health insurance Archives - Blogs - Policyplayer https://www.policyplayer.com/blog/tag/health-insurance/ Fri, 17 Jan 2025 05:55:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://www.policyplayer.com/blog/wp-content/uploads/2022/09/cropped-apple-touch-icon-32x32.png health insurance Archives - Blogs - Policyplayer https://www.policyplayer.com/blog/tag/health-insurance/ 32 32 Medical Expenses Not Covered By Health Insurance And How To Handle Them https://www.policyplayer.com/blog/medical-expenses-not-covered-by-health-insurance-and-how-to-handle-them/ https://www.policyplayer.com/blog/medical-expenses-not-covered-by-health-insurance-and-how-to-handle-them/#respond Thu, 03 Oct 2024 11:06:00 +0000 https://www.policyplayer.com/blog/?p=7750 Selecting the right health insurance plan is crucial to ensure you get coverage for medical expenses when you need it most. However, even comprehensive plans have exclusions and may not pay for certain treatments, procedures, or healthcare services. Being aware of these exclusions can help prevent unexpected healthcare costs. Here are some common things health ... Read more

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Selecting the right health insurance plan is crucial to ensure you get coverage for medical expenses when you need it most. However, even comprehensive plans have exclusions and may not pay for certain treatments, procedures, or healthcare services. Being aware of these exclusions can help prevent unexpected healthcare costs. Here are some common things health insurance may not cover and tips on how to handle them.

 1. Cosmetic Surgeries 

Cosmetic surgery performed to improve appearance, such as breast augmentation, liposuction, or nose reshaping, is typically not covered by health insurance. Cosmetic procedures are generally classified as elective surgeries, not medically necessary treatments.

Some exceptions exist. Procedures to correct deformities from birth defects, injuries or illness may be covered if deemed medically necessary. For example, breast reduction for back pain relief or reconstructive surgery after mastectomy for breast cancer. Check with your insurer first to confirm coverage.

Tips:

  • Compare prices between cosmetic surgeons and negotiate fees or payment plans.
  • Look into financing options like loans or credit cards with promotional periods. 
  • Time procedures when you have extra funds like tax refund season.
  • Get non-surgical cosmetic treatments not usually covered, like Botox or laser skin resurfacing, as holiday gifts.

 2. Pre-existing Conditions

Pre-existing medical conditions present before obtaining health insurance, like diabetes, cancer, hypertension, etc., may be excluded for a period of time with some plans. This means costs associated with that condition may not be covered initially. 

The length of the pre-existing condition exclusion period depends on state regulations and the plan. Some states and plans do not allow the denial of coverage for pre-existing conditions. With others, exclusions may apply for up to a year.

Tips: 

  • Understand any pre-existing condition clauses before signing up for insurance.
  • Maintain continuous health coverage to avoid gaps that may trigger pre-existing condition denials.
  • Appeal denials if a condition was not properly disclosed or diagnosed during underwriting.
  • Look into resources like high-risk pools or public programs that may cover pre-existing conditions.

 3. Infertility Treatment

Treatment for infertility, including in-vitro fertilization (IVF), is often limited or excluded from coverage. Some states require infertility treatment coverage but benefits may be restricted to certain procedures, medications, or dollar amounts.

Tips: 

  • Get employer, union, or other group plans that may offer better infertility benefits compared to individual plans.
  • Look for clinics running discounts or financial assistance programs based on income. 
  • Ask your doctor for sample medications or less expensive protocols.
  • Use health savings accounts (HSAs), flexible spending accounts (FSAs), or pay cash for simpler procedures like ultrasounds or bloodwork that are more affordable without insurance.

 4. Alternative Therapies

Alternative treatments like acupuncture, naturopathy, and homeopathy are usually not covered unless state-mandated. Even then, coverage may be limited to certain conditions or therapies. Chiropractic care may be covered for injury rehabilitation but excluded for general wellness.

Tips:

  • Check licensing requirements for practitioners offering cash discounts without insurance.
  • Ask providers about package deals or sliding scale fees. 
  • See if acupuncture or other services can be billed as more traditional medical treatments like pain management or physical therapy which are covered. 

