8 Pillars of Health Insurance You Must Consider!
Published On Jul 19, 2021, Updated On Jul 23, 2021
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Human life is full of uncertainties and unforeseen events. The only thing that people can do to avoid mishaps is to be prepared in advance. One such way to shield yourself and your family from any medical emergency is by purchasing health insurance coverage. The health insurance policy provides wide coverage to the individual at an affordable cost and helps you secure your financial savings in case of an emergency. Various medical expenses like pre and post-hospitalization costs, domiciliary expenses, in-patient costs, ambulance charges, etc. are looked after under a health insurance plan.
Choosing a health insurance plan out of the several options available in the market is a tedious task. You can narrow down the process of selecting a health insurance cover by considering certain factors that influence the features of the health insurance policy. There are some key points that you must keep in mind while purchasing a health insurance policy to buy the most suitable cover for yourself and your loved ones.
8 Pillars of Health Insurance Policy
There are some pillars or factors that must be considered while investing in a health insurance policy to make sure that the policy bought is suitable for you and it meets your requirements at an affordable price. Let us look at some 8 pillars that should be considered while buying a health insurance policy:
1. Age Limit
Health insurance policies have age limits for buying a cover. The applicants’ minimum and maximum age limits are specified by the insurer and they can differ from one insurer to the other. You must choose a plan that includes the age of the applicant for whom the policy is being purchased. Usually, the age limit ranges from 91 days to 60 years. But there are some insurance providers which have different age criteria for the customers.
2. Premium And Coverage
Invest in a policy that has an affordable rate of premium, but do not go for lower premiums as with the decrease in premium several other benefits like the sum assured, deductibles, sub-limits, co-payments, etc increase. Therefore, choose a cover that has a negotiable premium amount with wide coverage. To check the coverage you must carefully read the policy-related documents with all the inclusions and exclusions of your policy.
3. Coverage for Hospitalization
All the health insurance covers compensate for the expenses incurred during hospitalization but there are several plans these days that offer compensation for pre and post-hospitalization expenses which includes ambulance charges, doctors’ consultation fees, etc.
4. Cashless Treatment
The insurance providers offer cashless claim benefits to the policyholders that seek treatment from the network hospitals linked with the insurance company. Under this benefit, the claim is processed by the insurer and the medical dues of the customer are cleared directly to the hospital without involving any third party.
5. Maternity Expenses
The cost of delivery and other maternity expenses are increasing rapidly as a result of the inflation in the health sector. Therefore, you must carefully choose a cover that includes maternity coverage in case you are planning a baby. The waiting period for maternity benefits ranges from 2 to 4 years. Some plans cover the expenses of the newborn baby in case of an emergency.
6. Co-Payment Options
Under the co-payment clause, a certain percentage of medical expenses are to be paid by the insured before the health insurance coverage kicks in. Therefore, to avoid any confusion at the time of claim settlement, you must check for any clause as such in your purchased policy.
7. No Claim Bonus
Most of the insurers provide discounts on premiums or increases in sum assured to their policyholders for every claim-free year. You can avail of such benefits if you have not made any claims for a year in the policy tenure. More details regarding this benefit are provided by the insurance companies at the time of purchase.
8. Claim Settlement Process
You must compare the claim settlement ratio of the insurance companies to ensure that the company chosen has a smooth and hassle-free claiming process. You can look for an insurer that offers an online facility for making a claim at the time of an emergency.
After having considered the above-mentioned factors, you can buy a health insurance policy for yourself and your family members. The key to buying a suitable health insurance policy is carefully reading the terms and conditions of the policy bought during the free-look period.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.