Has it ever happened to you that once you have bought a dress and you are passing by another store, you find a better option on a mannequin? Well, this is not only your story but many of us go through it. This is why doing proper research is important. And if you are buying something as important as a health insurance policy, then you must spend some time comparing the policies.
When you compare health insurance policies, you will have an idea of the kind of health insurance policies that exist in the market. It will be much easier for you to choose a health insurance plan that suits the need of you and your family. So, let us check what are the prime areas that you need to focus on while comparing health insurance plans.
Co-payment is perhaps one of the most significant factors that differentiate several health insurance plans from each other. This indicates that the policyholder has to pay a fixed cost during the time of claim. For example, if a 10% co-pay is mentioned on all claims, your insurance provider will pay only 90% of the claim amount. The rest of the 10% has to be borne by you. This is a common feature in the family floater plans and health insurance plans for senior citizens. You must check if the insurance product you are choosing comes with a co-payment condition or not.
Limits of certain medical treatments
There are insurance companies that put a cap on costs that have been incurred in certain medical treatments. The reason why they do so is that the company aims at reducing the expenses in case the hospitals are overcharging. Therefore, you must go through the policy details and check if any such limit has been put. If there are such limits, then which diseases are capped?
Waiting period for particular illnesses
Risk coverage on certain health issues such as knee replacement surgery and hernia comes with 2 years of buying a policy. Also, you have to continue the same health insurance plan with the same insurer, without giving any break. Therefore, you must read your policy document and check for any such waiting period.
Risk coverage of pre-existing illnesses is usually offered after a waiting period of a minimum of 1 year and a maximum of 4 years. If you have any illness or health-related problem, before you purchase a health policy, you should look for a health insurance policy that comes with a minimum waiting period. This will help you to make sure that you get your claim when you actually need it.
Hospital room rent
In most cases, there is a fixed percentage of the insured amount that can be used for room rent at the hospital. For example, on a policy of INR 1 lakh, the limit of hospital room rent is 1%. This means the maximum amount you can use for room rent on a per-day basis is INR 1000.
Policy renewal charges
Each time you file a claim, your insurance provider will charge you an extra amount while renewing your policy. This extra amount is based on the insured sum percentage that you claimed in the following year.
Discounts or bonuses
If a policyholder does not file any claim at the time of a certain year, insurance providers offer discounts during the time of renewal of the policy. And, if you do not file any claims for four consecutive years, you can even get free health checkups.
To know about other factors that you need to take into consideration while comparing health insurance policies, you can visit the IIFL website. You will also be able to know about several other health insurance policies that might be suitable for you and your family.