Over the years, the medical cost has been increasing with the complexity of the diseases discovered by the doctors all over the world. Today, if you have to get admitted to a hospital for a minor surgery, it may cost you Rs. 3000 or more, which entirely based on your choice of hospital and the city of course. In contrast, the cost of treatment could be even more (i.e. around 5, 00,000) if it was a cardiac treatment. One simple way to manage such a huge expense is either when you are rich enough that can take that or you have medical insurance that covers any such medical emergency. India is a huge country and there are over 25 insurance companies that offer health insurance cover for you as an individual and along with your family. Needless to say, Insurance is a very complex term and no single plan can offer adequate coverage to you. In other words, you cannot find a single health plan that can meet all your health needs, viz. regular and critical illnesses, including any medical emergency. However, you can always try and find yourself the best possible health insurance plans. Below are a few tips to consider in this regard: 1. The Insurer On your way to choosing the best-fit health insurance company, you have over 25 options. Each insurance company has one or more health plans. However, you cannot choose an insurance plan just like that, which means that you should explore multiple things about an insurer before you purchase its plan(s). Such things include company’s background, claim settlement ratio, network hospitals, policy claim process, company’s management and more. One safety tip to choose a health insurance plan is to buy the plan from a company that deal exclusively in health insurance and not in life insurance sub-domain too. 2. Policy Inclusions and Exclusions Do note that what diseases are covered by the policy as well as the ones that are not covered. Generally, health plans do not cover pre-existing diseases in the initial a few years along with some medical procedures, such as a dental surgery and more. See if you can get a pre-existing disease covered at an additional premium price. 3. Policy sub-limits Medical insurance policies have sub-limits of coverage and the exceeding amount is what you have to pay as the policyholder. The most common sub-limits include doctor’s consultation fee, room rent and more. Now, suppose that if your policy covers only 1 percent to 1.5 percent of the sum assured as the room rent, then you have to pay the exceeding amount if any. 4. Co-pay Option The co-pay option in your policy documents marks your liability to pay a fixed amount of the claimed amount whenever you file any. Generally, the co-pay option requires you to pay from 10 percent to 20 percent of the claim amount, whereas it reduces your premium amount. In some cases, the co-pay amount can be as high as 40 percent of the claim amount. 5. The Cost The cost of the policy refers to the premium you have to pay annually for availing the coverage, based on the company norms and the terms mentioned in the policy documents. When purchasing a policy, the premium payable is one amongst the topmost factors that you should bear in mind. The Verdict The policy should not only be affordable for you but also provide you sufficient coverage whenever you need to get hospitalized in a medical emergency. Thus, explore multiple medical insurance plans online and purchase the one that meets your key requirements in terms of coverage at an affordable premium price.
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