than additional coverage and the extra premium you’ll need to pay against it will generally be much more affordable than buying into a separate plan for a specific coverage. Critical illness cover riders are especially beneficial since they offer lump sum pay outs in case a claim is made based on its condition. Some insurers also offer prescription drug riders which cover the cost of a wide spectrum of both generic and brand name drugs outlined in the policy.
You May also like to Read: Top 5 Health insurance Riders
5. Use cash and pay out of pocket for charges which do not amount to significant medical bills.
Each claim free year entitles you no-claim bonuses calculated against the sum assured by the policy. These bonuses can range from 10 percent to as much as 50 percent and is usually paid up as discounts on premium and renewal or is topped up on the sum assured. Ergo, making claims against small medical expenditures cost more in the long run than what you can gain from a claim free year.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
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