Health insurance: FAQs to know about

You may have purchased a life insurance policy to protect your family from financial woes during your absence. But what about meeting costly hospitalization and medicines! Today, you and your family members are in good health. But life being uncertain, you may not know what will happen next. Moreover, with Covid-19 and other diseases like dengue, etc. causing pandemic situation across the globe, you should be aware of the importance of investing in mediclaims policy. However, you should not rush with the purchase without doing comprehensive research or knowing the details. Otherwise, you will not be able to access the benefits that you may require during medical emergencies.

Importance of selecting the most appropriate health insurance policy

The Indian health insurance market is considered to be quite vast. Moreover, availing health insurance benefits does come at a premium price. With medical expenses and cost of medicines increasing with each passing day, it has become important to opt for a reliable and comprehensive health insurance policy. Not having one will mean having to spend a fortune on hospitalization and related medical expenses. Some are even found to sell of their ornaments, take huge loans or even dispose their homes only to save their precious family members. Fortunately, there are plenty of options around to choose from. But first-timers are likely find the selection process quite a confusing and overwhelming task. Getting to know the commonly asked questions will help clear most of your doubts.

FAQs

1. What plan to choose?

A. There are different types of health insurance plans offered by reputed insurance companies. Health insurance premiums have been rising faster than inflation.You need to know and compare them in details. Understand that each plan comes with different benefits and also varies with the providers. A few plans such as the critical illness plan provides coverage to just certain critical illnesses that are mentioned in the policy. Indemnity plans are said to cover a fraction of the total medical cost incurred while you need to bear the rest of the amount. Regular plans will not be of much use if you desire to get coverage for critical illness.

2. What is desired?

A. This is a crucial aspect that you need to consider before doing anything. Determine what exactly you seek from the health insurance policy. On getting to know what is desired will allow you to check the essential requirements easily.

3. How extensive is the provider’s network?

A. This is another vital question you need to ask the provider. Choose a company that boasts of having excellent network (with easy to access branches). This will be quite helpful during emergencies.

4. What to know about Claim Settlement Ratio?

A. The company’s claim settlement history can specify about the company. Moreover, the company’s claim settlement ratio is likely to provide a better picture of how they had previously treated their customers and if they stand by the claims made. A trustworthy company is one that claims to have higher claim settlement ratio.

5. What is covered by the plan?

A. The plan provides coverage for all conditions and ailments promised in the policy to pay. Health insurance coverage is rather determined by the provider. A few might offer coverage for just surgeries, accidental injuries. Other plans may offer coverage for ambulance charges, critical illness, medical expenses and prescription medicine charges. You need to identify if the plan coverage to be chosen is adequate to meet your specific requirements or not.

6. How much amount to contribute?

A. Some insurance providers might cover entire medical charges while others might require you to pay part of the expenses. Such policies are referred to as co-pay, where you as the insured are required to contribute a specific amount as laid out in the plan. In case you are not interested to avail co-pay option, then make it clear right before purchasing the plan.

7. Does the plan provide coverage for routine exams?

A. Routine exams are crucial and are to be conducted periodically as recommended by your doctor. However, it might cost a fortune if you are to undergo too many tests. The policy will provide routine exam coverage, thereby allowing you to save precious money.

8. Does the plan come with cashless facility?

A. Most health insurance policies come with this specialised benefit. With a cashless facility plan, you can stop worrying about finances especially when trying to avail medical emergency services at a network hospital. This is because your insurance company will pay your hospital charges directly without involving you or your family members.

9. Are any special benefits offered with the plan?

A. A few providers are known to offer special benefits like coverage for eye care, dental care, and other medical conditions. Before buying a policy, get to know the details to make the most from the plan.

You can get proper guidance from the experts at Care Insurance. They will also clear your doubts while providing crucial information on different plans offered.