Choosing The Right Health Insurance Policy: What You Need to Know?
Updated: 28-01-2025 at 6:35 AM
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Choosing the most appropriate health insurance is very important for the protection of your finances in case of medical emergencies. There are many options available, so you should choose a policy that includes full coverage and suits your specific requirements. Here is a guide to help you make an informed choice.
Understanding Health Insurance Coverage
When choosing an appropriate health insurance policy, there are some vital things that one needs to look out for on the extent of coverage:
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Room and Boarding Expenses: Check out whether the room rent and boarding costs are covered without much ceiling.
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Pre and Post-Hospitalisation: The medical costs before and after hospitalisation can be catered by some policies within a particular period thereby significantly reducing the expenses borne directly by patients.
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Cashless Facility: It should have a cashless facility at network hospitals which simplifies the treatment process without upfront payments.
Read More: 10 factors you must know before buying Health Insurance
Critical Components Of Health Insurance
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Critical Illness Cover: Choose a policy that provides critical illness coverage. This feature gives you an amount in a lump sum if diagnosed with one of those listed critical illnesses which could save someone’s life given how expensive their treatments are.
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Cumulative Bonus: Claim-free years attract a cumulative bonus, where the sum insured is increased by a certain percentage up to the maximum limit.
Additional Benefits
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Daycare Procedures: Many modern policies pay expenses related to daycare procedures where hospitalisation is not required for more than 24 hours.
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Maternity and Newborn Coverage: If applicable, check if it covers maternity and newborn care expenses; they tend to be too high sometimes.
Read More: Simplifying Health Insurance Claims with the NHCX Platform
How To Choose The Right Health Insurance Policy?
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Compare Plans: Use online sites that compare different health insurance plans based on coverage, premiums, exclusions, other terms & conditions etc.
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Read Reviews: Look at customer reviews as well as the claim settlement ratio (CSR) of the insurance company since this indicates how likely your claim will be settled by them.
Read more: Ayushman Card
Points To Consider Before Selecting A Health Insurance
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Understand The Policy Terms: Read through the terms and conditions, exclusions and limitations before buying it. Focus more on sub-limits, and co-payment clauses.
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Assess Your Health Needs: You should consider your health needs including any pre-existing diseases and possible medical care requirements for you and your family, before purchasing a cover.
Read more: eShram Card
Staying Informed
Being aware of the latest developments in health insurance is important so that one can always be covered under the best possible terms. Re-evaluate your health insurance needs annually and update your coverage as factors change at different stages of life.
Conclusion
The choice of a suitable health insurance policy calls for thoughtful consideration of multiple factors such as range of coverage, reputation of an insurer and individual health conditions. Ensure that your policy includes critical illness cover, a cashless facility and a cumulative bonus so that you can secure yourself against future uncertainties regarding health about financial aspects. Make sure you review and compare several plans before selecting one that will meet all your requirements.
Check out the Health Insurance Products highlighted by IRDAI here.
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