Medical emergencies neither come with a warning nor do they ever have good timing. That’s why having medical insurance is a vital necessity in today’s day and age. As the cost of hospitals and medicare continuously soar in India, health insurance has become unavoidable than ever before for adequate coverage.
A health insurance policy not only helps you take care of yourself but also aids your family and unburdens them in the unfortunate event of an accident that affects you adversely.
Ever since the recent outbreak of Covid 19, health insurance has become increasingly popular among the masses, and people have acknowledged its true importance. However, with an array of options to choose from, it can sometimes get confusing for customers to select the most relevant policy for themselves and their families. That’s why we’re here to highlight some crucial factors that you should consider before getting health insurance.
1. Age Limit
Age is the very first factor that weighs in while a customer gets a health insurance policy. It’s necessary to consider the age of all the family members covered under the policy. That is because the age of the eldest family member decides the cost of the premium, similar to a family floater plan. It is also crucial to be cautious about the age restrictions of health insurance policies. Some health plans today do not have age limits, but it’s better to check for such criteria while choosing health insurance to make the correct decision for you and your family.
2. Sum Insured
Sum insured is the total amount which an insurance company can cover should the insured get hospitalized. With the rising medical inflation, the cost of medicare is on the rise, more so in metro cities. Therefore, the minimum recommended cover for a resident couple in a metro city is Rs 10 lacs. For couples with children, the sum insured needs to be close to 15-20 lacs. Moreover, a family of two living in a non-metro city can opt for a minimum sum insured of Rs 6-10 lacs. That’s why it is imperative to carefully understand your medical needs while getting a health insurance policy.
3. Waiting Period
The Waiting Period in health insurance refers to the time period that the insured has to wait for before claiming for a pre-existing disease or PED that is approved by the insurer. Pre-existing diseases include ailments like diabetes, thyroid, high blood pressure, etc. Generally, the waiting period for PEDs is 2-4 years. In the case of some listed ailments such as ENT disorders, hernia, osteoporosis, etc. health policies usually have a 1-2 years waiting period. Hence, looking for a plan with the shortest waiting time can only help you in the long run.
4. Network of Hospitals
Usually, insurers have tie-ups that connect them to a network of hospitals. These hospitals provide medical support and cashless care to insured customers during a medical emergency. This way, you save time, effort and paper while filing for a claim, as the entire procedure is quick and hassle-free. It frees you from having to make arrangements for money in times when medical attention is a priority. It unburdens you and your family and makes you attend to the patient solely. You have an added advantage if you can get your hands on the list of network hospitals in your area.
5. Room Rent Capping
Be sure to check for a feature called Room Rent Capping. It implies that the coverage for room rent is set to a given limit, based on the terms and conditions of the insurer. Several policies from PSUs offer room rent capping that allows customers to use only 1% of the sum insured on room rent. This narrows down the policyholder’s scope of getting a room at hospitals that only offer rooms at Rs 5000 for a night, while most private hospitals offer rooms at Rs 10.000 for a single night. So ensuring that your policy covers at least a single private room is vital.
