The importance of health has increased manifold over the last year. Many families have felt the impact of the COVID-19 pandemic, which has reiterated the importance of health insurance.
Health insurance provides ample protection to the people covered by such insurance and their families from financial insecurity. Health insurance plans are available with plenty of options from various health insurance providers. It can often confuse the regular person about which policy they should choose and which one will serve them. Since health insurance plans are a primary need for financial security, a few critical health insurance factors to be kept in mind are:
1. Network Hospitals
The network hospitals will play a crucial role as such hospitals would allow for cashless payment under the insurance coverage. A more exhaustive list of network hospitals would enable you and your family to be at ease as a large number of hospitals might be able to offer their services to you. Apart from the hospital’s list, each hospital’s area or city should be noted to avoid any confusion regarding the availability of treatment and any payment to be made at an early stage.
2. Waiting Period
Most policies come with an initial waiting period during which no advantages of the policy can be enjoyed. Such a waiting period may differ from one policy to another and generally lies between one week to one month. Customers should carefully view the same if they feel they have an upcoming problem that might need insurance use. Apart from the initial waiting period, certain policies also have a waiting period for certain illnesses, which may be a bit longer and needs review.
3. What is excluded
When one PayBima compares insurance plans online, it is equally important finding out what is excluded from the insurance rather than only seeing what is included. Some policies might exclude certain diseases from the list which can be treated under the policy. The exclusion list is vital to verify as it would save you from trouble in the time of need.
4. Period covered
Health insurance policies are generally used for coverage during hospitalization. Various policies cover both pre-and post-hospitalization charges, whereas different policies cover only post-hospitalization charges. When finalizing a health insurance plan, the consumer or user should verify all such details. The period of the post-hospitalization expenses is also essential as certain surgeries may require a longer post-hospitalization rehabilitation period. A check on this policy point would ensure that your health insurer will also cover expenses post any operation or surgery.
5. Sub-limit applicability
The sub-limit applies to various expenses incurred in a hospital and are generally a percentage of your sum assured. One of the most common sub-limits is room charges, which are often restricted to 1-2% of your sum assured. The sub-limit must be verified and known while taking health insurance to save the policyholder from future costs. A lower sub-limit would mean the inability to afford a private room or shelling out the excess amount from one’s pocket. Verifying sub-limit would allow the insurance holder to go for a lower sum assured without worrying about the quality of treatment.
The premium might be one of the most important points when it comes to the policy. Many customers often look at the premium to decide on the policy, which would be a huge mistake. While the premium is important, a lower premium policy might lack some of the features that we discussed above. While the initial cost might be lower in a low premium policy, an insurance holder might end up paying a higher cost in the end. While a person compare health insurance plans online, they must verify the features in a policy vis-à-vis its premium to gain greater insight.
Health insurance plans might well become one of the most basic forms of financial planning in the coming years. Not only does it protect your family and allow for the best treatments, but it also ensures that there is no erosion of wealth or capital of the family. Health insurance plans decisions should be taken very seriously to ensure that the family does not suffer in the future.