How to choose the Best Health
Insurance Policy?
Health Insurance is designed to
take care of one’s healthcare expenses, in case the person faces any sort of
medical emergency. The insured either has to pay such expenses out-of-pocket
& is later reimbursed by the insurer or the insurance company settles the
bill directly with the hospital.
You should pay heed to following
points before choosing a health insurance policy:
Pre & Post Hospitalization
Coverage: When one
falls sick, one usually consults a physician and gets relevant investigations
done for proper diagnosis. The physician may initially prescribe certain
medications. In spite of this treatment, if the condition of the patient does
not improve the physician advises the patient to get hospitalized for further
management of the disease. Such medical expenses incurred before
hospitalization are called Pre-Hospitalization Expenses. During
hospitalization, a major part of the treatment is complete but some part of the
treatment extends beyond the hospitalization. It may involve follow-up visits
to the doctor, medicines to be taken or follow-up investigations to be done.
Such medical expenses are called Post-Hospitalization Expenses. A good policy
will cover 30 days or more for Pre Hospitalization expenses & 90 days or
more for Post Hospitalization expenses.
Premium: We should compare the premiums
of health insurances offered by different insurers for a certain sum of
coverage.
Bed Charge Coverage: It means the amount of money
that is covered for each day of your stay at the hospital. You should inquire
about whether the policy covers Single Private Room. Many policies
provide coverage only if you stay at general ward. Some polices cover till
triple or twin sharing. It is generally seen that better the quality of the
room, better is the quality of treatment. General ward may not provide the same
quality of treatment as that provided by Single Private Room. Your policy
should cover Single Private Room or at least Twin Sharing.
Claim Settlement Ratio: It denotes what is the
probability that your insurer will actually pay you if you file a claim. It is
one of the most important factor while choosing a policy. Generally we select
the policy which is the cheapest. But many a times such policies reject our
claims. That turns out to be a complete waste of our premium money and also
faith. So always select among the Top 5 policies according to %Settlement
Ratio.
Tie-ups with Hospital: Check if the hospitals near
your residence are empanelled under the insurance company from which you are to
buy the policy. Doing so makes it easier to avail cashless hospitalization as
and when the need arises. Cashless hospitalization can be availed only at
empanelled network of hospitals ie hospitals with which the insurer has tied
up. The essence of cashless hospitalization is that the insured individual need
not make an upfront payment to the hospital at the time of admission. Otherwise
if you have to make payment by yourself first, then reimbursement of that
amount may take a long time. You will thus have to make no payment in case of
hospitalization and entire expenses will be directly borne by the insurance
company.
In-House Claim Settlement: Try to choose those insurers whose
claim settlement is not done by 3rd Party Administrators. Some insurers give
contract to 3rd party to verify claims (For eg: to check whether the person has
actually got admitted, whether the paperwork is complete). Many a times it is
seen that such 3rd party agencies harass people during claim settlement &
even sometimes reject the claim citing incomplete documentation. The more the
number of claims that get rejected, the more these agencies get paid. So, it is
better to choose those insurers whose claim settlement is done in house.
Mentioning Pre-Existing Diseases: Never fill your insurance form
in a hurry. Do not forget to mention your pre-existing diseases. Doing this may
increase your premium amount by a little, but it maximizes the chances of your
claim getting approved. If we do not mention our pre-existing diseases and it
gets detected during treatment, our claim will get rejected.
Conclusion: So, while choosing your health
insurance plan you should first shortlist Top 5 policies according to % Claim
Settlement. Cross out those (if any) who do not have Tie-Ups with hospitals in
your city of residence. Then cross out those (if any) who do not have In-House
Claim Settlement. If are still left with multiple choices then decide according
to low premium and bed charge coverage. If you frequently fall ill you should
select higher OPD Coverage by paying a little extra with the base plan. You may
choose Super Top-Up if you feel that you need a higher amount as coverage.
Sources:
Various publications
Disclaimer: The
information provided herein is based on publicly available information and
other sources believed to be reliable, but involve uncertainties that could
cause actual events to differ materially from those expressed or implied in
such statements. The document is given for general and information purpose and
is neither an investment advice nor an offer to sell nor a solicitation. While
due care has been exercised while preparing this document, we do not warrant
the completeness or accuracy of the information. We will not accept any
liability arising from the use of this material. The recipient of this material
should rely on their investigations and take their own professional advice.
Follow, Like, subscribe and
share
"Your Trust, Our
Financial Expertise."
Infyture, Investment For Your Future
Contact: +91-7990271953
// 8347871052
Website: http://infyture.wordpress.com
No comments:
Post a Comment
Please do not Enter any Spam Link in Comment Box