As more and more people in India are getting aware of health and Health Insurance
benefits, more policies are being introduced by health insurance companies
Health insurance will cover your medical expenses in case of Hospitalization
or major surgery. As medical costs are increasing, it has become imperative to have Mediclaim
that can help you cope with rising health care costs.
Types of Health Insurance
There are two types of health insurance available in India. These are Indemnity Policy
and defined health benefit plans. Indemnity health policy is a traditional mediclaim, which is offered by general insurance companies. If you take such a policy, it mostly offers Reimbursement
plan to cover hospitalization. Generally, the insurance company will have a tie up with hospitals or you will get reimbursed by making a claim.
A defined health plan includes hospitalization, Critical Illness
treatment and paying a lump sum to the Policyholder
if he is diagnosed with a critical illness mentioned in the list of the plan. The payment for critical illness is done as per the plan regardless of what the Claim
amount may be.Tips for Choosing Health Insurance
Never compare premiums without comparing their benefits: The last thing you should do is compare premiums arbitrarily when you buy health insurance. When you begin comparing health insurance Premium
at random for different policies and insurance companies, you will falter and end up making the wrong choice. If you want to compare health insurance premium, take assistance from a qualified advisor, who can give you the correct picture based on the policy. You can also take help of professional insurance comparison websites such as easypolicy.com that helps you compare policies logically.
Look for Sum Assured: This refers to the yearly guaranteed Coverage
under the health insurance policy. Health is something you should never take lightly and that is why you should look for maximum coverage based on your financial situation. Healthcare cost is rising annually due to Inflation
and other factors. So you should look for as much coverage as possible. But remember, the high the sum assured, the higher will be the insurance premium.
Check Policy Limits: Many health insurance policies
have caps on the amount a person can claim for a particular In-patient
treatment. If you spend more money than the limit, you would have to endure out-of-pocket expense for anything more than the cap. This holds true even if you have a huge amount insured.Research the Insurance Provider:
Be sure to check the history of the insurance company. You want a company that has good governance and ethics and is renowned for settling claims swiftly. Today, there are many insurance providers offering health insurance and doing your due diligence and research on the provider will help you make the right choice.
You can check out the different online health insurance policies and make a choice based on the aforementioned tips.