Health insurance makes sure you enjoy quality medical care, at private and network hospitals, where professional care and quality treatment comes at a high cost. For individuals and families, treatment without health insurance means spending money out-of-pocket to pay for costly hospitalization.
More often than not, medical expenses in India are covered by loans or the sale of assets. Health insurance helps deal with medical emergencies and offers the cashless facility at select network hospitals.
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While buying a health insurance policy, check the premiums, sum assured, and rider benefits. To choose the best health insurance plan for medical emergencies; consider the points below.
Network Hospitals: Insurers have a tie-up with hospitals called network hospitals. You enjoy cashless treatment at these hospitals.
Types of Ailments Covered: Different health insurance policies cover different types of ailments. Some policies cover critical illness where others offer coverage for pre-existing conditions. You must read the fine print carefully before purchasing a health insurance plan.
Most policies have the concept of hospital room rent capping; which is a percentage of the sum assured. The policyholder can claim for hospital room rent costs up to a certain limit.
Co-pay is a part of the health insurance plan; where the policyholder has to pay a certain percentage of the treatment expense as mentioned in the policy. The percentage varies across insurers. It is wise to opt for a plan that comes with the least co-payment.
You must carefully choose the type of health insurance policy to secure your loved ones. For sole earning members of the family, it is wise to purchase a family floater plan and secure all the family members under a single health insurance plan. But, if someone from the family is suffering from a chronic disease; then individual health insurance plan is a good option, as hospitalization is frequent and the expenses are high.
Cost: The health insurance plan comes at very affordable premiums; which may vary across insurers based on the type of policy and the riders availed.
Coverage: A lot of health insurance policies also cover domiciliary hospitalization, daycare treatment and pre and post-hospitalization costs. The insurers cover a large number of ailments along with ambulance services, room rent, diagnosis and medical tests.
Cashless Benefits: Cashless hospitalization is an important benefit of health insurance policies in which the insurer directly settles the medical bills with the hospital.
No-Claim Bonus: The No-Claim Bonus or NCB is a very popular feature of the health insurance plan; where the insured receives a bonus if there are no claims for the year.
Waiting Period: The waiting period for pre-existing conditions generally ranges from 2 to 4 years. There is a compulsory one month waiting period, during which only accidents are covered.
Sub-Limits: Sub-limits are a cap placed by insurers on health insurance plans. They limit the claim amount for a specific disease.
Facility for a Medical Check-Up: Some insurers offer the facility of annual health check-up; helping the policyholder get the status of current health and identify health problems early.
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