Medical emergencies hold the potential to derail one’s financial budget completely. Health insurance policies are designed to mitigate these risks. These provide financial coverage against critical health issues, accident expenses, etc.
If you avail of such insurance covers, your medical treatment costs during hospitalization will be covered by your insurer from the assured sum. You have the option to visit a network hospital for treatment or pay for your treatment initially and get it reimbursed by the policy later on. Besides, your paid premium for the plan will be tax-deductible under Section 80D of the Income Tax Act of 1961.
However, this insurance policy landscape is tricky to navigate. So here are a few tips that you need to consider when choosing the best health insurance cover for your family.
Sufficient Health Insurance Coverage:
You must assess your present and future healthcare requirements accurately before finalizing an insurance policy. Remember, it must be in tandem with your current health condition and also take into account the expected medical needs and inflation factor as well. Your health insurance must be sufficient enough to cover any medical contingencies and more.
You can avail of the individual health insurance plan from companies like Bajaj Finserv under which you can get a sum insured to up to Rs. 50 Lakh for each member of your family. Besides, look for additional covers such as accident plans that come with a low premium, thus ensuring your family further.
Exclusions From the Insurance Policy:
Health insurance covers are intended to offer coverage of standard medical emergencies. However, there are specific exclusions from these health policies which you must be aware of.
For instance, for any pre-existing diseases of a policyholder – the same would not get covered from Day 1 as an insurance policy is intended for uncertain things, not for specific events. However, there might be a waiting period after which a particular pre-existing disease gets covered.
Cover for Your Entire Family:
Instead of availing individual health insurance policy for every family member, one can consider availing a family floater health insurance plan from companies like Bajaj Finserv. Here, the chosen insured sum applies to your entire family under a single coverage. You are required to pay a single premium and prove the best health insurance cover for you and your loved ones. Get financial coverage on expenses on hospitalisation, medication, surgeries, maternities and new-born babies.
Cashless Hospitalization Network:
Leading insurance companies offer a cashless hospitalization facility under a unified network. This eliminates any further need to make payments to hospitals by the insured. Besides, the medical bills are also settled directly by that insurance company.
While considering an insurer for a health insurance policy, take the extent of the cashless hospitalization into consideration. This is particularly important in the case of patients suffering from critical illness, which might require hospitalization at any given moment.
You can consider taking a critical illness insurance policy that covers the lump sum financial expenses in case of life-threatening ailments like a heart attack or stroke. You can get an insured sum of up to Rs. 50 Lakh and avail the best treatments for a critical illness.
Check the Claim Acceptance Ratio of Your Insurer:
While choosing the best health insurance scheme, take a look at the insurance company’s claim acceptance ratio. A lower claim acceptance ratio might indicate the reluctance of the insurer to admit insurance claims. This inhibits the very purpose of medical insurance policies. Thus, go for companies that possess a better claim acceptance ratio.
So, choose the plan that best fits your requirements now that you know of the things to consider while choosing health insurance policies. Make sure to compare all the options available before you apply.