Top Features to Look for When You Buy Health Insurance

Life is always full of uncertainties, and a medical emergency can happen at any time. Also, the healthcare costs in India are rising every day, and we have all been in situations where we were shocked to see the hospital bills because they are so high compared to our entire life savings. So, to having a mediclaim policy has become almost essential nowadays.

But when you consider buying health insurance, you might feel confused after looking at all the available options. You might start wondering which policy is the best, what the advantages of each one are, and so on. So, don't panic! Here are some important things to consider when choosing the right health insurance plan:

1. Coverage That Matches Real Costs (Sum Insured)

First thing is that when you are going to buy a health insurance plan, always pay attention to your insured amount. Because the insurance amount is that thing, the insurance company pays to you when you need it most. And use it to pay all medical bills and expenses. So always consider it before buying, whether it should fulfil your medical needs or not.

2. Cashless Hospital Network

Now, let's talk about the cashless hospital network. When taking out an insurance policy, be sure to check whether the insurance company covers hospitals in your area. Then, also, check the reputation and quality of service of the hospitals they cover. This way, if something happens, you won't hear, "Sorry, this hospital isn't part of our cashless network."

3. Pre and Post-Hospitalisation Expenses

When you or a family member is admitted to a hospital, numerous tests are initially conducted. And also in some serious cases, the patient is admitted to the ICU. Then, there are various expenses starting from admission to discharge and till the recovery. So, when purchasing health insurance plans, make sure that your insurance provider covers all expenses from hospitalisation to recovery and discharge.

4. No-Claim Bonus (NCB)

Now, there's a term called the no-claim bonus. Many people don't know the real meaning of it and don't even pay attention to it when buying health insurance plans. But this one small thing can make a big difference and also can increase your coverage.

Let's say you have a health insurance policy, and you haven't made any claims in the past year or several years, meaning you haven't used it for any hospital treatment or anything. In this situation, when your policy renews after a year, your coverage amount will increase, and you won't have to pay any extra premium. So, this is called the NCB (No-Claim Bonus), a discount that is given by your insurance company to you.

5. Coverage for Daycare Procedures

When choosing a health insurance plan, always verify that your policy covers day-care procedures. Because some illnesses and medical conditions don't necessitate hospitalisation for 24 hours or longer.

For example, certain surgeries, such as cataract surgery, or treatments for some common ailments can be performed on an outpatient basis at any hospital within 24 hours. So, make sure your insurance plan covers these types of day-care procedures.

6. Waiting Period for Pre-Existing Diseases

In fact, understanding what a waiting period is can be a little difficult. Most people don't know about it or talk about it, but it's a feature that every policy has, and it can be from 2 to 4 years. So, when you health insurance, keep in mind that if the person for whom you are taking out the medical insurance has a pre-existing condition, they may not receive coverage for treatment of that condition until after the waiting period has ended.

7. Lifetime Renewability

Lifetime renewability is a straightforward term, meaning coverage for your entire life. In today's modern, hectic lifestyle, you never know when you might fall ill. Suppose you have a health insurance plan that only lasts until you are 60 or 65 years old. What happens then, if you need hospitalisation at that age? That's when you'll need it most. So, keep this in mind and ask your insurer if your plan offers lifetime renewability.

8. Claim Settlement Ratio and Service Quality

Apart from all these features, the most important thing to consider is the claim settlement ratio. This refers to the number of claims successfully settled by the insurance company. So, it matters very strongly. You can find this information by reading reviews, checking customer service ratings, or consulting a reliable news publication or website.

For example, economictimes.indiatimes.com reported that HDFC ERGO General Insurance Co. Ltd. had a claim settlement ratio of 99.16% over the last three months, and this is excellent.

9. Add-On Benefits and Riders

Everyone's health needs are different. For example, a young person might want coverage for a serious illness like hypertension, while a woman or a family might require maternity benefits. These can be added to the best health insurance over time. So, make sure your health insurance plan offers good and required add-ons or riders. Some popular add-ons include:

• Critical illness coverage - for life-threatening illnesses like cancer or heart disease.
• Maternity and newborn coverage - for young couples planning a family.
• Personal accident coverage - for protection against accidental disability.

These riders may increase the premium slightly when you add them.

Final Thoughts

So, always remember that when someone first starts looking for a health insurance plan, they think that the most important thing is a low premium. But a good health insurance policy isn't just about a low premium, but also includes many factors. It should have a good network of cashless hospitals, adequate coverage for your medical needs, a short waiting period, and some essential add-on features.

With this understanding, please choose the right plan, and that day when you were hospitalised, you realised that it wasn't just an expense, but an investment in security and peace of mind.

Finance