 5. Over-the-counter drugs and Supplements

Non-prescription medications (over-the-counter) and health supplements like vitamins, nutraceuticals, and herbal products are generally not reimbursable through insurance. 

Some account-based plans like HSAs, FSAs, or HRAs may allow reimbursement if prescribed by a doctor. Plans with pharmacy benefits may cover prescribed OTCs like antacids, allergy, or cough medicines requiring a prescription. But supplements are rarely covered.

Tips:

  • Use coupons, loyalty programs, or apps to get discounts on OTC purchases. 
  • Buy in bulk or ask for price matching to get deals on supplements.
  • Consider footing the bill for lower-cost items to save insurance for more expensive prescription medications and treatments.

 6. Alcoholism Treatment 

Although insurance may cover the costs of detox and rehabilitation for alcoholism, coverage often excludes treatment for physical diseases that result from long-term excessive drinking. This includes liver disease, heart damage, bleeding issues, nerve damage, and more.

Tips:  

  • Check into government programs or nonprofits offering help paying for substance abuse programs or treatments.
  • If diseases are recognized as distinct diagnoses, appeal coverage denials citing the medical necessity of treatment.
  • Enroll in group support programs like Alcoholics Anonymous for free aid in managing alcoholism.

Understanding exclusions in your health plan helps avoid unexpected costs so you can plan your finances accordingly. When possible uninsured costs arise, research payment assistance options and negotiate costs for optimal savings.

Read More- What Challenge Do Indians Face When It Comes To Buying Health Insurance?

How To Handle Non-Covered Expenses?

If you incur major medical expenses that are excluded from your policy, here are some ways to handle them without affecting your finances much:

Have adequate emergency corpus – Maintain separate emergency funds to pay for uninsured medical costs so that these don’t derail other financial goals.

Enhance policy with add-ons – Buy add-ons like OPD coverage, maternity rider, and critical illness cover based on your specific needs and life stage.

Buy a comprehensive plan – Some policies offer more comprehensive coverage than basic plans. Evaluate them for your needs.

Upgrade to family floater plan – Floater plans allow using the total sum insured for anyone in the family so unpaid expenses of one can be covered by others. 

Increase deductible amount – Choosing plans with higher deductibles and co-pay allows you to reduce premiums while bearing minor costs yourself.

Pay uncovered costs through savings – If uninsured costs are within affordable limits, pay through current income and savings rather than buying add-ons.

Consider fixed benefit plans – They pay a fixed amount on the occurrence of an event. Can supplement indemnity plan costs. 

Claim tax benefit – Uncovered healthcare costs can be claimed for tax deductions up to ₹50,000 in a year.

Prefer network hospitals – Use insurer’s network hospitals as far as possible to minimize non-covered expenses and get a cashless facility.

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Star Health Insurance Plans for Family to Protect Your Family’s Health https://www.policyplayer.com/blog/star-health-insurance-plans/ https://www.policyplayer.com/blog/star-health-insurance-plans/#respond Thu, 25 Apr 2024 06:31:50 +0000 https://www.policyplayer.com/blog/?p=7818 When it comes to parenting and caregiving, the safety and well-being of your loved ones is the number one priority. That’s the time family health insurance comes in – it covers you and your family from the whole spectrum of medical issues that may arise in times of unexpected illnesses or medical emergencies. Star Health ... Read more

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When it comes to parenting and caregiving, the safety and well-being of your loved ones is the number one priority. That’s the time family health insurance comes in – it covers you and your family from the whole spectrum of medical issues that may arise in times of unexpected illnesses or medical emergencies. Star Health Insurance, one of the topmost insurance companies in India, provides a range of family health plans that meet different needs. Let’s dive in and explore some of the top Star health insurance plans and star health insurance near me.

List of Star Health Insurance Plans for Family

The Star Family Health Optima Insurance Plan

This plan is a standout choice for families. Key benefits of this Star Health Insurance Plans for family include:

  • Automatic Restoration – Your coverage gets fully restored 3 times per policy year, even after you’ve used it all up.
  • Additional Sum Insured for Road Accidents – Your coverage limit is increased if you’re injured in a road accident.  
  • Recharge Benefit – You get extra coverage if you exhaust your limit during the year.

