Health insurance




Selecting a health insurer has never been easy. After the recent guidelines of IRDAI, considerable insurance providers have re-launched new policies with attractive policy coverage. Especially in case of health insurance, the newly launched policies have higher entry age or lifelong renewability feature. Some insurers have introduced certain in-built features such as restoration of sum insured or medical opinion feature to aid policyholders with the greatest policy benefits. By saying that, it may seek difficult to find the right type of cover or the right insurer.

With the growing quality healthcare expenses, having comprehensive health insurance has become the need of the hours. Thanks to the assorted means of the advertisement that make you aware of the numerous health insurers actively operational in India. While purchasing health insurance can be overwhelming, with the variety of insurers solely devoted in offering adequate services, you may feel it difficult to land on the right decision. The definitions, coverage, clauses or exclusions may cause confusion.

In such a scenario, zeroing in on the right policy is a challenge. So, how should one go about it? In this regard, the below are certain things that will help you come to a right decision. Her’s is a sneak peek of how to go with this:

Background of the Company
Currently, there are 22 insurance companies who offer health insurance plans. However, these companies may differ from each other in terms of services offered. That’s why a thorough research is required at the time of zeroing down on a provider. You should consider the background of the company, how long they have been in the insurance business, types of insurance products they sell, claim settlement ratio of the company, premium and coverage offered etc. it is better to pick a provider that is solely responsible to operate their services such as Apollo Munich, Religare etc.

Renewal Age
Renewal age plays an important role when it comes to selecting an insurance provider. Most insurers offer policies with renewal age up to 70-80 years. Since the possibility of falling sick in your old age is higher, it is better you go for the insurer with lifelong renewal option. For instance, National Insurance renewal allows the insured to be covered for longer period. There are other insurers as well who come with a maximum renewal period. This doesn’t require the policyholder to renew a policy in the middle and you can enjoy the policy benefits for a lifetime.

Type of Policy
It is imperative to ensure that you only pick the adequate health cover from an insurer. You may find a policy insufficient at later years while you need it the most. Only go for the insurers that offer sufficient coverage or at per your needs. You can consider compare the insurers on basis of their offerings and select the right one with the right provider.

Insurance Premium
However, it should not be your only concern, there is no harm opting for an insurer who offers their plans at an affordable cost. Make sure these plans fulfil your insurance needs. it is quite obvious that you will not prefer paying an extra premium for those covers which are not sufficient. That is why opting for insurers, which offer the policies at a mid-range premium with the comprehensive cover.

Consider Sub-Limit
Sub-limit is especially applied to doctors consultation, room rent etc. where the insured is reimbursed up to a limit. Exceeding this, the difference will be borne by the policyholder only. That’s why you should consider an insurer with limited or no sub-limit.

Co-Payment
This is applicable when you apply for a health insurance policy. Some insurance company come with a co-payment clause according to which a part of the total claim has to be paid by the insured. This amount is pre-decided and especially common in the senior citizen plans. That’swhy you must opt for an insurer that comes with no co-payment or if they have to make sure it suits your pocket.

Caps on Medical Treatment
Some insurer also imposes limits on specific medical treatments. Simply put, childcare treatment, health-check-ups or treatment for pre-existing illnesses are activated after a certain pre-decided time period which needs to be served by the insured. Hence, it is wise to go for a plan or insurer that has least waiting period for specific illnesses.

List of Network Hospitals
Don’t forget to check the network hospitals of the insurer where you can avail cashless healthcare services. In case the hospital services are availed at a network hospital then the incurred expenses are settled directly by the insurer to the hospital authority. The insured can avail the facilities are free of cost. Make sure the list of network hospitals of the insurer includes your preferred hospitals that are in your vicinity.

No Claim Bonus
No Claim Bonus is an additional benefit offered by general insurers for not claiming the insurance policy. It can be offered either in the form of an increase in sum insured or discount of next year premium. Make sure your insurer has sufficient arrangements to provide you with the benefits of No Claim Bonus.

Consider Pre and Post-Hospitalization Cover
The clause for covering pre and post hospitalisation expenses may vary from insurer to insurer. Some may cover you for 30/90 days while some other may cover for lesser days. Therefore, the focus should be on the one who comes with maximum days of coverage for pre and post hospitalisation expenses.

Wrapping it Up!
Buying health insurance is an important decision. With a little promptness, you can surely make an informed and right decision. You should compare the insures on the basis of their offerings and buy. When you can’t avoid an unforeseen event to happen, being well-prepared is the only solution. Buy health insurance today and stay financially protected for future!