“I don’t need health coverage because I’m young.” These are the words of every other youngster these days. In fact, people think that they cannot have health problems at a young age, which is all wrong! They need to be clear about there is no harm in paying heed to medical insurance offered by various insurance companies. As one cannot overlook one’s health and factors affecting it, there should be awareness about health hazards and their remedies.
I bet you cannot deny the fact that inadequate knowledge or even lack of knowledge turns out to be hazardous in the long term. Therefore, one should better pay enough heed to various health hazards and their corresponding consequences. In the meantime, one should not be confused with the myths that surround the benefits of health insurance in India. Below are a few of such myths that need to be busted:
Typically, such diseases are covered after a waiting period of 2 to 4 years. If one already has adequate health coverage, then no waiting period applies whatsoever.
Generally, group insurance covers are not sufficient because there is a fixed sum assured for all the members. When one member makes a claim, the sum assured is reduced not just for that person but for every other member too. Therefore, a stand-alone medical insurance is recommended to everyone irrespective of whether or not group coverage is in place.
Now, you cannot just go for one with the lowest premium without looking at the degree of coverage it offers. Just have a look at the coverage and other features like network hospitals co-payment, sub-limits etc.
The Verdict The premium payable for a health insurance plan is subject to the degree of coverage availed and age of insured. The same goes for a senior citizen health insurance policy. Besides, the premium payable is also very high for a similar cover when you are 60 or above.
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In India, healthcare cost is increasingly exponentially year after year and has gone beyond an individual’s affordability nowadays. A health insurance policy, on the other hand, is recommended for assured protection at an affordable annual price called the premium. The availability of multiple insurers leads to a state of extreme confusion in one’s mind and one ends up purchasing a random policy. Below are top 10 easiest steps to choose the best health insurance policy in India
1. Insurance company When looking for a health insurance plan, you have a range of options in terms of insurers. These companies offer different health plans with distinctive sets of benefits. Thus, you must compare health insurance online before you purchase one for your spouse or yourself. A thorough comparison between multiple policies enables you to choose a health plan that suits your needs in the best possible way. It’s recommended to go for a company that deals in health products specifically, such as Bajaj Allianz health insurance, HDFC Ergo health insurance, Religare, Star Health etc. 2. Policy type The choice of policy is strictly subject to your marital status. For instance, if you are single, then you need to think about yourself and purchase the policy only for an individual. In contrast, you have to think about your spouse and children as well, in case you are married. Generally, it is recommended to opt for a family floater health plan if you have a family for certain benefits like no need to take overhead to purchasing multiple health plans. On the other hand, purchasing a separate health plan for an individual is prudent since there will be a fixed sum assured for the individual policyholder. 3.Policy premium The premium payable for the coverage offered by a health insurance policy is one of the major factors that affect the benefits you shall get. In general, the higher the premium the larger the coverage offered by a policy. For instance, if you pay Rs. 3, 000 as the annual premium for a health plan, then you cannot expect the coverage to be adequate, whereas you can avail the maximum health coverage at a premium price of Rs. 13, 000 or more. Thus, the coverage you get is subject to the policy premium while you can enhance the cover at renewal. 4. Network hospitals Health insurance companies tie up with various hospitals across the nation to provide cashless facility to their customers with the least hassle. If you need to undergo a medical procedure and your policy does cover that medical condition, then you can plan your hospitalization, thereby keeping your TPA informed. Any medical emergency that required immediate hospitalization if covered by the policy enables you to receive reimbursement for expenses after you discharge from the hospital. 5.Policy Sub-limits If your policy has a sub-limit clause, then you are liable to bear the expense that exceeds the limit that the insurer is liable to bear. Generally, sub-limits apply on room rent, doctor’s consultation charges etc. Suppose, if your health insurance plan has a sub-limit that says the daily room rent should not exceed 1 to 1.5 percent of the sum assured equal to 2, 00,000, then it cannot be more than 2, 000 to 3, 000. In case the daily room rent exceeds this figure, then you have to pay the exceeding amount from your own pocket. 6. Co-pay The Co-pay option in your policy document enables you to pay a lesser annual premium, subject to an agreement that says that you are going to pay a certain share of medical expenses incurred out of your own pocket. Choosing this option is recommended if you are purchasing health insurance at a young age, as you are less prone diseases then. Correspondingly, you can save in insurance premiums when you are not likely to file a claim. 7. Policy renewal The increasing age of an individual makes one more prone to diseases or illnesses. Some health insurance policies come with lifelong renewability, whereas the others cannot be renewed once you cross the maximum age specified in the documents. Needless to say, the probability of falling sick is higher at the old age (when you cross 60 years) than at the young age. Thus, make sure you purchase a policy that comes with lifelong renewability. 8. Pre and post hospitalization expenses Different health plans offer pre and post hospitalization expenses for up to 60 and 90 days respectively. If your medical condition is not good and you are planning to get hospitalized in the least delay, then you should choose an insurer that provides the maximum possible expense coverage in both the scenarios. This type of coverage is required when you are suffering from a critical illness and bed rest is recommended to you. 9. Waiting Period Insurance policies come with a waiting period of 2 to 4 years, depending upon the particular disease. In general, there are two types of waiting period. One refers to the initial waiting period that starts when you purchase the policy and lasts for up to 30 to 90 days and no coverage is offered by the insurer during this period. The second one refers to a period of 12 to 48 months (typically) after which the coverage for pre-existing diseases starts. It is recommended to go for the best health insurance policy that includes the least waiting period. 10. No Claim Bonus (NCB) Your health insurance policy allows you to file a claim or take expense reimbursement (whichever way suitable) during the policy term. On the other hand, it entitles you to receive certain benefits in terms of either discounted premium or extended cover at renewal, in case you do not claim any benefit during the policy term. The Verdict Health insurance is one of our primary needs today while most of us don’t have one. It is recommended to compare health insurance plans offered by various general insurance companies to choose the best out of them. 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. |