A medical insurance policy can be a literal life-saver for you and your family. Treatments, especially in private hospitals, are getting more expensive by the day. A prolonged ignorance of a minor health problem can lead to severe conditions later in life. So, one must not ignore them, especially due to financial constraints. A medical insurance policy gives you the cover so that you and your family can nip any medical conditions in the bud. It offers you a comfortable financial cushion in times of medical emergencies. Whether it is a minor accident or a life-threatening operation, medical insurance allows you to be worry-free about the expenses so that you can focus solely on getting better.
But what are the key features that make a medical insurance policy great?
Here are a few:
1. It fits your requirements:
A Medical Insurance Policy is offered by various companies customised to suit the needs of students, individuals, families, couples, parents, and more. Each insurance policy comes with benefits and specific coverage. Some might take care of your diabetes treatment, others might offer you coverage against terminal illnesses, and the list goes on. There are a lot of options. Good health insurance is the one which suits your requirements. It offers precisely the amount of coverage you’re looking for. It takes care of all your medical needs. Most insurance companies allow you to customise health insurance policies or choose add-on benefits as per your priority.
2. Offers You’re the Exact Coverage You Need:
Each medical health insurance policy has its terms and conditions on the coverage that they offer. Some may provide full coverage, while others may have sub-limits. Essentially, there are five aspects of medical policy coverage:
- In-patient hospitalisation coverage: In-patient hospitalisation is when you stay at the hospital for medication or treatment for more than 24 hours. Look for a plan that gives you maximum in-patient hospitalisation coverage.
- Coverage for day-care treatment: Some procedures can be completed in less than 24 hours at a hospital. Hence, look for a plan that covers a high number of day-care treatments.
- Room rent allowance: It is the allowance for the hospital room as per the plan chosen. Some plans have no capping on room rent, while some allow a certain percentage of the sum assured as room rent.
- Pre and post hospitalisation expenses coverage: This refers to the reimbursement of any expenses before the hospitalisation period and post-discharge costs.
- Sub-limits for specific expenses/treatment: A sub-limit is a cap of how much a policyholder can claim for a particular expense/procedure
3. The plan’s waiting period, co-payment and exclusions:
The waiting period is a hibernation period during which no claims are entertained. As a rule, the lower the waiting period, the better it is. Additionally, look read the co-payment clause carefully. It is the share of the claim that you need to pay from your pocket. Consider the exclusions, which are medical conditions or healthcare expenses that are not covered by your health plan. That means you will have to bear these expenses. An excellent health plan offers as less of all these factors as possible.
4. The coverage network for Cashless Claim:
An insurance company offers two claim procedures; one is reimbursement, and other is cashless. Reimbursement requires you to pay the hospital and settle all bills through your pocket. You later send documents to the company who reimburse you for the expenses. Another process is the cashless claim in which you do not have to pay from your pocket as the claim is settled between the hospital and the insurer. However, cashless facility is only offered in-network hospitals of the insurance company. So, before buying a health plan, make sure you choose a company that has a good number of network hospitals around where you live.
Health Insurance is a must-have for everyone. Keep these tips in mind to choose the best one.