Medical emergencies can strike at any time and compromising on the quality of medical treatments is not desired by most. It is therefore important to choose a health plan with complete care and attention. Assess your susceptibility to diseases realistically taking into consideration factors like age, genetic conditions, standard of living, etc.
Though each plan is unique, certain important factors that one must keep in mind while selecting a health plan are:
(a) When and what is the expected requirement:*
Depending on your age and family history, you need to determine your health cover. The need may arise anytime, so it is advisable to insure yourself and your family members as early as possible. It is always better to be prepare for the unforeseen events of life.
(b) Features to look for while choosing a health plan
Cashless hospitalisation, critical illness benefit, premium variations based on the occurrence of an illness in the past, discount for a claim-free policy in the earlier year are some of the features offered on a health insurance plan. For example, if you are admitted to a hospital recognised by the insurance company, reimbursement of the bills happens immediately.
(c) Flexibility of the plan:*
When detected with an illness, temporary or terminal, one needs the financial backing of a health insurance policy that caters to specific needs. For example, the premium remains constant for a specified number of years and then based on certain conditions; you are eligible for a revised premium payment scheme.
On regular payment of premiums, life insurance companies offer to renew your policy where no medicals are required. If you do not wish to renew the policy, you can convey the same.
(e) Number of critical illnesses covered:
In a health insurance policy, it is important to check the list of critical illnesses covered and one should ensure that the list is comprehensive enough.
(f) Limit on the family size:
A health insurance plan provides a blanket cover for the family. A plan that covers self, spouse, children (biological or adopted) and parents is preferable. Some policies include future additions (children) too, which can prove very useful in the long term. You don’t have to assess the new member’s needs afresh, when he/she arrives.
(g) Option of relevant and segmented benefit for parents:
With this feature, cover for the Life Assured’s parents in the family can be provided with separate benefits ensuring separate payout in case of hospital, surgical and critical illness claims.
(h) Number of hospitalisation days and daily cash limit:
In a health insurance plan, hospital bills are made as per terms. Fixed reimbursement is made for the number of days you are hospitalised, irrespective of the actual bill. Post hospitalisation benefit is payable in a lump sum.
(i) Medical network:
If you are admitted to a network hospital, you are eligible for cashless hospitalisation. You don’t need to pay for the expense during the hospital stay. There are over 4000 hospitals across the country that is part of the network.
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