Frequently Asked Questions on Health Insurance in India

Health insurance is a big requirement nowadays. You need to get good healthcare coverage to ensure you get all the financial assistance when a medical emergency arises. However, it is not wise to simply buy the first health insurance policy that you come across. You must do your research and look for the most ideal cover. You need to get your doubts cleared on the basis of health insurance. In this article, we list a few of the most common questions related to health insurance. Take a look.

Frequently Asked Questions on Health Insurance

What is a family health insurance plan?

A family health insurance plan is a type of health insurance cover that provides medical insurance for all the members of a family under one single policy. You can include yourself, your spouse, your kids and also your parents in such a cover. This is a helpful health insurance scheme that allows you to manage the healthcare requirements of all your loved ones from one point.

Is it possible for an individual to have multiple health insurance covers?

Yes, it is. You can have an employer health insurance cover. In addition, you can also get an individual medical insurance plan. Then, you can opt for a critical illness insurance cover, a personal accident cover, etc. In short, you can have more than one health insurance coverage at a time.

How to choose the best health insurance cover?

There are many excellent health insurance plans available in India these days, but not all are ideal for you. To find the best health insurance for yourself you need to identify the policy that matches your requirements. Look for the following factors in a plan:-

1. The scope of cover – it should be large enough to cover all your family members sufficiently.
2. The correct form of health insurance – Individual, family floater, senior health insurance, etc.
3. List of network hospital – Your offered hospital should feature on the list offered by your insurance company.
4. Insurer’s reputation – Look to buy your plan from one of the good health insurance companies. If the insurance provider is sub-standard, you will not get the maximum value out of the medical insurance cover.

Can the sum insured of health insurance plan be increased?

If you feel the health insurance sum insured you opted for while buying the policy is insufficient, you can have it increased. However, you cannot do so after the healthcare policy period has commenced. You have to wait for the policy duration to end, post which you can get the health insurance sum insured increased when going for a renewal.

Can I cancel my health insurance policy?

You can cancel a health insurance policy within the first 15 days. Most of the leading Indian health insurance companies offer a free look period. you are allowed 15 days to understand the plan, read the policy wordings and agree to the clauses. If you feel the medical insurance policy is not suitable, you can have it cancelled within the first 15 days of buying it. The insurance provider will deduct the expenses incurred while conducting the health check, the stamp duty, etc and then provide you with the refund for the insurance premium you paid.

What are the common health insurance exclusions?

Every health insurance scheme comes with a fixed set of exclusions. It is very important for you to read the list of exclusions and then choose the medical insurance policy. the common exclusions in health insurance include:-

1. Pre-existing illnesses
2. Waiting period clause
3. Treatment due to substance abuse, self-harm, etc
4. Injuries due to adventurous sports

Is it compulsory to spend a night in the hospital to make a health insurance claim?

No, you can initiate a health insurance claim even when you have not been hospitalized for a night. Day care procedures are also recognized.  By most of the top health insurance companies. You can make claims on the day care procedures, OPD expenses, etc.

Is a maternity cover available in a standard health insurance plan?

In most cases, you will not have a maternity cover under your health insurance policy. However, some insurance providers do include this advantage, albeit after a waiting period. You can buy a maternity cover rider or a specific maternity insurance plan to stay covered.

Do I get a loyalty discount when renewing my health insurance policy?

Yes, you can expect a discount on your health insurance premium when you go for a renewal with the same insurance company. Many insurers offer loyalty benefits in the form of discounts when you continue with them for more than one policy period.