Disease is everywhere and a health plan is a must have before you step out of your door. You buy the first health plan you see from a reputed Insurer (health insurance Company) and lock the documents of the plan in your cupboard. You can sit back and relax. You are now well protected with a health plan or are you?
What is a health plan?
You pay the premium and avail a Health Plan. The health plan pays your hospitalization expenses/bills if you are hospitalized for at least 24 hours.
You can also take a health plan for your family under the family floater plan.
Major 4 Things to know before buying a health plan:
1. Know the waiting period of your health plan
A health plan has a waiting period of 1 month after you avail it. You are hospitalized after a week of availing the health plan and when the hospital bill is presented you get a nasty shock. Your bills are not settled by the health plan as you are hospitalized within a week of availing it. You are covered by the health plan only a month after availing it.
2. What if you have a pre existing disease before availing the health plan?
A pre existing disease is a disease that exists before availing the health plan. Life style diseases like diabetes or heart ailments are common pre existing diseases. You are covered for pre existing diseases only 2-4 years after you avail the health plan. This depends on the type of health plan you avail.
3. Will the health plan pay your hospital room rent if you opt for an expensive room?
Your health plan does pay for the hospital room charges but only up to a limit called a sub limit. The health plan would pay up to INR 1000 per day for the room rent depending on the health plan you take. If your hospital room rent exceeds this amount you have to pay it from your own pocket called an out of pocket expense. Your health plan might not pay for certain surgical procedures you might undergo and you have to pay this from your own pocket.
4. If you are a senior citizen will the health plan pay for the total hospitalization expenses you incur?
If you are a senior citizen then your hospitalization expenses will be very high and possibly frequent. The health plan will cover you only under the co payment clause. You will have to pay part of the hospitalization expenses yourself and the health plan will pay for the remaining amount. This could be determined at the time you avail the health plan as a fixed percentage. You will have to pay say 10% of the hospitalization expenses yourself and the health plan will pay the remaining 90%. After reading this article you have now learn that you cannot blindly purchase a health plan without studying it. This has to be done before you fall ill and not when you have all the time in the world lying on your hospital bed.
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