The findings from a survey conducted by a leading insurance company in India, on 1,400 people aged between 25 and 35 years, indicate that most people bought medical insurance for tax benefits rather than the intended benefits of the policy. Thus, the findings back up the expert opinion that a huge percentage of millennials have been looking at health insurance as just another tax saving scheme in India.
However, the good news is that the awareness on the benefits of health insurance is on the rise and most employers are including medical insurance scheme as a part of the cost to the company. Yet, in most cases, these schemes are valid only till the employee is associated with the organization. So, it becomes essential to take an extra medical insurance covering the medical expenses for the self and dependants.
Now, with so many health insurance companies offering numerous policies in India, buying a right insurance policy is a real challenge.
Read through this Moneymindz post to learn and buy the right health insurance policy that suits your needs.
1. Main limit is sum insured:
Understand that any medical expenses incurred more than the insured sum will not be payable by the insurance company. So, it is better to take adequate insurance from an early age.
2. Decide between an individual policy and family floater policy:
An individual policy can be an expensive option, but works best in most situation. On the other hand, a family floater plan offers flexibility in using overall insurance coverage as a group, among family members. But, it is important to take a family floater with a sufficiently high cover, considering the situation where more than one family members gets hospitalized in the same year.
3. Ensure to take comprehensive risk coverage:
Do not buy a plan because it is cheaper than the rest others. Premium vs benefit comparison is important. Consider and compare benefits like day care procedures, pre and post hospitalization, ambulance service, maternity extensions, OPD, etc.
4. Compare waiting periods:
Compare waiting periods of the policies in covering pre-existing ailments. Also check for waiting periods for certain listed conditions like cataract, knee replacement, hysterectomies, kidney replacement surgeries etc, which vary from 1 to 4 years.
5. Check for internal sub limits, typically levied on hospital room rent and liability for specific diseases:
Plans free of sub-limits avoid surprises during claims. Usually, sub-limits are seen in plans with low overall sum insured.
6. Be aware of deductibles or co-payments:
Co-payments are also a form of sub-limits, where the insurer has to pay a predetermined percentage of the claim and the insurer pays only when the bill crosses this limit.
7. Give thorough check on the list of exclusions:
Know the ailments that are not covered in the policy to avoid unexpected instance during a medical emergency.
8. Check if the insurance provider has in-house servicing unit or uses TPA (Third Party Administrator) for servicing:
A better turnaround is offered by companies with in-house services.
9. Go through the hospitals in the network:
A network hospital is the one that is in agreement with the insurance company or TPA for offering cashless treatment. Check for the proximity of network hospitals from your place. Better is to opt for the one with vast network. However, look for the reputation and history of the hospitals in the network.
10. Decide based on the trust and reputation of the insurer:
Enquire about the company reputation in the market. Essentially, conduct a rigorous check on the company’s track on smooth claim settlement, efficiency, response and more.
The right medical insurance helps you remain relaxed about emergency medical expenses. It is important to consider medical insurance beyond tax saving and pick the suitable scheme. Important, most policies look alike, the key lies in reading the fine prints well.
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