Things You Should Know Before Taking A Health Insurance Plan

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Health Insurance
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Families take years to set apart a prominent amount of savings and investments to achieve their financial goals. However, one medical emergency can potentially ruin or derail the planning which would have taken years. This is why one of the most significant investments that can be made is investing in a health insurance plan, which comes with adequate coverage and a high sum assured. 

The ideal health insurance policy is one where the insurer compensates for over 90% of total hospital bills. However, many things need to be considered before investing in a health insurance plan.

Let us discuss the factors that need to be considered, as well as the benefits of health insurance. Know all the details here

The Age Criteria

If it’s a family floater insurance plan, the age of the eldest member of the family is considered to determine the cost of the premium. Most plans have a well-defined age range depending upon the product type, however, they keep on varying from company to company. 

Combination Of Premium And Coverage

It is always easier to go for a plan with a low premium cost, but you should know the reason behind the low premium plan offered by the insurer. In cases where despite the low premium, the insurer is offering you extensive coverage, then it’s good to opt for the plan, but in some cases, insurers have additional clauses like co-payment, deductibles, and sub-limits as a reason for low premium, which results in you paying more at the time of the claim. 

So you need to understand the ratio of premium to coverage before you invest in a health insurance plan.

Waiting Period Clause

The waiting period clause is applied to pre-existing illnesses like blood pressure, thyroid, diabetes, etc. Waiting periods can range from 24 to 48 months, depending upon the plan, which means the insurer won’t compensate any claim if it arises during this period for any pre-existing illness.

So make sure to compare and choose the plan with less waiting period to claim the benefits of the health insurance plan.

Cashless Hospitalization Benefits

Insurers have a network of hospitals where no paperwork is required at the time of admission and claims, and the insurer directly pays the amount to the hospital. So make sure the insurer is offering this benefit of direct reimbursement to the hospital.

Additionally, make sure to check the network of hospitals the insurer is tied up with within your vicinity.

Pre and Post Hospitalization Coverage

Most plans cover the cost incurred during hospitalization only, but it’s ideal to buy a plan which covers charges like ambulance charges, medical tests, doctor fees, medicines, etc.

Coverage of Maternity Expenses

Usually, people forget to check if the insurance plan is covering maternity benefits too. It is ideal to buy a plan which is offering maternity coverage because the cost of maternity and delivery can burn a hole in your pocket. Usually, the insurer has a waiting period clause of 2 to 4 years for maternity coverage.

Preventive Health Check-up Facility 

While deciding on an insurance plan, make sure to check if the insurer is offering the coverage for preventive health check-up of your family, which includes check-ups for cardiovascular diseases, cancer screenings, MRIs, etc.

Co-Payment Clause 

This clause means that the insured would also pay a certain amount, along with the amount that the insurer would pay. So, you have to carefully assess the co-payment clause while selecting a health insurance plan.

Claim Process

Make sure that the health insurance claim process is smooth and hassle-free because at the time of claiming, nobody wants to file tons of paperwork and formalities.

The benefits of a Health EMI Network Card surpass those of health insurance plans. For example, Bajaj Finserv Health EMI Network Card does not have any clause regarding pre-existing illnesses or waiting periods. Additionally, it comes with a complimentary accidental coverage of Rs. 1 lakh for a year. 

Just like health insurance, the Bajaj Finserv Health EMI Network Card comes with a wide network of 5,500+ partners in 1,000+ cities, with flexible tenors of up to 24 months. Thus, while you have to carefully consider a health insurance plan, you don’t have to go through the hassles while applying for a health card online. Even the process of application for health cards online is fairly simple, as it requires no documentation and gets activated instantly. So make sure to compare the formalities and benefits of health insurance and the Health EMI Network Card, before making your decision.