The health insurance market is flooded with affordable health insurance. But affordability and requirement varies from person to person. You need to see your pocket and then select an insurance plan that would fulfil your familys medical need. Keeping in mind the need of different people, family types and earning capacities, health insurance companies have come out with affordable health insurance for each category.
Consider the following factors before taking a health insurance plan:
Cashless hospitalization: If your insurance provider has a tie up with network hospitals then you can avail cashless hospitalization. The insurance company would directly settle your bill with the hospital saving you from arranging last moment cash and physical exertion. Your affordable health insurance should have a decent amount of hospitals on its network.
Pre-existing ailments coverage: Pre-existing ailments are not covered from day one of policy issuance but the policies do have a clause of including them after a waiting period of 2 to 4 years. So, do pay attention to this feature and read all the clauses related to it thoroughly.
Room-rent inclusion: The room rent is covered by most of the health providers but health care providers have a cap on the limit of the room rent which is generally 2% of the sum assured and 1% in case of ICU. There may be certain insurance companies that may have higher room rent inclusions.
Co-payment: Some insurance companies have co-payment clause. This means that the policy holder would have to share some percentage of the expenses incurred during hospitalization. It is basically cost-sharing. For example, if co-payment is 10% on total expense and the bill amounts to Rs 1 lac then you would have to shell out Rs 10,000 from your own pocket and rest 90,000 the insurance company would bear. It is advisable to go for health insurance plan that does not have this clause.
Pre and post hospitalization expenses: This provision is offered by most of the providers. The pre hospitalization expenses are covered for 30days and post hospitalization expenses are covered for 60days. Just remember to keep all the bills in place to seek claims.
No Claim Bonus: Some companies have come up with NCB option in health insurance policies too. If you do not make any claim in current policy year then you can increase your sum assured in the subsequent policy year or lower your premium for the same sum assured.
Your affordable health insurance must help you manage your medical emergency financially. Keeping this in mind go for an optimal plan that would help you in long run.
Consider the following factors before taking a health insurance plan:
Cashless hospitalization: If your insurance provider has a tie up with network hospitals then you can avail cashless hospitalization. The insurance company would directly settle your bill with the hospital saving you from arranging last moment cash and physical exertion. Your affordable health insurance should have a decent amount of hospitals on its network.
Pre-existing ailments coverage: Pre-existing ailments are not covered from day one of policy issuance but the policies do have a clause of including them after a waiting period of 2 to 4 years. So, do pay attention to this feature and read all the clauses related to it thoroughly.
Room-rent inclusion: The room rent is covered by most of the health providers but health care providers have a cap on the limit of the room rent which is generally 2% of the sum assured and 1% in case of ICU. There may be certain insurance companies that may have higher room rent inclusions.
Co-payment: Some insurance companies have co-payment clause. This means that the policy holder would have to share some percentage of the expenses incurred during hospitalization. It is basically cost-sharing. For example, if co-payment is 10% on total expense and the bill amounts to Rs 1 lac then you would have to shell out Rs 10,000 from your own pocket and rest 90,000 the insurance company would bear. It is advisable to go for health insurance plan that does not have this clause.
Pre and post hospitalization expenses: This provision is offered by most of the providers. The pre hospitalization expenses are covered for 30days and post hospitalization expenses are covered for 60days. Just remember to keep all the bills in place to seek claims.
No Claim Bonus: Some companies have come up with NCB option in health insurance policies too. If you do not make any claim in current policy year then you can increase your sum assured in the subsequent policy year or lower your premium for the same sum assured.
Your affordable health insurance must help you manage your medical emergency financially. Keeping this in mind go for an optimal plan that would help you in long run.
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