The Star Comprehensive Insurance Policy

Another excellent option of Star Health Insurance Plans for family, this policy offers:

  • Automatic Restoration – Your coverage gets restored once per year if used up.
  • Buy-back PED – You can reduce the waiting period for pre-existing conditions by paying a bit extra.
  • Newborn/Spouse Coverage – Newly married spouses and newborn babies can be added for an additional premium.

Star Health Insurance plan – Senior Citizens Red Carpet

Specially designed for those aged 60-75, this plan provides:

  • Lifetime Renewability – You can keep renewing it year after year.
  • Outpatient Cover – Get reimbursed for doctor visits, even without being hospitalized.
  • No Pre-Insurance Screening – No medical tests are required to get this policy.

The Star Health Premier Insurance Policy

Perfect for the 50+ crowd, this plan has:

  • No Age Limit – You can get coverage no matter how old you are.
  • No Pre-Insurance Screening – No need for medical tests to sign up.

The Young Star Insurance Policy

Tailored for responsible millennials under 40, this policy includes:

  • Automatic Restoration
  • Modern Treatment Coverage
  • Additional Accident Coverage
  • Maternity Benefits (in the “Gold” plan)

Regardless of which Star Health Insurance Plans for family you choose, you’ll get comprehensive coverage, including:

  • Hospital Stay Costs – Room rent, surgery expenses, ICU charges, and more.
  • Pre & Post-Hospitalization – Doctor fees, medical bills, and follow-up care.
  • Day Care Treatments – Coverage for procedures that don’t require overnight stays.
  • Organ Donor Expenses – Costs related to organ donation for the insured person.
  • AYUSH Treatments – Inpatient coverage for alternative therapies like Ayurveda and Homeopathy.
  • Health Check-Ups – Most plans include periodic health screenings

And the best part? Not only you but also your spouse, kids, parents, and in-laws can be covered by a single policy.

Undoubtedly, explaining the limitations is as imperative as the benefits. Such as deliberate self-harm, cosmetic surgeries, and injuries from adventure sports are not generally covered by the insurance. 

Additionally, certain conditions or treatments might have a waiting period as well. Nevertheless, the Star Health team is always willing to provide more information.

The Star Health family plan online registration is pretty fast and simple. Just go to their website, click “Buy Now”, and enter a couple of details. 

Once you have chosen the right plan for your family, go ahead and make the payment and you will have the policy documents in your email right away.

Key factors to consider Before Purchasing the Star Health Insurance plans for Family

Here are some of the factors you have to consider while buying a star health insurance near me.

  1. Coverage & Exclusions – Carefully review what’s included and what’s not. So, this evaluation will help you pick the perfect fit for health insurance plans.
  2. Provider Reputation – Choose a trusted insurer like Star Health, known for excellent customer service and claims processing.
  3. Policy Terms & Sum Insured – Decide how much coverage your family needs, and pick a plan with an adequate limit.

Making a Claim with Star Health Insurance near me

If you ever need to make a claim, Star Health insurance plans have a hassle-free process to ensure speedy settlements. Here’s how it works:

1. Find a Network Hospital – Use Star Health’s online directory to locate the nearest in-network hospital.

2. Intimate the Claim – Call 1800 425 2255 / 1800 102 4477 or email support@starhealth.in to register your claim.

3. Submit Documents – Bring your policy details and ID proofs to the hospital’s insurance desk.

4. Cashless Treatment – Star Health will approve or deny the claim within 2 hours, allowing for seamless, cashless hospitalization.

By investing in a comprehensive Health Insurance Plans for family, you’re taking a crucial step to safeguard your loved ones’ well-being. It provides financial protection during medical emergencies, ensuring you can get the care you need without worrying about the cost.

