Health needs might vary for all of us but our need to be healthy is universal. Healthcare has become extremely diversified and doing our due diligence before we invest in a Mediclaim policy or health insurance policy can save us from a financial shock in case of a medical emergency.
Here are a few things to keep in mind when buying health insurance coverage:
1. A Mediclaim policy given by your employer may not be enough.
Many companies offer Mediclaim policy to their employees as part of a group insurance plan. A Mediclaim policy can take care of hospitalization expenses for you and your family in case of an accident or for specific diseases up to a predefined limit. This health insurance is portable if you switch employers. However, such health insurance coverage may be insufficient in sum assured and for out-of-hospital medical care like physiotherapy etc. Buy a separate health insurance policy for yourself and your family to cover all medical needs.
2. Read all documents carefully to understand all health insurance sub-limits and exclusions.
Health insurance policies can be extensive both in coverage and in document size. Begin by understanding all insurance related terms and read your mediclaim policy thoroughly to know about services, both covered and NOT covered by your health insurance policy. You must know your share of payment (co-payment, deductibles etc.) and sub-limits or caps in your health plan, especially for urgent care services like ICU or ICCU or for critical illnesses.
3. Get Cashless Mediclaim Facility at Network Hospitals
A mediclaim policy offers cashless treatment in network hospitals where your insurer directly pays the hospital for your treatment. Cashless benefits save precious time otherwise spent filing reimbursement claims. It is essential to buy a mediclaim policy which has a large number of network hospitals to get the best health insurance coverage.
4. Buy Mediclaim policy early on in life.
Buy Mediclaim health insurance when you are young to ensure you are protected throughout your life. You can choose to get an individual health plan or a family floater plan for parents/spouse. Young, healthy individuals can buy Mediclaim policies at a lower premium and get extensive coverage like preventive health check-ups to avail maximum benefit.
5. Benefits of a Mediclaim policy
Since health insurance is also an investment, consider the benefits offered. No Claim benefits (NCB) on every claim free year can result in lowered premium rates upon renewal, tax exemption on healthcare premium under section 80D, and cashless treatment are just a few of the perks of health insurance coverage. Check and compare all benefits along with a high Claim Settlement Ratio and choose a comprehensive health insurance plan within your price range.
6. Check Room Rent Capping
Room rent per day in hospitals can amount to a large sum. Your Mediclaim policy will have a cap on the amount paid as room rent (for e.g.- ₹5000/ day). If the room costs more than this cap amount, you will have to pay the difference from your own pocket, making it a costly affair.
A Mediclaim policy can offer many benefits but one needs to go through health plans with a fine-toothed comb to extract maximum protection and benefits.