Health Insurance Plan Archives -

Check these 12 Parameters Before You Finalise A Health Insurance Plan

Wed, 01 Jun 2022 03:07:59 +0000

The Buyt Desk

First-time health insurance buyers struggle with the nuances of a health insurance plan. Here is a guide that might help you in narrowing down your selection.

The Indian health insurance market has many players. And each company has hundreds of health plans. Under such situations, it becomes really difficult to choose one which meets all of our requirements. Before looking for health insurance, you should question yourself about why you need it, how much you need and what facilities you need. Only when you clearly know what you are looking for, sizing down health insurance from many becomes easy. You need to prepare a checklist of important things you need in your health insurance and prioritize each item. When you are a first-time health insurance buyer you need to know many things about health insurance. It is daunting to finalize a health plan for yourself and your family. The jargon used by the insurance company to explain the plan makes it even more difficult. So it is better if you know all this in advance to understand the policy better. There are a few factors that you must look into. Here are a few such things that you should know as a first-time health insurance buyer.

Things you should know as a first-time health insurance buyer

The Insurer’s reputation – Be aware when you find some suspicious plans like the ones which are less expensive yet provide more coverage than the normal standard. This might be because the insurer has no good reputation in the market and not many are buying insurance from that company. The reputation may be down because of bad customer service, poor claim facility, poor claim settlement or some fraud. Go through customer reviews online before deciding on the insurer.

Fast and trouble-free claim process – The claims process should be simple and not troublesome. The claim settlement should happen fast without taking much time. Only such insurers can be considered for buying health plans. Good customer support is a must.

Room rent restrictions – Not all plans allow you to pick the room of choice during hospitalization. Some plans cover only a certain grade of rooms and if you go for a higher grade, you have to bear the room rent. So go for plans that do not cap on room rent or choose the one with a larger cap.

Disease-specific limitations – Some low-cost health plans have limitations for certain diseases which means only certain coverage will be provided and not full.

Insurance amount – Deciding the coverage you need or arriving at the sum insured is a difficult task. At various moments you will feel that the insurance amount is less and you need to increase it. And at some point, you will feel it is too much and you are paying higher premiums. When deciding the insurance amount takes into consideration your age, current health condition, family medical background, possible medical expenses in near future, ability to pay premiums and your emergency fund. Make sure you won’t fall short of cover during health emergencies nor do you pay a very high premium disturbing your day to day living.

Pre and post hospitalization cover – Always opt for pre and post-hospitalization cover as these costs are as expensive as hospitalization. Pre and post-hospitalization costs include diagnostic tests, ambulance, medicine, nurse service and many more.

Waiting Period – Health plans have a waiting period for certain conditions/ diseases before they are covered under insurance. So go to a health plan that has no short waiting period.

Network hospitals – Check the insurer’s list of network hospitals that provide cashless service. This list should be vast and cover all the hospitals that you may need.

Restoration benefit – As the healthcare costs are increasing day by day, the sun insured this year may not suffice in the coming years. You may need higher coverage as age advances and due to inflation in the costs. So go for a health plan that has restoration benefits which means you can enhance your coverage in future.

Co-payment and deductibles – Some plans offer deductibles wherein the insured will bear a certain percentage of every claim made. Co-payment is when the insurer will pay only when the bill crosses a certain amount. Do not go for plans that demand co-payment or deductibles.

Exclusions – Every health plan has a list of exclusions. This list contains diseases and health conditions that are not covered by the policy. So go through this list before buying insurance.

Riders or Add-ons – When certain diseases or health conditions are not covered under the policy but you want them to be covered, you have to go for health insurance riders, also known as add-ons. This comes with the cost which is added to the premium. You can buy these riders at any juncture and not necessarily at the start.

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Steer Away from These Mistakes While Buying a Health Insurance Plan

Sat, 17 Jul 2021 07:17:46 +0000

The Buyt Desk

In 2019, there were 250 million hypertension patients in India. Prevalent chronic diseases like diabetes, cancer, mental disorders, and respiratory illnesses are significant causes of death and disability in India. The incidence of these diseases will continue to grow for the next 25 years with a rapidly aging population. On a side note, the healthcare sector in India is expected to grow to USD 372 billion in 2022. These numbers indicate two things. First, the chances of developing a chronic disease are high. Second, the cost of treatment is rising.

Such a scenario demands you to buy a health insurance plan. Under a health insurance plan, the insurer provides you cover against accidents or diseases by paying bills for hospitalization, medicines, and doctor consultation. It comes at the cost of paying a premium annually or monthly for a fixed number of years. There is no denying the necessity of health insurance. At the same time, there is no denying that people make grave mistakes while selecting health insurance.