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Is It Too Late to Buy Health Insurance? https://www.policyplayer.com/blog/is-it-too-late-to-buy-health-insurance/ https://www.policyplayer.com/blog/is-it-too-late-to-buy-health-insurance/#respond Tue, 04 Jul 2023 11:56:17 +0000 https://www.policyplayer.com/blog/?p=7716 Determining the ideal age to Buy health insurance policy is a complex matter. Many individuals opt to wait until they are older, assuming that they will require medical care and thus benefit from having coverage. However, others argue that it is wiser to invest in insurance while young and healthy, as rates may be more ... Read more

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Determining the ideal age to Buy health insurance policy is a complex matter. Many individuals opt to wait until they are older, assuming that they will require medical care and thus benefit from having coverage. However, others argue that it is wiser to invest in insurance while young and healthy, as rates may be more affordable and pre-existing conditions less likely to impact coverage options. In this article, we will explore the advantages of purchasing health insurance at different life stages and assist you in identifying the optimal time to secure your own policy.

Factors To Consider When Buy Health Insurance

Several factors should be taken into account when purchasing health insurance: age, overall health, employment status, income level, family medical history, existing medical conditions, as well as lifestyle choices. 

  • Age and health influence the most suitable type of insurance policy for individuals. Younger and healthier individuals might prefer plans with lower monthly premiums but higher deductibles. 

Conversely, older individuals or those with ongoing medical issues may find it more prudent to seek comprehensive coverage providing broader benefits.

  • Your work situation also plays a role in determining your options. Employer-sponsored plans can be an affordable way to obtain coverage if available.

However, freelancers or those without access to employer-sponsored programs will need individual policies instead.

  • If there are certain illnesses that run in your family or if you’re already dealing with a pre-existing condition such as asthma or diabetes, it’s essential to ensure that any plan covers these needs adequately.
  • Additionally, lifestyle choices like smoking or dangerous hobbies could lead to greater healthcare costs over time. Therefore choosing appropriate coverage is necessary. 

Taking all these factors into consideration will help guide which policy would fit best for each person’s unique situation when purchasing health insurance.

Read More- Everything You Need To Know About Health Insurance Renewal

The Best Time to Buy Health Insurance, No Matter Your Age

Many people wonder when is the right age to purchase health insurance. The right age can vary depending on individual circumstances and needs.

Although there is no definitive answer, buying health insurance at a young age can provide several benefits. 

Younger individuals are generally healthier with fewer medical problems which may result in lower premium costs. 

Purchasing health coverage at an early stage provides financial protection against unexpected medical expenses while ensuring access to care when needed.

Age has a significant impact on health insurance premiums. Getting older increases the risk of developing serious illnesses resulting in higher premiums. 

On top of that older people may require more comprehensive coverage which drives up premium costs further.

To save money in the long run locking into lower premiums by purchasing coverage at an early stage could be an excellent option for many.

How To Choose The Right Health Insurance Plan?

Choosing the right health insurance policy for the right age can be a daunting task. But, it’s essential to ensure that you have adequate coverage for your medical needs. Here are some tips to help you choose the right health insurance policy:

  1. Determine your healthcare needs: First, assess your healthcare needs and those of your family members. This will help you identify what type of coverage is necessary for your situation.
  2. Compare plans: Research different types of health insurance plans such as HMOs, PPOs, and POS plans to understand their coverage areas, networks, and costs and determine which one suits you best.
  3. Consider out-of-pocket costs: Look into how much you may end up paying out-of-pocket for deductibles, copays, or coinsurance with each plan option.
  4. Review provider networks: Make sure that the plan covers visits to doctors or hospitals that are important to you. Also, check availability in preferred provider organization (PPO), Health Maintenance Organization (HMO), or Exclusive Provider Organization (EPO).
  5. Check drug formularies: If prescription drugs are an essential part of your healthcare routine, review medication options available under respective policies before finalizing one.
  6. Inquire about telemedicine services: Telemedicine/telehealth service has become vital in this pandemic situation. Therefore enquire if they’re included in policies from prospective insurers.

View More- How to Find the Right Health Insurance Plan for Your Cancer Treatment Needs?

