A list of things to consider when comparing health insurance policies
With a rise in lifestyle diseases in the past few years, health insurance has become a necessity. A health insurance policy is not only a tax saving instrument but also your key to good health and adequate medical cover during an emergency. Here is a list of crucial factors that you need to look at before comparing health insurance policies:
Sum Insured
The sum insured is the maximum value that your insurer will pay in case you are hospitalised. It varies depending on the type of plan you choose, be it an individual plan or a family floater. Consider the current hospitalisation cost, age, medical condition and inflation into account before finalising the sum insured.
Cumulative Bonus
Certain health insurance companies offer a cumulative bonus wherein for every claim free year the insurer provides an increase in the sum insured or a discount in the premium amount. It can be a lucrative option while comparing policies and may be a deciding factor in some cases.
Health Check-up Cost
Your health insurance policy may have a provision for reimbursement of the cost of a health check-up. This can be a great relief if your medical condition compels you to visit a doctor every week. Read your policy document carefully to understand what is allowed and what is not.
Stay in Hospital
Under most health insurance policies, a minimum stay of 24 hours in the hospital is necessary to be eligible for a claim. However, it may not be a necessity for certain accidental and life-threatening injuries. So, read the policy document to understand the details.
Hospitalisation Expenses
Check whether the policy covers all hospitalisation expenses or not. Expenses prior to hospitalisation and post hospitalisation up to a specified period after discharge for specific diseases are also covered under certain policies. Read the provision provided by the insurer in this regard.
Cashless Facility
Insurance companies have tie-ups with a vast network of hospitals in the country. These hospitals provide cashless hospitalisation i.e., all your expenses are directly paid to the hospital by the insurer. Compare the network of hospitals of different insurers before buying a policy.
Additional Benefits
Insurance companies offer several attractive riders or add-ons like Hospital Cash, Surgical Expense Benefits, Critical Illness Benefits, etc. at nominal prices. These can be taken separately or along with the existing policy. You must look out for these in case you have certain additional medical needs.
These are a few deciding factors while comparing health insurance policies. Besides, there are certain exclusions that must also be considered while comparing policies and they are:
- Pre-existing diseases
- Circumcision unless it is for the treatment of a disease
- Cost of lenses, spectacles, hearing aids, etc.
- Dental surgery until it requires hospitalisation
- Pregnancy treatment involving caesarean section
- Discrepancy in lab tests with the disease for which the hospitalisation is sought
- Diseases like cataract, hernia, hydrocele, etc. during the first year of cover
- Naturopathy treatment
The actual exclusions will vary from insurer to insurer and must be compared before selecting a. Besides, a background check of the insurance company to know their claim settlement ratio and track record will help you to make a more informed decision.
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