8 Point Guide to Medical Insurance
- 31 May 2016 | 14616 Views | By Mint2Save
“Health Insurance”, a financial protection that each and every one in the society needs. Irrespective of one’s profession, lifestyle and age, health insurance is as required as vitamins. Let’s have a look on the 8 Must be Aware Guide on Health Insurance to help you decide more.
1. Amount for which you need to be Protected / Insured
As the services and comforts in medical treatments are increasing day by day, the costs of medical treatments are on the rise. Aware of the frequency of the times these policies are claimed, the premiums are also increasing virtually. Hence, while buying health insurance, you should decide first the amount for which you want to get insured.
2. Necessity of Rider
A rider is an extra topping added to your health insurance policy and gives you a few premium options over the usual policy. You can avail various riders on sudden but long effect diseases like heart stroke, critical injuries etc. Often, the health insurance company also arranges for medical check-ups and even ambulance services via several riders they offer along with their policy.
3. Cashless Facilities
Making the claim redemption process cashless puts you on the least of the financial burdens in case of medical emergencies or treatments. This fact is very relieving as it not only saves from the long and tiring post treatment claim redemption process, but also makes the policy being used to its maximum extent.
4. Smart Prepaid Card
One of our team members has bought health insurance from India First Health Insurance. Along with his welcome kit, he was also given a Visa Smart Card. Whenever you redeem the policy, the hospital can intimate the TPA about the expected amount that is going to be spent in the treatment. Then, TPA would put that amount of money in the smart card, which can be swiped whenever you avail any treatment service. In this manner, you are saved from being overcharged for any facility and the redemption also gets justified by every bill.
5. Tax Benefit Maximization
Medical Insurance premium paid comes under Section 80D of income tax exemption and you can save upto Rs. 25,000/- if you are under 60 of years and upto Rs. 30,000/- if you are a senior citizen. Though it is a basic USP which every health insurance agent would try to sell, make sure your policy document does mention it.
Premium comes in a direct relationship with point 1 and 2. Even you can find medical insurance facility to be expensive when you compare a cashless and post treatment claim based insurance types. Keeping the premium under your budget is always a wise choice, but so is the idea that when the event of claim redemption comes, you are not short to what you require.
7. Pre-existing disease cover
Not all the diseases and treatments are covered at the time of subscribing the policy. The ones who have been known to pre-exist before they show the symptoms such as renal calculus (stone in kidney) or heart related diseases. These diseases are covered after 2 or 4 years of availing the policy. You have to make sure that policy is continued for the period, as discontinuing and then availing a new policy might devoid you of the benefits.
8. Treatment Cap
There is a cap over every treatment availed and every facility is given to you and the medical insurer has to take care of that. It wont pay Rs. 600 for an X-Ray. Hence, be cautious while availing the room or the treatment quality. If you feel that a very high end treatment quality is what you need, part with more money as premium.
Besides these, you should always be sure on the claim ratio, which is a measure of how many times the claims have been approved by the insurer. The higher the claim ratio, the better the policy.
A brochure watch on how strong the network of the claim hospitals is also helpful.
While these policies can be availed right at the comfort of your house via internet or through an agent, Googling up about customer experiences and IRDA website to inquire about the insurer is always recommended.
Avail a health insurance policy, irrespective of whether your employer has given you one or how healthy of a lifestyle you or how cautious of a driver you are. Keeping one safe, before the hard times is what good financial planning aims for.