Before buying any Mediclaim or Health Insurance Policy, kindly go through the below some key points, which will help you out in selecting the best health insurance plan.
Sub-limits:
To take the best out of your health insurance
policy you should know sub-limits imposed in the policy before buying. (E.g.
sub-limit on account of room rent).
Co-payments:
Co-payment is a method of contribution where
insured and insurer both share the cost of the treatment in a fixed proportion
as defined in the policy. For example, if the co-payment in the policy is 20%,
in such a scenario, the 20% of the cost of treatment shall be borne by the
insured and the insurance company will bear the cost to the extent of 80%.
Cheap cover:
Don’t just go for a cheap health insurance
policy; go for a comprehensive plan which covers all your needs.
Cashless facility:
Before buying an insurance policy you
shall check if any nearby hospital is included by the company for a cashless
hospitalization facility. The cashless hospitalization facility will reduce
your financial burden to a great extent.
Claim settlement ratio:
Before buying a health insurance
policy you shall check the company’s credentials and track record in terms of
claims settlement. This will help you to make a well-informed decision in
selecting the insurance company.
Pre-medical check-ups:
It is always suggested to go for the
insurance company who does not insist on medical check-up. However, depending on
your age and the sum insured, insurance companies may make it compulsory for
you to undergo the medical check-up. The acceptance of the proposal will be decided
based on findings in the medical check-up.
Regular Health check-ups:
Insurance companies also reimburse the cost of the health check-up at a regular interval. This helps the insured to
take preventive/corrective measures at the right time. It is suggested to check
the limit and the interval of reimbursement on account of health check-up.
No claim bonus/Cumulative Bonus:
It is suggested to check
the terms of the policy whether the insurance company is offering No Claim
Bonus/Cumulative Bonus or not. No Claim Bonus/Cumulative Bonus will enhance the
sum insured under your policy at no additional cost of premium at the time of
renewal.
Waiting period:
There are certain diseases that are not
covered under the policy for the specified period. This period may range from 30
days to 48 months. 48 months are normally applicable to pre-existing diseases
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