To help you out, here’s shortlisted some points to consider to make your insurance-buying decision easier. Hopefully, these will help you shortlist a good health plan.
Opt for adequate and comprehensive coverage: With rising competition, insurers are offering a wide range of features in a single health insurance plan. Along with a hospitalization cover, insurers can also cover critical illness, pre- and post-hospitalisation expenses, OPD expenses, and much more. Opting for a comprehensive plan with adequate sum assured is important while making health insurance decisions. So don’t just go by premium costs while finalizing your plan. Also compare all other features and get the best possible coverage at a price you can easily pay. Also, keep increasing your coverage limit from time to time to take care of the healthcare inflation.
Go for plans with wider network: Insurers network with hospitals around the country. At the hospitals networked with your insurer, you can avail cashless facility where claims are settled conveniently with little hassle or paperwork. Outside the network you must settle your bills out of your own pocket before filing out the paperwork to make a claim with your insurer. Hence it’s advisable to have a health plan that offers you the best possible hospital coverage, especially coverage in the city you currently live in.
Look at pre- and post-hospitalisation costs: A typical hospitalisation is preceded and succeeded by several tests and consultations. Many health plans can cover these expenses to a specified limit. For example, one well-known insurer covers 30 days of pre-hospitalisation expenses and 90 days post. These costs can be significant, therefore having this cover will help you reduce your out-of-pocket expenses during the treatment.
Read through co-payment clause: The insurer offers you an option of co-payment, wherein you will have to settle a pre-decided percentage of your medical bills yourself. Sometimes, the clause is specific to particular treatments/ailments only. For instance, you have a health plan which has a 20% co-pay clause, and if your claim amount is Rs. 80,000, then you would be liable to bear Rs.16,000 (20% 0f 80,000) while the rest will be settled by your insurer. A higher co-pay means lower premiums. If you are young and healthy with no medical history, you could consider a higher co-pay and thus save on premium costs.
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