Health insurance plans have become imperative due to the rising costs of medical treatment. If you do not have a health insurance plan, you would have to shell out a considerable amount of money from your pocket in case you are ever hospitalized or need urgent treatment. But apart from knowing the importance of medical insurance, it is also important to choose a medical policy which is best suited for your health requirements and your budget. With a gamut of health insurance policies in the market, this can be a tough task. This is why you need to compare the features of the different health insurance plans to find the best one for your needs.
Features of the Best Health Insurance Plan
The first thing that you would probably look at while comparing the policies is the premium. The premium of the health insurance plan should ideally fit your budget. However, it is important to keep in mind that your choice should not just be based on this. This is because a policy with a lower premium may not provide adequate coverage. Or else, when you are hospitalized, you might realize that your insurance company does not even cover it. In such a situation, you would probably need to shell out a considerable amount of money from your own pocket. It is, therefore, important to look at what your health insurance policy covers.
Exclusions and Waiting Period
You know what your health insurance policy covers. However, it is equally important to read about what your policy does not cover. Read the fine print to know about the exclusions of the policy. Along with some common exclusions of health policies, such as aesthetic or cosmetic treatments, a health insurance policy may also have a waiting period for certain pre-existing conditions. The waiting period may differ based on the condition. For some pre-existing diseases, there is a waiting period of four years while some ailments may have a waiting period of a year or two.
Sub-Limits and Co-Payment
While evaluating policies, it is important to check the sub-limits and co-payment in the policy. Sub-limits on room rent mean that when you are hospitalized, there is a pre-defined room rent that you have to bear as health insurance companies cap the maximum amount that they will pay under the health insurance policy. Similarly, co-payment is a portion of the claim that the policyholder agrees to bear. So if your health insurance plan has a 10% copayment clause and you have made a claim of 1 lakh, then you would have to bear Rs 10000, while the rest would be paid by the insurance company. Check the sub-limits and the co-payment clause, if any, in your health insurance policy.
Hospitals with tie-ups with your health insurer are known as network hospitals. These panel hospitals allow you to avail cashless treatment facility. A strong association with a large number of network hospitals can ease the cashless settlement process. This is why it is a good idea to check the network hospitals before taking a health insurance policy.
Claim Settlement Record
Checking the claim settlement record of the health insurance company is hugely important so that when you need it the most, your insurance is there to cover your medical expenses. The claim process of the company should be simple and hassle-free.
While choosing the health insurance policy, it is important to keep these characteristics in mind. This will allow you to choose adequate health insurance which can help manage your medical emergencies better.
There are different types of health insurance policies to suit individual needs. To find the best one for yourself, check out our health insurance plans.