Things are not the same as they used to be before. Every sector in the country, especially healthcare, has changed significantly. With the rising cost of healthcare, the consumers have now become more aware about the health insurance plans in India and the insurance companies are trying to reach their potential customers in all parts of the country.
Needless to say, the right insurance policies can help you overcome the financial stress to pay for expensive treatments due to illness or accident. You have a much better chance of recovering with quality treatment that can be easily accessible with the help of health insurance plans in India.
That being said, here are the most important factors and features of a health insurance policy that you need to consider before making an investment.
- Type of insurance policy
This is the most important consideration when looking at health insurance plans in India.The type of insurance policy can be chosen on the basis of your age as well as medical needs. For instance, a young person will choose as per their marital status, income, and age. For instance, insurers like Care Insurance offer various options and benefits for senior citizens and young insured persons. Similarly, a family floater plan is best suited for people who want to buy a common policy for all the family members. They have their unique benefits, such as additional cover for a new-born baby.
You must keep the policy type on mind when you are buying a new policy. However, if you already have a health insurance policy, you can look for top-up options to increase the policy coverage. Premiums for such policies are usually less as they have a high-deductible element.
- Room rent coverage
Hospital room rent is an important consideration when choosing health insurance policies. They also vary from one policy to another. Some insurance providers put a limit on room rent. It is usually calculated as the percentage of sum insured. For example, 2% of sum insured for a policy of Rs. 5,00,000 will restrict the room rent to Rs. 10,000 per day. Therefore, you need to look for insurers with a lower or no limit on room rent.
- Deductible and co pay
Health insurance plans in India may have a co-pay clause. Co-pay means that the insured person will pay a certain percentage of the medical bills out of their own pocket. It is only after bearing the partial cost will the insurer start paying the remaining amount. Co-pay can be anything between 10% to 30% of the total bill, depending upon the insurance provider.
Similarly, the deductible is also paid by the insured person, but the amount is fixed. Therefore, an insurer will start paying only when your bill has exceeded above the deductible limit.
- Network hospitals
When you are looking to buy a new policy, be sure to keep a close eye on all the hospitals that are in the insurance providers’ list. Seeking treatment in one of these hospitals will make you eligible for cashless treatment. At a time of medical emergency, this facility can be a life-saving feature, especially if you need immediate medical attention and don’t have enough time to arrange the finances required for treatment.
- Insurance Premium
During 2019-2020, general and health insurance companies collected 50,758 crores as health insurance premium in India, registering a growth of 13 per cent over the previous year. This indicates the growing awareness and need of health insurance among people.
The premium for your health policy will vary depending on multiple factors. The higher the benefits in your policy, the higher will be the premium. The age of the insured person can also affect the premium. Therefore, you must carefully compare policy benefits and premium before making a purchase decision.
Health insurance plans in India offer all kinds of features to suit different types of buyers. Therefore, it is important to buy a policy that is suitable to you and your medical needs in the long run. Keep all these aspects in mind before you buy an insurance plan.