What is Health Insurance?
Health Insurance is a type of insurance coverage in which the insurer pays the medical expenditure of the insured person if the insured becomes sick or gets injured in an accident. It offers a protection cover for you as well as your family for any disease or injury-related emergencies like hospitalization, surgical expenses, medical expenses, etc. Health insurance policy is available for individuals as well as groups.
Why go for Health Insurance?
There is nothing in life more treasured than good health. However, you can never know what is around the corner and there are always uncertainties in our life. You can never know when you will suffer from some illness or get involved in an accident. These unforeseen happenings could wipe out all your savings due to the mounting cost of treatment. This is where having a health insurance policy could help you.
Benefits under this policy:
Criteria to Choose Best Health Insurance
Caps and sub-limits - Imposition of sub limits, co-payments or other caps might reduce the premium you pay for the insurance policy but would limit the benefits in a similar or a worse proportion.
Claim settlement record -This might be the ultimate decider for weighing the insurance plan’s credentials. Although this information might not be available publicly or might be present in a manipulated state, specialists expect it to be of more value to the customers in near future than it is currently.
Scope of coverage - Weighing premium vs. plan’s benefits is more necessary while defining the plan to be a comprehensive one. Buying a plan just because it’s cheaper than other plans is a very bad decision.
Renewability - Most of the diseases confront you after you reach a certain age which is bracketed as “old”. Therefore, it becomes highly important to buy a plan which has a very high renewability or lifetime renewability so that you are not left on your own when you need a medical cover the most.
Cashless Hospital Network - Checking the hospitals around to ensure that they are covered as a network hospital by the plan you consider is imperative as this allows you to avail the service of that hospital without getting into the hassles of claim reimbursements from the insurer and benefiting from the cashless facility given by the network hospitals.
Premium Loading - Always check the terms and conditions pertaining to premium loading as this might save you from paying a high incremental premium once you make a claim for the sum insured. The best practice would be to verify the premium fluctuation data of the plan for previous 5 years the least.
Internal team - Check for the plans from insurers which have an internal team for medi-claim. This might help in expediting the claim settlement process to a good extent.
Floater (family) size - Everyone has a different family size, one should always look for the family floater size allowed under the plan before considering buying it so that no member is left uncovered for health related problems.
No claim is admissible in the following cases.