The Need of Health Insurance in Today’s Era

Admin@ | May 14, 2018 | 0 | General

Illnesses don’t come with a plan. They are always unexpected and can drain your finances if you don’t take necessary precautions. With today’s hectic schedules, unhealthy lifestyles and increased exposure, the risk of disease is high. That is where insurance comes into the picture. Health insurance takes care of you and your family for a lifetime by securing you against expensive medical bills.

However, with the multiple insurance options, coverage plans and premium cycles that are available to choose from, it can be quite confusing to comprehend what all of it really entails. While a health insurance policy is definitely necessary, just any insurance plan won’t suffice. But is it really possible to identify a good insurance plan among the numerous options available? Read on to find out!

Features of a Good Health Insurance Plan

To identify a good insurance plan, the key is to compare the available options and select the one with the features best suited to you. Here are some of the top features that set apart a good insurance plan from the rest:

1) Vast Coverage:

Within coverage, there are two main aspects to consider – the amount and the extent. Your policy should not only provide you with a high sum assured but must also cover life threatening diseases over and above the regular ailments. For example, while a policy worth INR 5, 00,000 may seem sufficient at first, choosing a policy that covers anywhere between INR 10, 00,000 to INR 15, 00,000 will encompass critical ailments and secure your health further.

2) High No Claim Bonus:

Though you pay premium on a yearly basis, you may not need to claim insurance every single year. This is when insurance companies give you the benefit of a ‘no claim bonus’ which usually ranges from 10% to 50% of your premium payable. A good policy should come with a high no claim bonus percentage.

3) Low Co-Payment:

Co-payment is the portion of the total claim amount that is paid by you along with the insurance company at the time of settling a medical bill. This is usually 10% to 20% of the total bill amount. For instance, if your hospitalization expenses are INR 1, 00,000 and your policy states that co-payment is 10%, then you need to pay INR 10,000 of the entire bill while the insurance company takes care of the remaining INR 90,000. It is necessary to choose a policy that either has a lower or no co-payment option while keeping in mind the effects in may have on your premium amount.

4)  Maximum Pre and Post Hospitalization Expense Coverage:

Along with the main hospitalization expense, you are eligible to claim reimbursement for any expenses incurred by the patient prior and post getting treatment. While the usual coverage is 30 days before and 60 days after hospitalization, the policy you choose should give you the maximum day count.

5) No Limits:

Within health insurance policies, there are two main types of limits. The first is age and the second is room rent. A lot of insurance policies don’t cover individuals over a certain age limit, say, 65 years. Similarly, some insurance policies mention a cap on hospital room rent, meaning they only cover a certain amount per day. Avoiding a policy that places limits will ensure that you have more flexibility as and when the need arises.

6) Quick Cashless Claims:

A cashless facility allows you to get admitted in a hospital without having to worry about making any payment beforehand. An insurance plan that gives you a cashless settlement option saves you the hassle of having to arrange large sums of money within a short period of time. This way, the hospital directly takes the amount from the insurance company without your involvement. An insurance policy with a large network of cashless hospitals and a quick disbursement facility will be the best choice.

Need For Comparison of Plans

When you choose an insurance policy, you are making a lifelong commitment towards paying premiums to secure your health. Hence, it is advised to compare plans and make an informed decision than to be impulsive and regret it later.  The wrong choice is not only difficult to get out of, but will also lead to unnecessary payment of penalties.

When you compare the various plans available in the market, you get a fair idea about the pros and cons of each which increases your confidence in your ultimate selection.

On Final Consideration…

With on your side, you can breeze through the entire process beginning with comparing various insurance policies to finally deciding on the right one for you. Half an hour of your time today can save your finances from future strain. So, get yourself insured by taking a good health insurance plan immediately!

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