In today’s world of skyrocketing medical costs, a health insurance plan known as ‘Mediclaim’ has become unavoidable. If you don’t have one, you could find yourself paying a lot of money out of your own savings. Even as it increasingly pays for basic care, health insurance continues to serve the purpose of dispersing risk. Understanding the significance of health insurance for your family is only the beginning. Today, there are a wide range of health insurance plans available in the market, however, it is important to choose the right one for your needs. Some policies may come with specific add-ons, however there are several features that are common to most health insurance plans. Here’s a look at six features that some of India’s best medical insurance companies have in common.
Room Rent with Sub-limits
Since rent is one of the most significant expenses you will face if a member of your family is hospitalized, most medical insurance companies set a limit on how much they’ll pay under a health insurance plan. In general, such a limit is set at 1% of the sum assured, with a maximum limit of 2% of the sum assured in the event of ICU (Intensive Care Unit).
Pre-Existing Conditions
Pre-existing diseases are illnesses that you have had before you decided to purchase health insurance, and as a result, insurance companies will not cover them from the start of your coverage. They offer a two to four year waiting period during which they will not be liable for any claims stemming from your pre-existing sickness. Most medical insurance companies will offer plans to cover your existing illness with the shortest waiting period possible.
Co-Payment
A co-payment is a clause in a health insurance plan that compels the policyholder to share costs. The specified percentage of the allowable claim amount is referred to as cost sharing. Therefore, many of the best medical insurance companies do not include a co-payment clause at any point throughout your life.
Hospital Network
Network hospitals are those that have a direct relationship with your health insurance carrier, allowing you to use a cashless system in the event of a claim. Insurance companies directly settle your bill on your behalf, so you don’t have to deal with the hassle of settling the bill amount with the hospital. As a result, you do not need to file a claim for reimbursement because the insurance company has already settled the claim. Most of the best medical insurance companies have a wide database of network hospitals that offer excellent treatment for a variety of ailments.
Expenses Incurred Prior To And Following Hospitalization
Pre-hospitalization expenses are those incurred before you are admitted to the hospital, and post-hospitalization expenses are those incurred after you are admitted. Pre-hospitalization costs are usually covered for 30 days, whereas post-hospitalization costs are usually covered for 60 days. However, some insurance companies cover pre- and post-hospitalization fees for a longer period of time. As a result, most medical insurance companies cover you for the maximum number of days before and after your hospitalization.
No-Claim Bonus
A health insurance claim only arises in the year of hospitalization. However, when you have been in excellent health, insurance companies will reward you with a no-claim bonus. This has the impact of increasing your sum assured at the next policy renewal. For a claim-free year, the bonus might range from 10% to 50%. Many of the best medical insurance companies in India provide a no-claim bonus feature.
It is important to remember that medical emergencies can occur at any time. Therefore, it is critical to have adequate health insurance coverage from reputed firms such as Care Insurance to effectively manage your finances especially in the event of a medical emergency. In fact, this is one of the key factors essential to financial planning as it helps you put your personal finances in order and achieve long-term financial objectives.