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Everything You Need To Know About Health Insurance Renewal https://www.policyplayer.com/blog/everything-you-need-to-know-about-health-insurance-renewal/ https://www.policyplayer.com/blog/everything-you-need-to-know-about-health-insurance-renewal/#respond Fri, 03 Mar 2023 09:49:55 +0000 https://www.policyplayer.com/blog/?p=7553 As the cost of healthcare continues to rise, having health insurance is more important than ever before. Health insurance provides financial protection against medical emergencies and helps you access quality healthcare without worrying about the cost. But, it’s not enough to simply buy health insurance. You also need to renew it regularly to ensure that ... Read more

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Health Insurance Renewal

As the cost of healthcare continues to rise, having health insurance is more important than ever before. Health insurance provides financial protection against medical emergencies and helps you access quality healthcare without worrying about the cost. But, it’s not enough to simply buy health insurance. You also need to renew it regularly to ensure that you are covered at all times.

In this article, we’ll discuss everything you need to know about health insurance renewal. This includes why it’s important, how to renew your policy, and what to keep in mind when renewing your health insurance.

Why Is Health Insurance Renewal Important?

Health insurance Online policies are typically valid for a period of one year, after which they need to be renewed. Renewing your health insurance policy is important for several reasons:

  • Continuous Coverage: Health insurance renewal ensures that you have continuous coverage and are protected against medical emergencies. If you let your policy lapse, you may have to go through the waiting period again and may not be covered for pre-existing conditions.
  • No Claim Bonus: Most health insurance policies offer a no-claim bonus if you don’t make any claims during the policy period. Renewing your policy allows you to retain your no-claim bonus, which can significantly reduce your premium.
  • Policy Updates: Health insurance policies may undergo changes every year, such as changes in premiums, deductibles, or coverage limits. Renewing your policy allows you to stay up-to-date with any changes and make adjustments to your coverage if necessary.

How To Renew Your Health Insurance Policy?

Renewing your health insurance policy is a simple process that can be completed online or offline. Here are the steps to renew your health insurance policy,

  • Review Your Policy: Before renewing your policy, review the terms and conditions, coverage limits, and deductibles to ensure that you have the right coverage for your needs.
  • Contact Your Insurance Provider: You can renew your policy by contacting your insurance provider through their website, customer care, or by visiting their branch office.
  • Provide the Required Details: You will need to provide your policy number, personal details, and payment information to renew your policy.
  • Pay the Premium: Once you have provided all the required details, you can pay the premium using a debit card, credit card, net banking, or any other accepted payment method.
  • Receive Your Renewal Certificate: Once the payment is processed, you will receive a renewal certificate that confirms the renewal of your policy.

What To Keep In Mind When Renewing Your Health Insurance?

When renewing your health insurance policy, there are a few things you should keep in mind,

  • Renew On Time: It’s important to renew your health insurance policy before it expires to ensure continuous coverage. If you let your policy lapse, you may have to go through the waiting period again and may not be covered for pre-existing conditions.
  • Review Your Coverage: As your health needs change over time, it’s important to review your coverage to ensure that you have the right policy for your needs.
  • Compare Policies: Before renewing your policy, compare policies from different insurance providers to ensure that you are getting the best coverage at the best price.
  • Declare Pre-Existing Conditions: If you have any pre-existing medical conditions, it’s important to declare them when renewing your policy. Failure to do so may result in your claim being rejected later.
  • Check for No-Claim Bonus: If you have not made any claims during the policy period, check if your policy offers a no-claim bonus. This can significantly reduce your premium.

10 Questions To Ask When Buying Or Renewing Health Insurance

When it comes to buying or renewing health insurance, it is crucial to make an informed decision. Asking the right questions can help you choose the best policy for your needs and budget. Here are the ten questions you need to ask,

What Is Covered Under The Policy?

Before purchasing a health insurance policy, it is important to know what is covered and what is not. Make sure you read the policy documents carefully and ask questions about any coverage limitations.

What Is The Claim Process?

Understand the claim process for your policy, including the required documentation and time frame for filing a claim.

What Is The Policy Renewal Process?

Ask about the policy renewal process and whether there are any penalties for late payments or lapses in coverage.

What Are The Network Hospitals?

Know the network hospitals that are covered under your policy. This can help you choose a hospital in case of a medical emergency or planned hospitalization.

What Are The Sub-Limits?

Some policies have sub-limits for certain treatments or procedures. Make sure you understand these sub-limits and how they may affect your coverage.

