Increasing health insurance costs can adversely affect the savings of many families, therefore, health insurance works to ensure financial security against an event. Despite this fact, only 20% of the Indian population is insured, whereas 86% of the rural population does not realize its importance and 82% is still unaffected in the urban area.
However, recently, people have started recognizing the importance of health insurance and are considering buying it for themselves and their family. Nevertheless, many people still do not understand their health insurance policies well. If you are looking for adequate health insurance, there are some double-checked factors before buying. We call them health insurance facility. here is my:
1. Coverage Features
Due to technology advancement and sheer competition, each health insurer comes with a wide range of coverage options to attract the customer. The different structure of coverage can confuse you. Therefore, find out the coverage that you really need. After that, compare different health insurance plans based on your need. There are various online aggregator websites that provide you with insurance tips as per your requirement. You can check health insurance in the policy market, which is one of the leading insurance aggregators in India. In order to increase the policy benefit or you do not need it, you should take extra cover randomly. You can pay extra premium. Select a plan, which provides adequate coverage, while at the same time comes with lower premiums.
2. Insurer’s reputation
It is always recommended to purchase a health insurance policy from a reputed insurance provider. There should not be any insolvency record. An insurer with an average financial record may not be able to pay your claims. Therefore, look at the claim settlement ratio and select one with the CSR record.
3. Limit and sub-boundary clauses
Sublimit is a hat planted by insurance companies on the expenses of some hospitals. View a health insurance plan with a minimum sub-limit. According to the sub-limit section, the insurer will pay for that particular head to a certain extent. Above that limit, the expenditure will be on you. Hospital room rent, ICU fare, Doctor’s fees are usually the most sub-limits introduced, which have to be double-checked when buying. In addition, health insurance comes with a range of claims for a policy for which the claim will not be entertained within a few days. See policy with minimum waiting period limit.
4. Policy with revive benefit
As we mentioned above, increasing perfection has forced the insured to come up with innovative products along with advanced products. One such specialty is the automatic restoration of the insurance sum insured. When you eliminate the sum insured of the original policy, it is a buffer to offer you full security I in a critical situation. With this cover, the sum insured is automatically recharged. Generally, this cover can be taken as an add-on, however, some policies come in the form of built-in convenience. For instance, RS 7 lakhs of health insurance RR 7 lakhs get a restore benefit, almost without any extra cost, you get a cover of Rs 14 lakh for serious illness.
5. Co-payment clause
Co-payment is a common feature of health insurance especially in senior citizen schemes, where the insured has to pay a pre-determined percentage of the total claim. The balance is paid by the insurance provider. When comparing plans, you can find a special plan comparatively cheap but it can restrict its coverage by implementing the co-payment. Therefore, take precautions while making a plan with co-payment.
6. Planning with Day Care Processes
Initially, a daycare process is not covered as an in-built feature or can be taken as an add-on. In addition, to get health insurance, it is necessary to have a minimum 24 hours hospitalization. However, thanks to the technical progress, many diseases are diagnosed without being admitted to the hospital. In view of this, health insurers have started a daycare process to enhance their facilities. It’s better for you to choose a plan with the maximum number of daycare facilities.
7. List of tied hospitals
The list of network hospitals is an important aspect to consider when buying health insurance. According to IRDA guidelines on health insurance, the insured person can avail cashless services only in network hospitals. That’s why the insurer’s list of hospitals should include options for the area around you so that you can easily contact them in any emergency and take cashless benefits.
8. Pre and Post hospitalization benefits
Health insurance covers medical expenses before and after hospitalization. This is called pre and post hospitalization expense cover. Many times, even after a holiday from H, some parts of the treatment need to be completed.
9. No Claim Bonus
If you find your policy a little expensive, you can assure additional discounts. Health insurers provide no clam bonus for not claiming your insurance. Therefore, for not registering any claim, you can earn up to 50% of the NCB bonus. It can be availed at renewal, either in the form of an increase in sum insured or a rebate on premium. Go with a company that comes with such facility or provides maximum NCB.
10. Maternity benefits
There is no denying that pregnancy comes with a cost and considering the rising health care cost, the motherhood cover is something you should pay attention to. For just one gist, some health insurance policies come with maternity covers, otherwise, you can buy it as an add-on cover. Always check the waiting period when buying a motherhood cover. Consider the pan with the minimum waiting period. Second, some plans come with sub-limits, which can limit the original coverage. so be careful. In addition, consider exclusion of the policy or if the policy-out patient provides expenditure cover. By making these things fact at the time of buying maternity health insurance, you can plan for a financially secure pregnancy.
Free Medical Checkup
Health insurance which provides you with free health check, is always better. While renewing the policy there is no effect on the check-up premium.
11. Is porting positive?
Every health insurer is obliged to provide portability to you, according to which you can switch to the existing plan if the services are not satisfied or the insured amount becomes insufficient. Even you can earn the NCB bonus and transfer it to the new insurer. In addition, no waiting period will be given as you have already served. However, before ports, you should compare the given terms and conditions and coverage and find out whether porting is viable or not. Access viability, if you are getting extensive coverage at the cheapest cost.
12. Ideal Brokers
Although online insurance is in vogue, but a large part of the Indian population still likes to buy insurance either offline or via broker. Brokers play an important role in giving you the right or best health insurance policy. They are those who summarize the policy, advise you on various insurance quotes according to your needs, do all the documents and so on. Given this, a broker should be the one you can trust. Make sure that the person you are related to is related to the prestigious insurance background and gives you only the right information.