It is good that you have decided to get a health insurance. You can get such a policy for yourself or for your entire family. It means that you are moving a step forward to ensure the financial well-being of your loved ones. Even when a bread-winning family member is hospitalized, such a policy will help the family. Shopping for an insurance coverage for your health is good. But, you should know certain things before you shop for a health insurance policy:
Efficiency of claim process
When shopping for a health insurance in India, it is important that you should consider the claim settlement time and ratio. When an insurance company has a higher claim settlement ratio and quicker settlement time, the company does a good job. This means that they are doing a great job for genuine claims.
Co-payment is something that makes it compulsory that the policyholder will bear a pre-defined percentage of the claim amount. The insurance company will settle the remaining amount. This is a clause that you will find in most group insurance policies. For instance, you can check for such a clause if your employer has provided coverage for you. If you come across a policy with co-payment clause, the policy will be affordable. But, the problem with such a clause is that the policy will not offer a complete coverage.
You will find that most health insurance plans do not cover the expenses you make for day-care procedures in hospitals. Further, to place your claim at least 24 hours of hospitalization is important. With the advancement of technology most procedures, these days are offered as day-care procedures. So, when you compare different policies, it is better to opt for the one that covers the utmost number of day-care procedures.
Remember to check whether the policy comes with a huge list of network hospitals. Particularly, if you are a person, who travel from one city to another, the policy should travel with you. You can avail cashless facilities only when the network hospitals are available in different cities. At least, there should be a good list of network hospitals in your home city.
It is important to check whether the policy covers pre and post hospitalization expenses. Pre-hospitalization expenses include the money that you spend before the hospitalization for doctor fee, medicines, etc…. In the same way, you will have follow ups after the discharge. The money that you spend after discharge is called as a post-hospitalization expense. So, check whether the policy covers these expenses apart from the hospitalization expenses.
No claim bonus
Most insurance companies offer bonuses as health insurance benefits if you do not claim any amount in a financial year. So, check whether such a bonus is part of the policy before you shop for any health insurance policy. The bonus can be in the form of a reduction in the premium amount you have to bear. Otherwise, it can also be in the form of an increase in the sum insured. Even, there are chances that both will be offered as a bonus for no claims made by the policyholder.
To manage the increasing costs of pregnancy, it is better to check whether the policy offers maternity coverage. This is important if you are planning for a pregnancy soon. When you are planning for maternity expense coverage, it is better to check whether the outpatient expenses related to maternity are also covered. Also, it is important to check whether any exclusion is applicable.
Free medical check-up
Further, you should also check whether the policy offers a free medical health check-up. However, the check-up or the costs of tests should not have any bearing on the premium when it is time to renew the policy.
In addition to these things, you should also check whether the policy comes with lifetime renewal possibility. This is something important when you age.