A health insurance policy also referred to as Mediclaim, is one of the most important instruments in your financial portfolio. With rising medical prices in India, it has become necessary to invest in the best medical insurance policy to protect yourself against expensive hospital bills.
Understanding the importance of the best medical insurance policy is just the beginning and an important step in the right direction. At the same time, you must also choose the right policy and sufficient sum insured to provide adequate cover. The best medical insurance policy is equipped with unique features and some common ones.
Here are some crucial characteristics that you need to check before buying an insurance policy:
Sub limits
Room rent is a large component of your medical bills and hospitalization costs. However, some insurance companies put a cap on room rent, also known as sub-limits. More often than not, these limits are between 1-2% of the sum insured. But other insurance companies do not put a sub-limit on room rent. Therefore, you must look for such health insurance plans.
Pre-existing medical conditions
Pre-existing conditions are those that a policyholder has at the time of buying a health insurance plan. Therefore, your insurer will not cover you for those diseases from the first day of your policy. There is usually a waiting period of 2-4 years before you can seek medical cover for pre-existing diseases. So, when you are looking to buy the best medical insurance policy, you must look for plans that cover your existing illnesses and have the lowest waiting period.
Co-payment clause
A co-payment clause is when your insurer expects you to share the costs of your medical bills. For example, if your policy has a 10% c0-payment condition and you make a claim of Rs. 1, 00,000, then you are liable to pay Rs. 10,000 before the insurer releases the remaining payment. That is why it is advisable to look for policies that either have no co-payment clause or the lowest requirement.
Wide list of network hospitals
Network hospitals are those that have to collaborate with your insurer. Therefore, policyholders can avail the cashless facility at these hospitals that save you from the trouble of worrying about bills when you should be focused on your recovery. The insurance company will take care of the costs and paperwork on your behalf when you use the cashless feature of your policy. You should look for policies with an expansive network of hospitals, including your preferred one in your vicinity.
Pre & post hospitalization costs
The best medical insurance policy is specifically designed to give you peace of mind when taking care of your medical expenses. However, many insurance providers will only settle your hospitalization bills. But what about the expenses before and after hospitalization? Who will pay for those follow-up treatments, doctor’s consultation, medicines, etc.? That is why you need a health insurance plan to take care of pre and post-hospitalization expenses. For instance, insurers such as Care Health Insurance provide cover up to 30 days before and 60 days after your hospitalization.
No Claim Bonus
If you do not claim health insurance in a given year, your insurance provider gives you no claim bonus by increasing your sum insured between 10-50%. Hence, you must assess the policies and choose the one that gives you the highest no claim bonus.
According to financial experts, you must compare these characteristics to choose the best medical insurance policy to protect yourself as well as your family against life’s eventualities. Since medical needs can arise unexpectedly, especially if you have senior citizens at home, it is always better to add a health insurance cover to your financial plan to help you stay financially equipped in case of an emergency.
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