What are the things to be remember before buying Health Insurance? Health Insurance Buying Guide?
Having health insurance is now a requirement for everyone. Young people have long believed that health insurance is only for the old.
But persons in the 20 to 40 age range can also purchase health insurance.
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Medical Inflation
It would be prudent for you to have health insurance because medical inflation in India is rising at a pace of more than 8%. However, there are several considerations you should make before purchasing a policy:
You can choose a two or three-year insurance. If you are happy with all the terms and benefits of the policy, you can even select a longer term. You can also select a policy that covers every member of your family. You should carefully review the comprehensive list of network hospitals included in your policy so that, in the event of an emergency, you can receive care at the best and closest hospital. The process by which the insurance pays the policyholder money in a drug settlement.
Cashless Payments
Cashless payments and batsmen should both be covered by your health insurance. Hospitalization coverage, maternity coverage, daycare procedures, add-on cover options, etc. should all be included in your policy.
The maximum amount that an insurance company will pay for a hospital room is known as the “room rent camping” or “sub limit.” It could be a set sum or a certain portion of the overall value insured.
Your insurance policy should have a no-claim bonus provision. After the waiting period, only a limited number of diseases are covered by your health insurance plan if you haven’t filed any claims throughout the entire year.
Everyone needs to budget and plan for their health insurance costs. One should select a policy that is affordable, however the higher the coverage level, the higher the cost.
Pre and Post Hospitalization Coverage
The majority of health insurance policies pay for the medical costs linked to hospitalisation. Purchase a plan that includes coverage for costs incurred both before and after the hospital stay to reduce costs associated with ambulance fees, medical tests, medications, doctor visits, etc.
No Claim Bonus
The NCB refers to the discount that the insurance provider provides for each year that you have gone without making a claim. Basically, for every year without a claim, your coverage amount is enhanced at the time of following policy renewals.
However, the majority of health insurance plans outline the NCB cap. Furthermore, the growth in the insured amount would be subject to the insurer-specified limit.
Claim Process
Examine the terms of the policy, then follow the steps required by the insurance provider when filing a claim for medical coverage. When it comes to resolving health claims, a straightforward claim process is advantageous. You can do some research and read online customer reviews before deciding on a health insurance company that has a reputation for providing quick claim settlement services.
Payment Clause
This phrase is often misunderstood and disregarded when individuals are making purchases. It is essentially the portion of the total that you would have to pay at the time of a claim, with the insurer covering the remaining sum. Therefore, before you sign your medical insurance policy, make sure there are no co-payment provisions that could reduce the amount of your claim. If at all possible, purchase a plan without sub-limits. However, the majority of insurers have a co-payment provision if you have any pre-existing medical conditions or have reached a particular age.
Maternity Coverage Expenses
Many people make the error of ignoring the maternity benefits in a health insurance coverage. It is best to choose a health plan that includes maternity costs as well given the sky-high cost of delivery and maternity care. Typically, there is a 2 to 4 year waiting time before you can apply for benefits. For instance, a plan with a two-year waiting period will work for you if you intend to get married or start a family in, say, three years.