Hello, Today we're gonna learn 10 things to be check before buying Health Insurance in India. Every time before looking for insurance Customer require helpful benefits as per his lifestyle, city and Demand.
Due to 20% inflation in hospital, if for the current year they charge 1 Lakh for the same hospitalization, but this charge may rise to 1 lakh 15 thousand. In short Medical Expenses are escalating Faster. For the same reasons, we suggest you to kindly Checkout these 10 points before taking any Health Insurance ( Mediclaim)
- Sufficient Cover
First thing to check before buying Health Insurance is that to go for the sufficient Cover. By sufficient we mean to say you should take insurance according to your location, need, income, and lifestyle. It depends on where you live ( Metro City, village).
We will recommend you have more coverages in your insurance if you living in Metro cities. Here the hospitals will be bigger and you bill will be higher . Whereas in small cities and villages you can get small Hospital with pretty low number of bills.We kindly suggest you to take plan of minimum of 5 lakh base sum insured or above similar to that.
In India we most mostly live with all our family members (Husband, wife, Son, Daughter). And there'll be only one person taking care of whole family financially. Here, we suggest kindly go for Family Floater plan with the minimum of 5 lakh base sum insured by which you'll be eligible for the single private room for the patient in hospital.
- Cashless List
Before heading towards any insurance please check that Cashless facility is available or not. And if cashless facility is not available or there's low number of list Network Tie up hospitals, please don't go for this sort of insurance and plans. Room Rent and Icu rent is the big headache on the Hospital bill. Always go from the minimum of single private room for the patient or for the policy holder.
Point is you should go for the one Which provides you cashless facility at your nearest Hospitals or sufficient distance from your location.
Tip:- Even after purchasing the policy bookmark contact details of the 3-5 nearest cashless hospitals in your location.
- Room Rent and ICU rent
This two terms are big part of your Hospital bill. You should have facility to choose single private room. For this your policy must have sum insured of 5 lakhs rupees.
In some policies there are capping (limit) on room rent and in some there's no capping (no limit). You must check these in your plan.
- Auto Restore (Reinstatement)
This is the new facility offered by insurance companies, its 100% recommended if you the option to go for this then must opt this. Auto Restore or Reinstatement means if you exhaust all your sum insured then with this facility will refill your sum insured to the base sum insured. Sounds Good!
For better understanding Read this example:
You have 5 lakh sum insured in your 1 year insurance plan. You took claim in 2-3 months and it got settled at 4,50,000 rupees. Then only 50 Thousand sum insured remains in your policy. With the Auto Restore plan the company will charge you an amount to increase your sum insured as per your requirement.
- Co-payment
Co-payment is the thing from which we all should maintain a distance. While filling the form you'll get this in option. But please do not select this option. Co-payment is a particular amount which have to pay on every claim. Its a decided ratio at the time of issuing the policy.
Eg:- 80:20, which means if your claimed amount is 1 Lakh rupees then you have to pay 20 Thousand and rest amount will be paid by the insurance company.
- Sub limits
Sub limit is also among that one guy should stay aware of. It means that there will a limit on the charges of treatment of particular diagnosis or treatments. The company will only pay till the sub limit for that particular disease.
In all Hospitals, charges for the same disease will not be the same. Some will charge you higher some will low. But here company will only pay you till the sub limit of that particular disease.
So please check and stay far away from sub limits.
- Free Health check up
Some insurance companies provide Free health check up to their customers, so stay aware of this benefit in your policy and must take this advantages. Will be beneficial for you and your Family.
- Daycare process
Some diseases and treatment Don't take more than one day to process. Example: Fever, minor injury, cataract operation and etc that doesn't Need more than 24 hours hospitalization are call Day Care Treatment. (OPD = LESS THAN 24 HOURS).
Please go for the insurance company which provides you 500+ Day care Treatment plans.
- Cost sufficient
We will kindly recommend you to select the insurance company which provides you all this facilities according to your need and in your budget in the end an Health Insurance is your expense where you know it's not 100% that you will get your money back.
At the time of buying too please check all the numbers twice properly.
- What is not covered
Last and the most important thing you must check and clear all your doubts before heading towards a particular plan. What is not Covered? Do you know why because they will try their best to repudiate your claim.
So please reconfirm and get proper answer of all your doubts and get them in written from the one you are getting your policy.
You must know Which disease are not covered in your policy. Even for some diseases they have a waiting time period of 30-60 days and for Pre Existing Disease mostly 36 month's.
Please disclose all your PED( PRE EXISTING DISEASES) at the time of inception. Otherwise you will face heavy losses in future. Even if they don't ask you regarding this at the time of selling policy please inform them by yourself or else its your loss.
Please also check the Customer service of that particular company you are going to Buy the insurance.
Only mode for you to connect with them is their Branch, Email, Website, Voice call, video call and online chat.
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