Opt for sufficient coverage

You may choose a health insurance plan with a low premium. While the premium amount is an essential consideration while buying insurance, sufficient coverage is also necessary. If you have to avail the sum insured, insufficient coverage would not fulfill your medical needs and leave you vulnerable to high costs.

Hiding your medical history

If you conceal your medical history from the insurer, thinking it will hamper claim settlement, you are wrong. On the other hand, the act of concealing this information will lead to claim rejection. Moreover, the insurer may offer you additional benefits after knowing your complete medical history.

Buying health insurance for tax benefits

You enjoy a tax benefit for paying a health insurance premium under Section 80D of the IT Act. Do not buy a plan only for tax benefits. You may end up purchasing a policy with insufficient coverage. The primary purpose of your health insurance plan should be to protect you and your family against medical contingencies.

Young people also need a health insurance

Medical insurance is necessary for all, including the younger population. A medical emergency can affect anyone. For instance, in the second wave of the COVID-19 pandemic, India lost many young citizens. It is beneficial to buy health insurance in younger years because it is easy to get a policy and the insurer offers lower premiums.

Missing details in the policy’s fine print

It may be overwhelming to read the fine print of the health insurance policy. Nonetheless, it is necessary. The fine print reveals details about coverage, inclusions, and exclusions of the policy. These details are crucial for claim settlement.

Buying more policies instead of extending the existing policy

To extend your health insurance policy coverage, simply “Top-up” the existing policy. Buying more policies does not offer an economic advantage.

Ignoring riders

You can avail of additional insurance amounts by adding riders such as accident insurance and critical illness insurance to your health insurance plan. Riders help to bear massive medical expenses due to severe illnesses.

Bottom line

Choose the best health insurance plan by keeping in mind the above pointers. Additionally, comparing different plans before the purchase will help you discover the plan most suited for you.

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4 Tips To Help You Choose The Right Health Insurance Plan

Wed, 16 Dec 2020 10:07:47 +0000

The Buyt desk

You can never predict a health emergency. Did you ever imagine a pandemic situation like COVID-19? However, the fact is that with the deteriorating environmental conditions like alarming pollution levels; stressful daily routines with minimum physical activity and unhealthy eating habits; and an ever-increasing inflation rate; the health expenses will increase. To safeguard yourself and your family in tough times, choose a health insurance plan suitable for your needs. The insurance market gives you a variety of insurance plans. Individual health cover, family floater plan, group health insurance, and critical illness insurance are some of the examples.

How to select the right health insurance?

It is not easy but before finalizing a plan consider the following factors-

Family structure: If you are single, then an individual health insurance plan is sufficient. If you have a family, then an all-inclusive-family floater plan will be right. A single premium payment covers the hospitalization expenses of the whole family. It is useful if you have dependents like a spouse, children, etc. Severe illnesses, like heart attack, organ failure, and cancer, can incur tremendous medical costs. You can select a plan with critical illness coverage to safeguard against them, especially for elderly individuals.

Terms and conditions of the plan: You choose a health insurance plan based on your requirements. Do go through the terms and conditions of the policy and understand the following clauses-

You should find out the exact coverage amount the plan offers for in-patient hospitalization, day-care treatment, room rent, and medical expenses before and after the hospitalization.
Also, choose a plan that allows you to avail of any medical facility. Some plans either limit the range of doctors or hospitals or charge additional for availing a medical facility outside their network.
Age-related illnesses kick-in around 55 years of age. Therefore, choose a plan that would provide age coverage till 70 to 80 years. Some plans offer a lifetime renewal option.
You should carefully understand the exclusions of the health insurance plan. For example, the plan may not cover dental treatment.
In case of coverage for pre-existing illnesses, health insurers have a waiting period ranging from two to four years. You can find a favourable health insurance plan with the least waiting period for coverage of pre-existing illnesses.
Some health insurance plans come with allied benefits such as free medical checkups or consultation with nutritionists/doctors. These plans may have a slightly higher premium. Nonetheless, they are beneficial in the end.

3)Credibility of health insurance companies: You should choose a health insurance plan from a company that has a history of high claim settlement. There is a high probability of hassle-free payment of insurance amounts from such companies. The claim settlement process is another aspect to consider while choosing your health insurance provider. A complicated process with high documentation requirements is a big no-no. An easy online claim settlement process is best suited. Some companies may increase the overall coverage amount of the health insurance plan with time by offering a no-claim bonus or by restoring the plan for additional coverage without additional premium payment. It is of utmost use to select a health insurance plan from such a company. A no-claim bonus means an upgrade in the coverage amount of the health insurance plan if you do not file the reimbursement claim for a year.

4) Cost analysis of the health insurance plan: As you do a cost-benefit analysis before buying any product, choose a health insurance plan that offers a lower premium rate and maximum returns. Be careful to select a plan that fits your budget and does not cause any financial burden.

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