There are many health insurance schemes available in the market. Policies from different insurers have different features, riders and premium, and to pick the right one that suits both your needs and your budget becomes difficult.
The first thing to ensure is that the health insurance policy you buy provides adequate coverage to you and your family. Premiums vary across different insurance companies for the same Sum assured. Instead of just going for the cheapest plan, compare the features. By paying a extra, you may be able to get good benefits.
Every health insurance company has a waiting period before it starts covering pre-existing diseases. According to the Insurance Regulatory and Development Authority (IRDA), a pre-existing disease is any condition, ailment, injury or related condition for which one had signs or symptoms, were diagnosed, or received medical advice or treatment within 48 months prior to the purchase of the policy. The waiting period for covering pre-existing diseases differs from one insurer to another and ranges from two to four years. I would advice that give preference to policies that have a lower waiting period.
Many health insurance policies offer a critical illness rider along with the basic policy. It covers a limited number of diseases for which usually the cost of treatment is very high. Closely scrutinize the diseases that are covered by the rider. Also remember that the waiting period for critical illness is usually 90-120 days and you must survive for at least a month after the procedure to get the claim.” A critical illness rider mostly covers expenses arising out of cancer, kidney failure, organ transplant, multiple sclerosis and coronary artery surgery.
Most health insurance companies offer both cashless (insurer reimburses the hospital directly) as well as reimbursement facility. It is better to go for the cashless facility as then you do not have to make any payments to the hospital out of your own pocket. It also involves less paperwork and hassle than the reimbursement facility. Check the network of hospitals in your city where the cashless facility is available.
If you have had a claim-free year, companies offer a 5 per cent bonus on sum assured the following year. The cumulative bonus could go up to 50 per cent of sum assured. Make sure that your insurer offers you this bonus.
Most health insurance companies place a cap on the daily hospital room rent they will pay. Insurance companies have a cap on room rent which is usually 1 per cent of sum assured per day. This figure varies from company to company.
Usually persons aged above 45 are required to go through a medical checkup before the insurance company agrees to cover them. If your medical report is adverse, the insurance company may not offer you a cover.The age limit at which a medical test becomes compulsory varies from company to company.
Some insurance companies have designed policies to cater to the needs of senior citizens.Some insurers offer policies renewable up to the age of 75 years, provided the insured had bought the policy before the age of 55. The longer period for which a senior citizen cover lasts, the better.
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