In light of Covid, a large marketing opportunity is being seen by Health insurance companies. It is after all the fastest growing segment of insurance and it is being fueled by fear. A lot of people are getting hounded by medical insurance call centers and are being extolled the virtues of joining their medical insurance plan. How do you choose a medical insurance plan for the family?
Check details if Covid 19 and Covid related health problems are covered by the policy. Some polices will not cover expenses if not hospitalized because of Covid and if treatment and medication is done from home. So please check all the details as this is very important during this challenging time.
Ensure that there is no copay clause. Remember if co-pay clause of say 10% is there, it means you will have to pay 10% of the claimed amount. So, there should be as less or zero co-pay amount in the policy.
Minimum waiting period for pre-existing disease treatment will be there in the policy varying from between 2-4 years. Try to get it down to 2 or even lesser if possible.
There are some diseases for which there is a waiting period before being covered, even if you are afflicted with it after buying the policy like hernia, cataract etc. Try to get the disease waiting period waived off or keep it down to 1-2 years.
Some policies have a room cap limit of 1% of the sum insured. Insurance of 10 lakh means Rs 10,000 max per day room rent will be paid. Ensure there is no capping limit. Generally, only the govt insurance companies have them. But just check and get it removed in the policy.
Dental, pregnancy, cosmetic surgeries etc are general exclusions in all policies. Make sure there aren't any more exclusions than that.
For example 30/60 means that if you are admitted for a surgery you can claim all the bills related to it 30 days prior and 60 days after surgery. This includes the tests done and the medicines. Mine is 30/60. Ensure this is maximised for you too.
Some procedures don’t need you to stay for 24 hrs in hospital. For example chemotherapy treatment, which is a day care procedure and is covered under insurance. Make sure some basic surgeries like ligament tear, cancer etc are covered in day care treatment.
I often get asked why there is no money back in Health insurance if I haven’t used it during the year. There is a no claim bonus. It should be at least 10% per year. For eg mine is 2 lakhs per year for a max of 5 years. My insurance of 10 lakh will become 20 lakhs in 5 years if I don’t make a claim. Also ensure that it is renewable for the lifetime.
Ensure that your provider is giving you maximum network hospitals, including the one that you normally go to if someone is sick. Everybody has that one trusted doctor or hospital with which they are comfortable. If it is part of the network coverage hospital, then it will be cashless treatment instead of reimbursement.
Are you lost in your search for a good health insurance provider? The policy can be tailormade for every family. And most people don’t know, but an entire policy can be designed around your needs.
Let us know if you would want to revisit the health insurance policy opted by you
In light of Covid, a large marketing opportunity is being seen by Health insurance companies. It is after all the fastest growing segment of insurance and it is being fueled by fear. A lot of people are getting hounded by medical insurance call centers and are being extolled the virtues of joining their medical insurance plan. How do you choose a medical insurance plan for the family?
Check details if Covid 19 and Covid related health problems are covered by the policy. Some polices will not cover expenses if not hospitalized because of Covid and if treatment and medication is done from home. So please check all the details as this is very important during this challenging time.
Ensure that there is no copay clause. Remember if co-pay clause of say 10% is there, it means you will have to pay 10% of the claimed amount. So, there should be as less or zero co-pay amount in the policy.
Minimum waiting period for pre-existing disease treatment will be there in the policy varying from between 2-4 years. Try to get it down to 2 or even lesser if possible.
There are some diseases for which there is a waiting period before being covered, even if you are afflicted with it after buying the policy like hernia, cataract etc. Try to get the disease waiting period waived off or keep it down to 1-2 years.
Some policies have a room cap limit of 1% of the sum insured. Insurance of 10 lakh means Rs 10,000 max per day room rent will be paid. Ensure there is no capping limit. Generally, only the govt insurance companies have them. But just check and get it removed in the policy.
Dental, pregnancy, cosmetic surgeries etc are general exclusions in all policies. Make sure there aren't any more exclusions than that.
For example 30/60 means that if you are admitted for a surgery you can claim all the bills related to it 30 days prior and 60 days after surgery. This includes the tests done and the medicines. Mine is 30/60. Ensure this is maximised for you too.
Some procedures don’t need you to stay for 24 hrs in hospital. For example chemotherapy treatment, which is a day care procedure and is covered under insurance. Make sure some basic surgeries like ligament tear, cancer etc are covered in day care treatment.
I often get asked why there is no money back in Health insurance if I haven’t used it during the year. There is a no claim bonus. It should be at least 10% per year. For eg mine is 2 lakhs per year for a max of 5 years. My insurance of 10 lakh will become 20 lakhs in 5 years if I don’t make a claim. Also ensure that it is renewable for the lifetime.
Ensure that your provider is giving you maximum network hospitals, including the one that you normally go to if someone is sick. Everybody has that one trusted doctor or hospital with which they are comfortable. If it is part of the network coverage hospital, then it will be cashless treatment instead of reimbursement.
Are you lost in your search for a good health insurance provider? The policy can be tailormade for every family. And most people don’t know, but an entire policy can be designed around your needs.
Let us know if you would want to revisit the health insurance policy opted by you
