The medical insurance industry has evolved a lot in the last 5 years. In fact, it has seen an incredible amount of growth since its inception in 1986. Even then, till date, only about 25% of the Indian population is covered under a suitable healthcare plan.
To cover the incidental costs of unexpected medical expenditures, having a health plan for yourself and your family is a must! That is why we bring you a checklist of all things you need to consider when you go out to shop for a personal health cover. 1. The Necessary Cover When deciding on your cover amount, think about the future cost of healthcare. You might be spending not more than a lakh at present on your medical needs, but the amount will only grow as your age progresses! Therefore, instead of buying top-offs in the latter years, it is better to choose a high cover amount now! For a young working professional, managing the premiums for the same would not be an issue. For example, Star Health Insurance offers you a comprehensive choice of insurance covers depending on individual means and needs: Health Plans Minimum (INR) Maximum (INR) Family Health Optima 200,000 1,500,000 Senior Citizens Red Carpet 200,000 1,000,000 Star Comprehensive 500,000 2,500,000 Medi-Classic (Individual) 150,000 1,500,000 Star Health Gain 100,000 500,000 2. Don’t Compare Premiums Don’t compare different health policies based on the premium that needs to be paid. In fact, judge them by what benefits it offers you and your family! For Example, the Family Health Optima plan by Star Health Insurance is an affordable health policy that provides a widespread coverage for that includes your whole family. Some of its highlighting features are:
3. Limitation On Hospitalization Expenses Sometimes, health policies offer a set amount as daily expenses on hospitalization! They do not consider if the procedure is big or small. The difference in the cost would then have to be borne by you! For example, the Family Health Optima policy protects the policyholder against expenses incurred because of a minimum 24-hour in-patient admission. These expenses include the cost of room rent, boarding, and nursing. A cost of doctors, specialists, anaesthetist, surgeons, OT, oxygen, blood, pacemaker, medicines, etc. The cost of room rent covered is equivalent to 2% of the insured sum capped at INR 4,000 each day. Ambulance charge per hospitalization is INR 750, and for every single policy period, it is INR 1,500. Cost accumulated 60 days before getting admitted to the hospital and 90 days after getting discharged are covered under this policy. 4. Cap On Entry Age Illnesses are no longer only age related. Diseases borne because of our lifestyle are cropping up as well. Therefore, choose a health insurance that offers a longer entry age limit. For example, Star Health Insurance maximum entry age for its various policies are: Health Plans Maximum Entry Age (in years) Family Health Optima 65 Senior Citizens Red Carpet 70 Star Comprehensive 65; for dependent children: 25 years Medi-Classic (Individual) 65 Star Health Gain 65 5. Limitations On Treatment If you have a pre-existing condition, check whether that is included in the health plan you are considering. For example, pre-existing illnesses are covered only after 4 years of continuous existence of the Star Health Insurance plan. 6. Health Policy For Parents Ensure that the plan you are considering includes a cover for your parents. For example, insurance plan from Star Health offers a cover for your parents where:
7. Company’s Reputation Check for the claim ratio, online reviews from star health, and customer experiences, of the organization you are thinking of buying your health insurance from. 8. Premium Amount After Age 45 Most health insurers raise the premiums after the policyholder reaches the age of 45. Check to make sure that is not the case with your chosen policy. 9. Extent Of The Health Policy Instead of buying a plan that covers everything, select the one that insures you against major medical expenses. It is up to you to decide whether you want all simple procedures included in your umbrella or not! 10. Exclusions And Waiting Period All insurance policies, health and otherwise, have certain conditions and situations that are excluded from their cover. For some, there is a waiting period before it can be included in the policy cover. You need to be aware of them both so as to know where you stand regarding a particular illness or claim!
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