5 things you do not want to miss when buying health insurance

Last Updated: Thu, Oct 05, 2017 14:00 hrs

These days, buying anything has become so simple and convenient. It is a matter of a few clicks and it's done. People are so busy in their lives that they don't have a single second to waste. They want to save time so that they can spend it doing what they love the most.

15 years back, if someone had asked you- Do you think insurance can be purchased with the help of the internet, you would have laughed and said no. Nobody thought that buying insurance can be hassle-free and convenient. The process of buying health insurance plans could have been simplified but the selection of which plan to buy remains a task that needs your undivided attention. Buying a health plan is an important decision and you just can't decide which plan you must buy in a day.

Medical Insurance protects you from any emergency hospitalization expenses incurring due to any illness. In case you're planning to purchase a medical insurance policy, make sure you don't buy it blindfolded.

In present times, medical insurance premium has become an important element of our financial planning.The insurance markets are flooded with a variety of health insurance policies. Insurance experts recommend analyzing your insurance needs and then starting to look out for the various insurance plans. Assess the insurance benefits and then buy sufficient insurance coverage. Thanks to comparison tools available in the insurance market, you can compare the benefits offered by various plans and go for the one that fulfills your insurance requirements.
Here are the significant factors that you must look forward to before finalizing your medical insurance plan.
1. Sub-limit for Room Rent

Room rent is an amount that is given to you on a daily basis for staying at a room at the network listed hospital when you undergo a health treatment. It's crucial to check if you are eligible to avail the room rent benefit as per your medical insurance policy.

Usually, as per the basic health insurance plans, room rent benefit is offered as 1 percent or 2 percent of your sum insured on a daily basis. If your medical plan gives 1 percent of the sum assured as the room rent benefit and you've selected sum assured of 3 Lakh Rupees, you'll be eligible to get 3,000Rupees each day as a room rent benefit.

There are medical insurance policies that offer a single private room regardless of the specified amount. There are few insurance providers who offer plans with no cap on the room rent benefit. There are some insurance providers who offer the freedom to select your own kind of room as per your opted insurance plan.
2. Waiting Period for the Pre-Existing Illnesses

The pre-existing illness is any type of medical condition that an insured already has or has symptoms of at the time of buying a medical insurance plan. The pre-existing illness isn't covered as peran individual as well as a floater medical insurance plan. Although, it is covered post the particular tenure which is known as the waiting period.

Usually, the waiting period for pre-existing illness varies from 2 years to 4 years since the inception of the policy. It's significant to check the waiting period before purchasing your preferred insurance plan. In case you port your medical policy, your new insurer will consider your surpassed waiting period and you'll be required to serve your remaining waiting period.

3. Network Listed Hospitals

The network listed hospitals available according to your medical insurance plan is a must to check out. It is recommended that hospitals in your vicinity along with the prominent multi-specialty hospitals must be the authorized hospitals in the network of your insurance provider.

At the time of buying mediclaim policy for senior citizens, it’s important to have a network listed multi-specialty hospital in your vicinity. The age factors make senior citizens prone to frequent hospitalization.

Undergoing medical treatment in a network hospital is super easy. In order to avail cashless hospitalization facility, all you have to do is show your health card as the hospital is on the network of your insurance provider. Because of this, claim management becomes convenient and easy.
4. No Claim Bonus

No Claim Bonus is defined as the value-added benefit given by your insurance provider on an annual basis if you haven't filed any insurance claim as per your plan. Generally, it varies from 25 percent– 50 percent which is subject to a maximum limit of 50 percent to 100 percent of the basic sum insured. This benefit upgrades your insurance cover as per the health plan that you have opted but your premium remains the same. There are health policies which reduces No Claim Bonus in the similar proportion in case claim has been filed. Apart from that, there are medical policies that won't affect your accumulated No Claim Bonus even if you file a claim.

The plan that won't affect your No Claim Bonus clearly stands as a winner. It's essential to check the various terms and conditions related to the bonus.
5. Day Care Procedures

Due to the technological advancement, there are some procedures that take less than 24 hours for the medical treatment. The patient is not required to stay in the hospital for a minimum duration of 24 hours to enjoy the claim benefits as per to opted medical plan.

A majority of medical insurance policies offer this, but the number of covered day care procedures varies from one policy to another. If we talk about a family health plan, there are many options that offer listed day care procedures and there are some policies provide coverage for all the daycare procedures. As an insurance buyer, it's crucial for you to go through this detail while buying an insurance plan go for a medical plan that offers a maximum number of day care procedures.

These above-mentioned factors are important to consider but one should not consider just them. There are some other factors such as insurance premium, claim processing mechanism; claim settlement ratio,other key benefits, etc. are other factors to be considered along with it. If you want to cover your family, you can buy a family health plan and safeguard their health.

Make sure you read the fine print of your policy very carefully so that you are not misinformed about your insurance plan.

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