What Are The Waiting Periods?

Understand the waiting periods for pre-existing conditions and other treatments that may have a waiting period before they are covered.

Are There Any Co-Payments Or Deductibles?

Ask about any co-payments or deductibles that you may need to pay out of pocket before the insurance coverage kicks in.

What Is The Coverage For Alternative Treatments?

If you are interested in alternative treatments, such as Ayurveda or Homeopathy, make sure to ask about the coverage for these treatments.

What Is The Policy Cancellation Process?

Understand the policy cancellation process and whether there are any penalties for canceling the policy before the term ends.

What Is The Premium Payment Frequency?

Ask about the premium payment frequency, whether it is monthly, quarterly, half-yearly, or yearly, and whether there are any discounts available for annual payments.

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15 Features Helps In Comparing A Health Insurance Plan Before Buying https://www.policyplayer.com/blog/features-help-in-comparing-health-insurance-plans/ https://www.policyplayer.com/blog/features-help-in-comparing-health-insurance-plans/#respond Mon, 11 Jul 2022 11:17:58 +0000 https://www.policyplayer.com/blog/?p=931 Health insurance is an agreement providing medical coverage to an insured person for a fixed premium amount. A health insurance policy can protect you from high hospitalization costs during medical emergencies. The costs of hospitalization include daycare, ICU charges, and more. The benefits of your health insurance will vary depending on the type of plan ... Read more

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Health insurance is an agreement providing medical coverage to an insured person for a fixed premium amount.

A health insurance policy can protect you from high hospitalization costs during medical emergencies. The costs of hospitalization include daycare, ICU charges, and more.

The benefits of your health insurance will vary depending on the type of plan and company you choose.

In addition to this, a health insurance policy will provide tax benefits under the Income Tax Act, 1961.

Interested in buying a health insurance plan? Would you like to compare it before making a purchase? 

Definitely! While doing so, here are some important points to keep in mind. For instance, make sure you compare the entire health insurance policy and not just one part of it. You should also compare plans based on the premium, coverage, services, inclusions, exclusions, and claim settlement.

Sounds complicated, doesn’t it? Let’s take a quick look at 15 features helps in comparing a health insurance plan before buying.

Benefits Of Comparing Health Insurance

The following are the common benefits you will gain if you compare a health insurance plan before buying.

The best health insurance policy

Nobody knows your health risks as you do. So, you are in a position to determine what kind of health insurance you need. And, you can purchase the best health policy that you want rather than what the agent wants to sell you.

Value for money

Health insurance is not about buying the least expensive plan. In order to find the right policy for you, it is important to find the right balance between your requirements and the policy’s features. 

So, the comparison of health insurance plans can help you find the right policy that meets your health insurance requirements while remaining within your budget.

Peace of mind

The process of comparing health insurance policies involves looking at different plans and reviewing conditions such as room rent, waiting periods, claim processes, etc. So, you can be sure that the final decision you make is based on a concrete analysis tailored to your requirements.

Advantages of Buying Health Insurance Policy:

Cashless Treatment

If you have cashless health insurance, you don’t have to pay 90% of the hospital bill when you get hospitalized. 

And, there is no need to carry a lot of hard cash. All you need to do is simply submit your cashless card so the hospital will coordinate with your insurance company and get funds.

Covers hospitalization treatment

Your health insurance policy will cover 90% of your medical expenses if you have been hospitalized for more than 24 hours. Some of these expenses include diagnostic test fees, doctor’s fees, medicine costs, room rent, and even certain surgeries.

Seasonal illness treatment

Health insurance covers seasonal illnesses like dengue, malaria, typhoid, pneumonia, COVID-19, etc. It takes just 30 days to complete the application process. After that, you can receive treatment for any seasonal illness. 

Emergency Support

When you have a cashless policy, you do not need to worry about having large amounts of cash in an emergency. Because health insurance policies cover ambulance and emergency hospitalization costs.

Accident Cover

No matter whether the accident occurs inside or outside, your coverage begins at the moment you file a claim. The only requirement is that the accident should require hospitalization. Even so, some policies may cover surgery resulting from an accident hospitalization.

