Health insurance is made important in the current circumstances because of the increasing medical expenses. If you do not choose the right plan, rather than saving you will be spending huge. There are a number of health insurance policies available in the market and you will have to analyze your requirement in the right manner, so that you can arrive at the right policy. When comparing different policies, it is important that you will have to consider the special features of each policy before arriving at the right one. Here are the top 6 essential expenses to consider, in your interest towards arriving at the right policy:
1. Pre-existing diseases: Generally, health insurance policies come with a waiting period of 2-4 years in the case of the purchasers with pre-existing diseases. During this period, it will not be possible for the purchasers to make any claim for illnesses that occurred because of the pre-existing condition. So, for those with pre-existing diseases, it is better to consider a policy with lesser waiting period.
2. Before and After hospitalization expenses: These expenses include the money spent before and after hospitalization. The cover of each policy distinguishes with respect to the number of days. In general, pre-hospitalization is counted for 30 days and post is counted for 60 days. However, this number is not fixed and so it is better to choose a policy that provides maximum number of day coverage.
3. No claim bonus: This is nothing, but the benefit provided for the year in which you have not claimed the insurance company for any sort of illness. The great thing about some policies is that this unclaimed amount gets added for consecutively 5 years and the percentage generally differs from 10-50%. So, appropriate selection should be made.
4. Co-payment discount: This means mutual payment, wherein both the insured and the insurance company make a certain percentage of contribution to the total claim amount. This process may bring down the premium to be paid, but it is important to enquire whether you can pay your part of amount even at times of costlier treatments.
5. Network hospitals: Generally, insurance companies will provide a list of network hospitals. When you get treatment in these hospitals, you can enjoy cashless treatment and the best thing here is that you need not have to make any claim for reimbursements. The insurance company will pay directly to the hospital on your behalf. When considering this point, it is better to choose a policy with a number of network hospitals in your area, so that you can get cashless treatments with ease.
6. Room rent: In the case of hospitalization, you will have to bear a room rent. Some policies offer a discount of 1% of sum assured in the event of room charges occur. Also, they offer 2% in the case of ICU hospitalization. Even, there are some policies without any maximum limit for such expenses. Here, when you choose the latter option, it will be more beneficial as compared to the former.
In addition to these 6 pointers, it is better to consider premium and exclusions as well when are you in the hunt for the best health insurance plan.