Reaching a state of financial stability is the dream of every person, but the rising costs of medical treatments and medicines deliver a heavy pound to your wallet.
Health Insurance plans are made for the sole reason of providing you with financial stability and support in case of any medical emergency. Health insurance is essential for you in case of any medical needs since it puts a legal obligation on the insurer to provide you with financial assistance in different cases of health problems.
What Makes an Ideal Health Insurance?
While purchasing any health insurance plan, you should look at a few terms mentioned in the policy.
Survival Period: It is an essential part of critical health insurance plans. It is the minimum length of time after contracting a critical illness. Most of the insurance policies set this period as 15 days or 30 days after the medical condition diagnosis to avail of the benefits.
Network Hospitals: You must purchase the insurance policies which have the best network of hospitals. Often, insurance companies tie up with major hospitals in the country to provide you with good healthcare. These hospitals often treat you with additional benefits if you hold their insurance policy.
Waiting Period: Every Insurance policy has a waiting period after which the insuree can make claims and use the benefits of your health insurance plans. However, the clause has an exception of emergency hospitalisation through which if a person gets into an accident, he will get the claims even before the waiting period is over.
Generally, the waiting period in most insurance policies is about 30 days.
Pre-Existing Illnesses: Pre-existing illnesses are the diseases you have before purchasing the insurance plan. Most insurance policies don’t cover pre-existing illnesses, but some policies offer coverage for pre-existing illnesses after four years.
This means that if you have continued your health insurance plan with the same insurer for four years, they may provide coverage for pre-existing illnesses.
The other two terms are inclusions and exclusions. Inclusions are all the things your health insurance plan covers, and exclusions are all the things your health insurance plan does not cover. Standard exclusions in most health insurance plans are AIDS, self-injury, dental treatment etc.
Features of Health Insurance Plans
Cashless Hospitalisation: Your health insurance provider may give you a card that you can use in any of its network hospitals, and you are not required to pay any sum for your treatment.
Online Policy Renewal: After completing your policy year, you can renew the policy online by going to the website of your insurance provider.
Pre and Post Hospitalization: Most insurance policies cover both pre and post hospitalisation, and generally, you get 30 days of pre hospitalisation and 60 days of post hospitalisation care.
Grace Period: It is the period after the expiry of your insurance plan under which you can still renew your health insurance plan by paying the premium and retaining all the benefits.
Claim Settlement: The claim settlement process of insurance policies differ from each other, and you should familiarise yourself with the claim settlement process before purchasing the insurance policy. To have a seamless claim process, you need to make yourself familiar with the claim settlement process.
We hope this article has helped you understand the basic terms and features of a health insurance plan. However, you should carefully go through the contract of your policy before purchasing it. You should pick the insurance plan that has the best-suited features for you.