Financial Security

The actual cost of a serious medical emergency can easily deplete your life savings if you don’t have a health insurance policy. 

Health insurance not only offers you peace of mind, but also financial security. So, if you have the right health insurance policy, you can afford quality medical treatment without breaking your savings.

15 Features Help In Comparing A Health Insurance Plan Before Buying

Sub-Limits on Room Rent 

It is common for some insurance companies to have sub-limits on room rentals. As a result, insurance companies are required to pay a maximum amount for claims. This limit is set at 1% of the insured sum and 2% in cases of ICU expenses. 

But some general insurance companies offer health insurance plans that do not have any sub-limits on room rent. This is why such plans are recommended.

Pre-Existing Diseases

The term pre-existing disease refers to diseases that existed before you purchased a medical insurance policy. 

This is why health insurance plans have a waiting period rather than provide coverage from day one. There is no possibility of filing a claim during this waiting period. So, it is recommended to select a health insurance policy with a minimum waiting period.

Co-Payment 

The term “co-payment” refers to the sharing of costs between the insurance company and the policyholder when a claim is filed. There are two ways to determine the amount of the co-payment; either by percentage or amount. 

If you wish to protect your savings, you must choose a health insurance policy without copayments.

Network Hospital 

Network hospitals are hospitals that have tie-ups with health insurance companies where insured individuals can receive treatment without paying anything. 

This feature provides the benefit of cashless treatment. If your policy does not include this feature, you will be responsible for paying the hospital bills by yourself, and the insurance company will reimburse you later.

So, while choosing a health insurance company, make sure it has a large network of hospitals nearby your home.

Coverage Offered

Insurance coverage and the amount insured determine the types of illnesses and operations covered under the policy. 

Before selecting a policy, you should pay close attention to the benefits offered, such as hospitalization costs, daycare expenses, COVID 19 coverage, and more.

Adequate Sum Insured

The sum insured must be adequate to meet your requirements. So, make sure that you choose a plan that offers the highest coverage for your needs. After all, a family plan that offers a higher sum will be more beneficial.

Type of Policy

There are different kinds of medical insurance plans available, including individual plans, family floater plans, group plans, and critical illness plans.

And, each health insurance policy serves a specific purpose, so choosing the right type of medical insurance policy is crucial.

Waiting period

The waiting period is the time during which you can’t file a claim under your health insurance policy. You must wait for the deadline to expire before filing. 

This waiting period usually applies to pre-existing illnesses and maternity benefits. So, consider the waiting period when buying health insurance online, and choose the one with the shortest waiting period.

Lifelong Renewability

Most health insurance policies need to be renewed every year. But don’t worry, you can renew your insurance policy online effectively. In order to renew your health insurance policy, you must pay your premium. 

However, if you wish to be covered by a health insurance policy for the rest of your life, it is important to select one that provides lifelong renewal options.

Claim-Settlement Ratio

The credibility of your health insurance company can be determined by its claim-settlement ratio. You can be more confident that you will be able to meet your claim if the ratio is high.

Exclusions

When you purchase health insurance, you can feel secure that you and your family are protected from hospitalizations in the future. But, if you don’t read your policy’s exclusions carefully, you might get surprises when you file a claim. 

Before choosing a health insurance plan, make sure the exclusions are clearly defined and that there are the fewest exclusions possible.

Add-ons

Some insurance companies offer add-on coverage along with comprehensive coverage.

In contrast, keeping the comprehensive plan to a bare minimum will lower the premium. Aside from that, not every insurer offers the same add-ons. And, it is possible that add-ons have different names but serve the same purpose.

Online reviews

Make sure you check online reviews of various health insurance companies for comparison. If you do this, you will be able to understand what other customers have experienced so that you can make a more informed decision.

Digital setup

When it comes to buying, renewing, and claiming health insurance, digital insurers make life easier. So, it is essential to choose a health insurance company with a digital setup. 

Coverage for new-age treatments

Advanced medical treatments are more accurate and can result in better outcomes than traditional treatments. Make sure your health insurance policy covers such modern procedures. A few examples of new-age treatments include CyberKnife, robotic surgery, and stem cell therapy.

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