Health Insurance Plans are worth to buy that can be either individual or a family floater plan but before buying an Individual Health Insurance Plan some points need to be checked.
Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. In today’s scenario there are various health insurance plans available in the market so it is a little confusing matter to shortlist any one which will fulfill all the needs. Sometimes people buy a plan in hurry to save their tax under section 80D but they must be careful before choosing as it is an important investment for every family. Most important is the health coverage under the plan as a right health insurance coverage is the basic need of everyone that must be fulfilled on time and not in hurry. So it is better not to choose cheaper plans as they will offer lesser sum insured that will be not enough and will never pay the bill of the chosen hospital, rising medical and health care costs.
This article is about to highlight those important points that are need to check before buying an individual health insurance plan:
Room Rent Limits
Room Rent is an important part of getting benefit of hospitalization where the category of room rents and the likely limit of money is payable for the hospital rooms during hospitalization. Different health insurance plans have different room rent benefits but commonly the benefit is 1-2% of the sum insure on daily basis that might be or not be get the expensive rooms in any private hospital for medical increment. In previous plans, room rents benefit under a health insurance policy is to be borne by the policy holder but now the scenario has changed a little bit; some plans offer no room limit where some are offering freedom to the policy holder to choose their own room type at the start of the policy. In the higher sum insured there is no bound on room rent limits, some plans despite of sum assured give the policy holder a single private room. So it is moat important to look for the room rent limits and benefits in a policy and there are some health insurance plans that offer the reasonable rooms.
No Claim Bonus
It is like a gift for the policyholder in case of no claim in the policy year to stay healthy and is offered in the form of either deduction in premium or may be the increment in the insured sum as a percentage. But it is need to check the ratio of percentage of the insured sum and which health insurance plan is giving annually this and in what percentage it offers maximum as a no claim bonus. Each year the sum insured is risen up by the set No Claim Bonus if there is no claim during the policy year up to the set maximum percentage.
It is also called as co-share clause that policy holder has to pay on the total claim amount at the time of hospitalization and the health plans with higher co-payment comes with lower premiums and the given money is shared between the insured and the insurer
with no co-payment clause. Co-payments are done in two ways, voluntary and mandatory where the first one is done by the policy holder himself/herself and the second one is stayed in the health insurance plan that cannot be skipped. Mandatory co-payment is available for higher ages buying a health insurance plan can get a treatment in non-network hospitals. So when an insured person takes health insurance plan at a younger age without having any pre-existing disease may ask for a voluntary co-payment that could not advisable in the later ages.
Waiting periods are common in every health insurance plan and this period is like a boundary time period where benefits can’t be claimed. But these waiting periods are not available for the accidental hospitalized case and there are various kinds of waiting periods under a health insurance policy which are Initial Waiting Period, Pre-existing Disease Waiting Period, Specific Waiting Period and Maternity related waiting period. Initial Waiting Period has 30 days since inception, Pre existing Disease Waiting Period ranges from 2-4 years, Specific Waiting Period ranges from 2 years and the Maternity related waiting period ranges from 9-48 months.
This is like a recharge when the sum insured is spent and it gets filled automatically for the next hospitalization that happens within the policy year and consumption of insured sum may be either partial or completed depends on plan. Most of the health plans offer restoration for complete consumption of sum insured and that can’t be carried in the next policy year if it is not happened in the same policy year of restoration.
When the insured has sum insured as the maximum available benefit, then there are boundaries on the maximum limit of benefit on some treatments and methods that called sub limits.
There are other benefits that can be get are pre and post hospitalization, maternity, organ donor, domiciliary hospitalization, ambulance service, free health checkups etc.