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Compare The Features Before You Buy That Health Insurance Policy
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You might have found the number of health insurance plans in market an overwhelming one but what you must not have noticed is- there are so many common features attached to all these plans. After all, the basic purpose of a health insurance plan is to provide support against financial constraints arising due to medical needs.
Hence your first step in comparing health insurance plans is to evaluate the coverage level each health plan offers. Then you need to put each feature of different policies with same coverage level side by side. Here goes the list of common features that can help you to compare and contrast the missing benefits and additional advantages of preferring one over the other.
Network of hospitals
Anybody in need of immediate medical care first finds for the suitable hospital with basic life-saving amenities. So, when you are comparing policies, compare the network empanelled with the insurer and make sure that some of these hospitals are within your reach at the time of need.
Maximum limit of hospitalization expenses
Look for the limit each policy has for pre and post hospitalization expenses. For instance, if policy A covers pre-hospitalization expenses of 30 days and post-hospitalization expenses of 60 days, whereas policy B covers pre-hospitalization of 45 days and post-hospitalization of 30 days. You can choose policy A since it covers more after-the-treatment expenditure, which is generally on the higher side.
Though there are standard exclusions for every health policy, still you may find dissimilarity by one or two points. No doubts there, as you will choose the policy with minimum number of exclusions.
No-claim bonus percentage
Almost every insurer puts the provision of no-claim bonus in each of his policies; nonetheless your choice should be one with highest percentage.
Pre-existing disease coverage
No insurer would cover your pre-existing disease from the day one of your policy. Instead there is a waiting period ranging from 2-4 years. You should buy the policy with lesser number of years as waiting period.
Check for the sub-limit clauses
Insurers put sub-limit clauses to share the burden with the insured. Sub-limits on room rent are generally 1% of the sum insured. This is a limit till which insurer bears the room rent, above this is the headache of the insured. Similarly, there is an authorised limit for specific treatments called treatment-specific limit and insurer provides only to a specific limit for a specific treatment. Look for the policies that do not have such clauses or if there are any, the limit should not be so less that you have to bear a substantial brunt.
Rationalised premium amount
Here we are not talking about the lesser premium possible instead the premium which is reasonable enough while weighing the benefits offered in return of it. Therefore, do not go after the lower premium amount instead go for a policy which offers valuable benefits against a rational premium amount.
Buying a policy is the easiest thing, choosing a suitable one is a matter of concern. Even if it takes time, it’s worth spending since you will be paying for getting the services. If you do not compare the policies in advance, sooner or the later it’s you who will have to suffer when the medical care will not be according to what you deserved and expected.
rahul sharma is author of this article who is working with policyx.com In this article, He has discussed about Health insurance policy in india
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