The combined unpredictability of life and the economy has made health insurance a necessity for each and every individual. In case of a medical emergency, expenses can quickly mount; causing financial burden. With increasing medical costs and a higher cost of living due to inflation, health insurance combats the burden of hefty bills. Simply framed, health insurance is a safety net that covers an individual’s current and unprecedented medical costs, in exchange for a premium payment.
There are several types of health insurance plans, to cover an individual’s demands. For example, Individual Healthcare Plans, Family Health Insurance, and Senior Citizens Health Insurance to name a few. It is important to check the features of health insurance policies before purchasing one, because they may have hidden costs involved. The exclusions section of the plan may not include some hospitalisation and prescription costs, which can greatly affect your finances. Hence, comprehensive research on the features of various health insurance policies must be done before purchasing a plan. Here are a few salient features that your health insurance policy should have and why:
The general population is more susceptible to paying medical costs at an older stage of life. A health insurance plan with lifetime renewability will prevent an individual from paying the increased medical costs of treatment at older ages, and prevent fund depletion from their limited pension and savings.
The waiting period in a health insurance plan refers to the amount of time the insurance company is not liable for claims. For pre-existing diseases before taking a plan, the usual waiting period is between 2 to 4 years. A health insurance plan, especially for individuals with pre-existing diseases, should have a shorter waiting period.
When hospitalised, room rent is one of the major expenses that one must incur. Most health insurance plans have constraints and restrictions on this expense, as a percentage of the sum assured. It is important to choose a health insurance policy that doesn’t have such restrictions on room rent.
Several hospitals have branches and chains located in various parts of the country. So choosing a plan that covers a well-known and reliable network of hospitals is essential.
Individuals can avail of a bonus on their assured amount if they don't avail their health insurance for a year. Thus, individuals should choose the health insurance policy with the highest no-claim bonus.
Choose health insurance that provides cashless MediClaim insurance in order to reduce the stress and burden of paying hefty medical bills through other transaction modes.
Before buying a health insurance plan, you can also check if it provides tax exemptions under Section 80D of the Income Tax Act. Through this, an individual can claim deductions up to Rs. 1 lakh, and gain more disposable income.
In conclusion, health insurance plays a pivotal role in ensuring an individual has access to quality medical care without the fear of facing an overwhelming financial burden. These key features of health insurance are necessary when choosing a plan in order to avoid hidden costs. In addition to this, while selecting a health insurance policy, individuals should consult a financial advisor to find a plan that suits their needs and requirements. To understand more about health insurance, you can write to us at email@example.com or call us at 8699993333.