Nowadays, online health insurance in India has become inevitable because of sky-rocketing medical expenses. In case people don’t have their own, then they may end up shelling out a huge amount of money from their savings. Getting aware with the importance of health insurance is just the beginning.
Selecting the best mediclaim policy is also important. Below are some key factors which buyers must compare before purchasing a policy so that they can save on health insurance costs:
Pre-Existing Diseases
Such diseases are those which policyholder is suffering from before buying a health insurance in India, and hence, insurance companies in India do not insure them from day 1 of your policy. These policies have a waiting period of around two to four years in which they will not be liable for any claim resulting because of pre-existing diseases.
Sub-limits on Room Rent
In case any family member gets hospitalized, then room rent is one of the major expenses. So, some general insurers cap the maximum money that they will pay under their healthcare plans. Normally, such limit is to the extent of one percent of sum assured and in case of ICU, the maximum limit is to the extent of two percent of sum assured.
But, there are different general insurance companies in India which do not have any upper limit on room rent; therefore person must select the best health insurance in India.
Network Hospitals
Network hospitals have a tie-up with health insurance companies in India. So, policyholders can easily avail the benefit of cashless facility in case of claim. This facility saves policyholders from settling the medical expenses amount with the hospital as the insurance company settles these expenses directly. People should search for a mediclaim policy which has a wide range of network hospitals at preferred locations.
Co-payment is a clause mentioned in health insurance online which needs cost-sharing by the insured person. Buyers should know that cost sharing is the certain percentage of the admissible claim amount.
No Claim Bonus
If insured have not made any claim, then insurers give a no claim bonus to policyholders. It has an effect of increasing policyholder’s sum assured in next policy renewal. So, buyers should look for a plan that offers highest no claim bonus.
Pre- and Post-hospitalization Expenses
Pre-hospitalization costs are those incurred before hospitalization and post-hospitalization expenses are incurred after hospitalization. Generally, pre-hospitalization expenses are covered for minimum of nearly 30 days and post-hospitalization costs are covered for around 60 days.
Remember that premium shouldn’t be paramount in selection procedure. Do not just buy a healthcare plan because of its very low premium. Customers should know that premiums for individual mediclaim policy and family health insurance are different.