A steep and rapid rise in the cost of healthcare facilities has made investing in a sound Health Insurance Policy a necessity in today’s times. Since medical emergencies come unannounced, buying a comprehensive health insurance ensures protection from rising medical costs, and saves you from any kind of financial burden. To ensure you buy a comprehensive health plan, your decision should be based on important features discussed below.
Your health policy has a sum assured up to which you’ll be covered. In case you exhaust your cover during a hospitalisation, a policy with cover restoration may restore your benefits in case you have further hospitalisations in the same year. This restoration may be a standing feature of your policy or be availed by paying an additional premium.
PRE- & POST HOSPITALISATION EXPENSES
Health covers not only cover your hospitalisation expenses. They can also cover charges incurred before and after hospitalisation. For example, lab tests conducted before a diagnosis can also be added to your claim. This pre- and post period may typically range from one to six months. Long periods mean more savings for you in case of a hospitalisation.
Exclusions are one of the most important aspect of your policy document and you should read them carefully to avoid surprises. A policy may exclude claims arising in pre-defined situations. For example, a typical health cover will not settle any claim for 30 days since the policy commencement. One policy may exclude pre-defined diseases in the first two years, or pre-existing conditions for four years. Another policy may exclude hospitalisation required by an act of war. Each policy will have its unique approach towards exclusions.
ROOM RENT LIMIT
Check the room rent allowances on your policy. For example, a policy may offer you a rent limit of Rs. 3000 which allows you to comfortably receive treatment in a single private room at a hospital in your area. The higher the limit, the better for you.
Alternative Medicine And More
Some health insurance plans nowadays also offer coverage for non-allopathic and alternative treatments. Do check whether your policy offers coverage under Ayurveda, Yoga and Naturapthy, Unani, Siddha and Homeopathy (AYUSH) treatment. It is important to note here that all such alternate treatments are covered only if treatment is done in institutions recognised by the government or accredited by Quality Council of India or National Accreditation Board on Health. There are some health insurance policies that also provide cover for treatments carried out in OPD and day care as well. You can also check if your health insurance covers expenses of your organ donor also.
Before buying a health insurance, do compare the policy options online. You should read the policy document carefully to ensure you received what you need. If not satisfied, you can use the free look period to return the policy and get your refund.
(The writer is CEO, BankBazaar.com)