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Health Insurance 1580 views June 17, 2020
Too many choices often confuse the customer. This is specially true in case of health insurance plans. With more than 20 insurers ( health and general ) offering at least 3-5 different types of health insurance plans each the customer is spoilt for choice. It is therefore important to know the important features, exclusions , list of coverage’s etc before choosing a health insurance plan for your family’s security. In this 2-part series, we will cover practical tips which help you choose the right insurance plan.
Table of Contents
This is the maximum amount of money that will be paid by the insurer in case you fall sick. Please take note of the rising medical inflation costs as well as the kind of hospital you will go to while deciding the Sum Insured. Also, additional sum insured becomes cheaper as you go up. A 10 lac cover does not cost twice as much as a 5 lac cover. Calculate the premium for higher sum insured amounts also and the additional amount spent will probably be worth it. Typically, go for at-least 5 lac of coverage if you stay in a metro/tier-1 city.
This looks simple. This is basically the highest rent or category of room you are eligible for. Your limits can be 1% of Sum Insured or upto a single private room ( irrespective of cost).
This is especially relevant if you stay in a non-metro city. Although the list of hospitals may also get revised during the policy year , it is important to check if your preferred hospitals are covered while buying the policy.
This refers to the share of the treatment cost that you need to pay from your own pocket. Insurers introduce this clause so that your financial interests are also aligned with the insurer’s while you are admitted to the hospital. This can be as low as 0% to as high as 20%. A copay me apply if you take treatment in an out-of-network hospital. Some insurers charge a lower premium in non-metro cities due to the lower treatment costs there. In case , you live in Bhopal and opt to pay a lower premium than a person staying in Delhi, you may have to pay 10% from your pocket if you decide to take treatment in Delhi. Generally, avoid copayment plans for extra peace of mind during the claims/ discharge process.
Waiting period refers to the time you have to wait in order to be eligible to take certain kind of treatments. This is typically of 3 types
As a rule of thumb, in case you need the benefit – it is generally preferred to choose a plan with a lower waiting period. In case you don’t strongly need that particular benefit, waiting periods should not have a high weight age in your decision.
The second and final part of this series will cover other important features of health insurance plans as well as various health benefits offered by different insurers to get the most value out of your insurance policy.