How to Choose the Right Health Insurance Provider
What is Health Insurance?
Health insurance is coverage that helps pay for medical expenses. The policyholder pays premiums to an insurance company. The company in turn provides financial help for medical expenses like hospital stays, doctor visits, medicine, and treatments. Health coverage protects the policyholder from high healthcare costs and makes sure they get the necessary medical care.
Factors to consider when choosing a Health Insurance provider
When choosing a Health Insurance provider, considering various factors is necessary to make the right choice. These factors are as follows:
Policy coverage
Policy coverage refers to the extent of benefits and services offered by the Health Insurance plan. Some of the common medical expenses covered in India are:
- In-patient care: Treatment expenses on hospitalisation of the insured.
- Accommodation: Hospital room rent without any limit for the room category chosen. ICU charges will be covered.
- Pre-hospitalisation expenses : Refund of medical costs 90 days before admission to the hospital for any injury or illness.
- Post-hospitalisation expenses: Refund of the medical cost incurred up to 180 days after discharge from the hospital.
- Day-care treatment: Expenses incurred for treatments that require less than 24-hour hospitalisation.
- Domiciliary hospitalisation: For treatment given at home due to a shortage of beds in the hospital or as per the advice of the doctor. A confirmation from the treating doctor should be provided.
- Ambulance: Road ambulance expenses to shift the insured to the nearest hospital due to an emergency.
Top-up facility
Some Health Insurance plans offer the option to add extra coverage to the coverage. This can be beneficial for individuals who expect higher medical expenses in the future or those who desire additional coverage for specific treatments. The option allows individuals to extend their coverage beyond a certain limit.
Premium payments
The premium payment is the money paid to the insurance company for health coverage. It can be paid in various frequencies such as once a year, every six months, every three months, or monthly.
The premium amount depends on the policyholder's age, coverage requirements and pre-existing conditions, as well as the insurance company's terms and conditions. Compare the premium cost and coverage to make sure the Health Insurance plan is affordable.
Understanding the waiting period clause
Certain Health Insurance policies include a waiting period. During this period, certain treatments or pre-existing conditions are not covered. The waiting period can be between 30 days to a few years. Understanding it is crucial to determine when coverage for specific treatments will begin.
Co-payment clause
Co-payment means the policyholder pays a percentage of their medical expenses. If the co-payment amount is 20%, the policyholder will pay 20% of the bill and the insurance company will refund 80% of the bill.
Renewal clause
The renewal clause explains how the policyholder can renew the Health Insurance plan. It also mentions changes to premium amounts and coverage limits.
If a Health Insurance policy is not renewed promptly, it will expire and this will result in the loss of benefits such as cumulative bonuses and waiting period coverage. Thus, it is crucial to renew Health Insurance policies on time.
Conclusion
When choosing the best Health Insurance provider, carefully assess the policy coverage, premium costs, waiting periods, and co-payment clauses. Federal Bank is one of the top lenders in India and offers various Health Insurance plans in association with major insurance providers in the country, including Aditya Birla Health Insurance, Niva Bupa Health Insurance, and Star Health Insurance.