Here’s An Opinion On:
Submitted by: Coverfox Insurance
Healthcare has indeed become expensive. With the rise in unhygienic conditions and adulterated food in the city, falling ill has become inevitable.
You never know when you can fall sick. So, why take a chance. It is imperative to be financially prepared for such unforeseen events.
Go ahead and compare health insurance by keeping in mind these factors.
1. Suitable Coverage Amount
Dont just buy coverage for the heck of it. Understand how much coverage amount is required.
Remember that you need the amount to protect yourself and all those dependent on your income. In times of medical emergencies, your family members should not feel financially burdened.
As hospitalization costs are higher in metros; those living in metros typically should opt for a higher coverage amount. Higher the coverage amount, higher would be the premium. So, evaluate your medical expenses. If it serves the purpose, then why hesitate?
2. Re-imbursement or Cashless allowance?
You have to make a choice between both. While you compare health insurance, check if the plan provides re-imbursement or cashless facility. In re-imbursement, the amount you receive is based on the expenses that actually incurred.
In cashless allowance, you receive a fixed lump sum amount that you can spend in the hospital. This is regardless of how expensive the treatment may be.
3. Cashless Facility
You have to arrange cash in an emergency situation. Why? After all, you have to be admitted to the hospital of your choice? Thankfully, things have improved. Insurers launched cashless cards for re-imbursement based plans.
When comparing health insurance plans, check if the insurance company support the cashless facility. Check your insurers list of cashless network hospitals that are in your area.
The cashless facility makes life easier. If youre admitted to the hospital, your family members would have to present the card at the time of admission. An administrator would assist in settling your hospital bills directly from the insurer.
Note that a hospital may not continue to remain in the cashless network when your claim arises. Dont keep the cashless facility as the sole factor for deciding your health insurance company.
4. Co-pay
A customer opting for an expensive hospital room or procedures than are warranted may be scary to an insurer. Co-pay or sub-limits are introduced to get rid of this. In this regardless of the amount covered, as a co-pay you are required to share some of the expenses that have actually incurred.
E.g. say you have a 4 Lakh cover and your bill amounts to Rs. 3 lakh. With a plan that has a 20% co-pay, you will only get 80% of the bill re-imbursed by the insurer.
Sub-limits restrict the amount of re-imbursement of the bill items. You may not receive full coverage if sub-limits set on things (like doctor fees or operation theater charges) is exceeded.
When you compare health insurance plans with sub-limits, make sure they have a lower premium. Only then can you consider opting for it.
5. Renewal Age Limit
There is a reason why one should enter into a new health insurance plan when young and healthy. Its cheaper and easy to get the best plan. No doubt we all fall ill at some point of time in our life. Especially when we are older.
When you compare health insurance plans, take a look at the ages till which renewal is allowed. Most plans are available as the chances of having any major pre-existing disease is low. Your insurance company must disclose the premiums that are applicable now and at old age.
It is always good to have a health policy that is renewable after 65. At this age, you need health insurance the most. And not being able to get it can only be a living nightmare.
6. Exclusions: Temporary and Permanent
Generally, pre-existing diseases are covered only after a waiting period.
Both the pre-existing disease as well consequence of the pre-existing disease has to deal with the waiting period. For example: You never had any heart problems at the time of buying the policy. But now you have heart illness and that will be treated as pre-existing. Why? Because you had diabetes when you took the first policy. And, the heart illnesses is caused by Diabetes.
Things like these can cause disputes between insurance companies and consumers. Why run the risk of your policy being cancelled or a renewal being denied if this fact is discovered later?
Understand the permanent and temporary exclusions of the different health insurance plans. Some plans have different waiting periods on temporary exclusions. Compare and analyze as per your requirements.
This simply avoids any hassles at the time of claim.
Dont just buy a policy blindly. The 6 major factors mentioned above are critical when you compare health insurance plans.
Choose the right one for yourself. Live a stress-free life.
About the Author: I am an expert writer in the Insurance Industry. This article provides information about various factors that you need to know before you compare health insurance. To know more visit
coverfox.com/health-insurance/compare-health-insurance/
Source:
isnare.com
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