We’re all aware of the rising health issues. However, there are treatments available for almost all types of diseases. These treatments might be financially out of reach for most of the people. In a situation like this, an extensive health insurance policy might seem necessary. For finding the ideal plan, the most important thing is to research and compare various health insurance policies before purchasing.
Given below are tips that must be kept in mind when you compare health plans:
- Coverage for pre-existing diseases
Pre-existing diseases are the ones that you already have before purchasing the health insurance policy. There are still chances that the insurance company will cover these diseases, but only after a fixed period known as the waiting period, after you’ve purchased the policy. Hence, always compare to see if the health insurance policy is covering pre-existing diseases, along with their waiting period.
- Co-payment clause
Co-payment clause in a health insurance policy contributes to reducing your premium. You will have to pay a certain percentage of the amount that’s decided in advance from your pocket to pay the treatment cost. If your co-payment clause is of 15% and the treatment bill is of Rs. 1,00,000 you shall pay Rs. 15,000 while the insurance company pays the remaining amount. Before you purchase the policy, get to know the co-payment clause of various insurers if it is applicable.
- Consider sub-limits
Sub-limits are considered to be the caps on the amount that is paid by the insurer if there is any claim related to a specific clause. An insurer might have a 3% sub-limit for room rent. According to this limit, if the room rent is more than 3% of the sum insured, you will have to bear all the cost that exceeds 3%. Therefore, consider sub-limits while comparing health insurance plans as well.
- Day-care clause
Under day-care procedures, you do not have to be hospitalized for more than 24 hours, as the treatment is completed within a day. Make sure to check the day-care clause while comparing health insurance.
- Room rent clause
Due to room rent, your premiums can rise. There might be a few monetary limitations on the rent of the rooms in hospitals. Therefore, your comparison of health insurance plans must also be based on the room rent clause that is offered to you by the insurer.
- Cashless services
Two methods of settling claims are offered by health insurance companies: cashless and reimbursement. Always go for the insurers that offer cashless health insurance. Reason being, the insurer will then settle a massive part of the hospital bill with the hospital itself, and you need not have to pay upfront.
- Network hospitals
Health insurance companies usually have tie-ups with hospitals, so the claim settlement is smooth. These hospitals are known as network hospitals. While comparing health insurance plans, see to it that your preferred hospital is included in the list of the insurer’s network hospitals.
- Cover to choose
Go for a comprehensive cover and choose a health insurance policy in your early age that has lifetime renewability.
- Low premium
Once you are clear in your head about the cover you require, you can compare policies online and check for similar coverages at a lower premium with the help of a health insurance premium calculator.
- Claim settlement
Before you settle the claim, check reviews online and talk to your friends and family regarding the claims settlement aspect of the insurer you’ve short-listed.
Don’t rush while purchasing a health insurance policy. It is essential that you first get all your doubts cleared, only then make the decision.