Term life insurance India, Car insurance comparison, health insurance | Knowledge corner

Things To Know About Health Insurance

Sum Insured: Sum Insured should be according to individual and family requirements. Normally they are annual limits for any plan. Of course it will directly affect premium amount.

Network Hospitals: Most health insurance plans provide cash less hospitalization in approved hospitals. In this sense, the higher the network coverage, the better plan is due to higher flexibility and choice. However, one needs to check whether the hospitals surrounding his/her locality are covered.

Pre-Existing Conditions: Even though it is easy to understand, sometimes in the confusion while choosing health insurance plans, many forget to confirm whether their pre-existing condition will be covered or not. Coverage of pre-existing diseases can vary between from being excluded to being covered fully and sometimes being covered after a specific amount of time. The Health Insurance Portability ensures coverage for pre-existing conditions if you are changing your insurance plan and have completed waiting period.

Exclusions: Treatment of some diseases, e.g. sexually transmitted diseases, fertility treatment, dental treatment etc may not be covered at all regardless of pre-existing or not. You will want to review each plan’s exclusions list to find out what is not covered and to see if any disease you currently have or expect to have in the future, is included on that list.

Hospitalization and ICU charges: Customer should also check out limit on room and ICU charges, daily allowances (lump sum amount per day of hospitalization). Almost all plans have limits (absolute or in relation to Sum insured) on these charges. Customer should also understand whether pre and post hospitalization expenses (usually 30-60 days before and after hospitalization) are covered and up to what limit. Some plans also cover domiciliary hospitalization (e.g. nurse charges etc), which provides additional flexibility to the customers.

Regular Health Check-ups: If you want /need regular medical consultation and health check-ups, you need to select the insurance plans which cover them. Further, some plans do cover day-care procedures and/or out patient treatments.

Pregnancy coverage: Find out how much you will have to pay out-of-pocket for pregnancy and birth care if you are pregnant or decide to get pregnant in the future. There may be some waiting period also.

Deductibles: This is the amount that you need to bear out of total covered expenses, before you can claim any insurance amount. Simply speaking, if deductible for any particular plan is Rs. 1,00,000 and covered expenses are Rs. 5,00,000 then you can only claim Rs. 4,00,000 (5,00,000 – 1,00,000). For the same plan, if expenses totaled only Rs. 90,000 then no amount can be claimed.

Though it seems disadvantage at first, it can be a very effective tool to control costs if used systematically. If you are covered under any health insurance plans (e.g. from employers) and you need more insurance, you can subscribe to an additional plan with deductibles up to the amount covered under your first plan.

Share with friends
Authored by: BuySmartPolicy
Published date: March 28 2018.

* Insurance is the subject matter of solicitation.
# Prospect’s / visitor’s particulars could be shared with insurers.
## The information displayed on this website is of the insurers with whom our company has an agreement.
### The website is powered by BuySmartPolicy Insurance Web Aggregator Pvt Ltd (IRDAI License No: IRDAI/WBA27/2015).

This website has been certified with the principles of Information security compliance procedure as detailed under CERT standards.

C-303, La Salette, Magarpatta City, Hadapsar, Pune - 411 036.
Phone: +91 8213389535  |  E-mail: HelpDesk@BuySmartPolicy.com