The escalating medical expenses have made health insurance plan an obligation in the current scenario. In case you miss out to have a comprehensive plan, you may end up with empty and sad pocket by spending huge amount on treatments. There is a breadth of health insurance policies available in the market, but the crucial part is to understand its need and selecting the one which is best for you and your family. An individual needs to compare the special features available under each scheme.
Here are the top 8 essential points to ponder before purchasing any health insurance plan for you or your family
- Pre-Existing Diseases
Health insurance companies come with a waiting period of 2-4 yrs in case of pre-existing diseases. They are not liable to approve any claim generate during this period for illness occurred because of the diseases which you had been suffering before the purchase of policy. Hence, a customer needs to look for a plan which has shorter waiting period and more pre-existing illness covering.
- Pre & Post Hospitalization Expenses
Pre and post hospitalization expenses are those which are accounted before and after hospitalization. The cover of every policy differs in terms of the days, where pre-hospitalization is generally counted for 30 days before hospitalization and post- hospitalization is counted for 60 days after. It is not fixed so try figuring out a policy which offers you maximum number of days of this cover.
- No Claim Bonus
No claim bonus is the benefit provided for the year in which you don’t claim to insurance company against any illness. In many policies it gets added for consecutively 5 years. The percentage generally varies from 10-50%.
- Co-payment Discount
Co-payment means mutual payment where the insurance company and the insured share some percentage of the total claim amount. The percentage is decided earlier. This process might reduce your premium, but it is necessary to see if you can pay your part of money even during costly treatments. Wisely choose this option or else just in return of cheaper plan you might suffer later.
- Network Hospitals
Network hospitals are the panel hospitals where for any treatment you don’t need to pay the bills rather you can enjoy cashless facility where there is no fuss of filing for reimbursement. All the treatment charges are settled directly between the hospital and insurer. It is always good to go for health insurance plans with large number of network hospitals in your area, so that you can approach any of them easily.
- Room Rent
Whenever there is a case of hospitalization, you have to bear a predefined room rent. Some offer a discount of 1% of sum assured in case of room charges and 2% in case of ICU usage, whereas, few have no maximum limit for such expenses. It is always better to go with the later scheme, thus an individual should keep a check on such features during the purchase.
Premium is an essential thing to consider but not the top most. You must always remember that lower premium is sure to reduce the number of benefits provided by the policy. Otherwise, during an illness you might regret that the disease is not covered under the policy and there is no chance of reimbursement. In such cases you will be piled up with huge bills which might severely disturb your financial conditions.
Last but not the least is the exclusions. It is compulsory to read the exclusions, terms and conditions of every policy. Try to select policy with least number of exclusions so that you don’t suffer issues during the treatment of your illness or when claiming for your family’s medical expenses.
If the following 8 features are kept in mind and a calculative decision is made during selection of the best health insurance plan, a person is sure to live a financially managed life.
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