Featured Image Caption: Health Insurance Policy
Having good health is no less than a blessing. There are people who despite maintaining a balanced lifestyle suffer from several diseases and ailments. As a matter of fact, an individual who you can see healthy today can become sick tomorrow since diseases come unannounced. Although most of the diseases can be treated, but if it is one of the critical illnesses, you might end up spending a lot of money. Some illnesses can take away major chunks of your savings. In one such case, health insurance can be a great idea for you.
What is health insurance?
Health insurance is basically an insurance product that helps in covering the medical as well as surgical expenses of a policyholder. Health insurance reimburses the expenses that are incurred because of illnesses or an injury to the care provider of the policyholder.
Things to keep in mind while choosing the best health insurance policy
There are several options of health insurance policies that you will come across in the market. It can become really confusing to choose the right one. However, considering the following points can help you to go for the apt one.
Estimating the coverage amount
The maximum liability is the coverage amount that would be paid by the insurance company at the time of claim. The main reason for purchasing a health insurance plan is to get strong protection for the healthcare needs and the medical emergencies that can occur at any time. To choose the sum assured, you need to be sure about the premium amount that you can invest into the health insurance plan. There is no particular sum assured that you should have. It totally depends on the members that are covered under the health insurance plan, the city of residence, age, medical needs, existing ailments, and the history of family illnesses. And if you are living in cities, you should go for higher coverage amount since the medical costs in cities are much more than in towns.
The coverage features of health insurance these days are many and easily comprehensible. These coverage features serve as the deciding factor while you choose health insurance. Therefore, you should go for the health insurance plans that come with a long list of coverage features.
You must be aware of the limits and sub-limits. The coverage features are available with limits on the maximum amount that can be paid by the company. This also refers to the caps under cost heads. Therefore, while you check the coverage features, you must check the limits as well as sub-limits.
Cashless hospital network
Insurance companies have a network of hospitals with which they are tied up and where the policyholders can get cashless hospitalization benefits. This means if you are a policyholder of one of these insurance companies, you will be able to make cashless claims at the network hospitals. This will certainly make your experience better as you will not have to worry about arranging funds, and simply focus on the treatment.
Health insurance plans in general cover pre-existing ailments after a waiting period of at least 48 months. Some of the best health insurance policies in the country cover pre-existing illnesses after 36 months or even at a lesser period. While deciding on a health insurance policy, you must be certain about the waiting period for the pre-existing illnesses. You can choose the one with the lowest waiting period with extensive coverage.
The co-payment feature is mostly applicable for policyholders who are above 60 years of age. On adding the co-payment feature the premium rates get more affordable since for the higher age groups, the premium rates are much higher. In the co-payment ratio, a part of the claim is payable by the policyholders, while the insurance company settles the rest of the claim.
There are several types of health insurance policies available in the market, and as you consider the points mentioned above, you can decide to choose the right health insurance plan. If you want to compare some of the best health insurance plans in the market, you can take a look at the website of IIFL. This will help you to get thorough information about the plans and make it easier for you to decide on the health insurance plan.