A considerable percentage of Generation Y has recognised the benefits linked to health insurance, while a large portion of Indian still looks at medical insurance as a tax saving asset. ICICI Lombard’s recent survey says that among 1400 young people in the age bracket of 25-35 years, 75% people said that they own health insurance. 46% of insurance buyers said that tax deduction on medical insurance was the alluring factor that attracted their attention and made them buy the plan.
Time has been changing at a fast pace and every segment of our life gets affected. The health insurance sector is no exception. Considering the medical inflation, having a health insurance plan is essential these days. A single hospitalisation can make a big hole in your wallet. With a medical plan, you can bear those extra financial hiccups. But it doesn’t mean that you buy a health insurance plan in haste. A plethora of medical insurance policies have been introduced over the time, which may confuse you. Here are few factors to help you select the best health insurance policy in India. Let’s have a glance: Deductible and Co-pay The deductible is a fixed amount that you agree to pay by yourself. For instance, if your policy registered a deductible of Rs. 5000 and your claim amount is Rs. 1000, your insurer will pay 5000 only and you’ll pay the rest 5000. Likewise, co-pay is another important factor that you should consider while buying a health insurance plan. This clause requires the insured to pay a certain percentage of the medical bill out of his pocket and the rest amount will be paid by the insurer. It is not fixed and ranges from 10% to maximum of 30%. Related: Family floater health insurance Benefits under a Plan Plans based on indemnity have multiple benefits including expenses of pre-hospitalisation and post-hospitalisation, inpatient hospitalisation benefit, domiciliary treatments, maternity related benefits, day care procedures etc. Hereby, it is imperative for you to understand your requirement and choosing a plan considering all the benefits. Some plans will add you for additional benefits as well like free health check-ups on renewal, free ambulance services etc. You should consider these all together. Taking up Right Sum Assured Choose the suitable amount of medical cover or sum assured bearing in mind the sky-high medical expenses, the city where you reside in, as hospitalisation expenses are costlier in metro cities than to non-metro cities. Check if your policy covers room rent, surgery expense, critical illness costs, the budget you set etc. Taking a comprehensive view will help you in deciding the adequate amount of sum assured. You should be very careful the time of setting a sum assured. Higher the sum assured means higher premium rate. Waiting Period Serving a waiting period is such an annoying thing. But every insured has to serve a waiting period, which means you can’t claim your insurance during this tenure excluding the emergency hospitalisation expenses. Most common waiting periods in health insurance sector includes:
No Claim Bonus Is not the bonus word alluring? Bonus makes us happy, be it work related or from our insurer. You can earn No Claim Bonus with most of the health insurance plan for not claiming your insurance during its tenure. The NCB ranges from 20% in the initial year to 50% at the sixth year. However, NCB terms may differ insurer to insurer. Always go for a plan that offers a maximum of NCB. So before purchasing a mediclaim policy, go through the clause No Claim Bonus and reap the maximum advantage of it. Well, this is not the comprehensive list. A large number of factors influencing health insurance, these are just a few of them that you may consider while buying your plan!
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