Health Insurance in India

In today’s age, the medical costs are soaring high. The amount of money required to treat a disease is much higher even a small hospitalization can burn your pocket i.e., cost you a high amount of money. In such a case, Health Insurance comes handy and proves to be a savior.

It is an insurance policy that covers you against medical, hospitalizations & diagnostic costs. While some health insurance policies cover certain critical illnesses too, some include maternity cover in their scope of coverage. Investing in health insurance is a great investment to protect your financial well-being in case of a medical treatment or medical emergency.

You can easily apply for the health insurance in India, as in the market a host of banks and financial institutions are present which offer a wide range of medical insurance plans to the individuals.  

Things to consider before buying health insurance

Investing in the health insurance is ver

  • Efficiency of claims process

Claim settlement time and claim settlement ratio is one of the most important factors which you should consider while applying health insurance plan. Because, higher the settlement ratio and faster the settlement time is generally means that the insurance provider is doing a good job with genuine claims.

  • Co-payment

Co-payment order that the policyholder will bear a pre-defined percentage of the claim amount and the rest will be settled by the insurance company, a general clause with most group health insurance policies (your employer provided policy).

  • Day-care procedures

Most health insurance plans not cover Day-care procedure. Moreover, to make a medical claim, hospitalization for at least 24 hours is compulsory. In today’s age of digitalization and modernization, numerous innovations are invented day to day and as a result most procedures do not require hospitalization. Thus, it is best option to opt for a plan that covers maximum number of day-care procedures.

  • Network hospitals

Before investing in the health insurance first check the list of network hospitals and see if it includes the facilities that you often visit. It is also an essential factor to be consider if you travel or move cities, because your health insurance should travel with you. Even the cashless facilities can only be availed in network hospitals.

  • Pre and Post Hospitalization

Medical expenses incurred after and before hospitalization are called Pre and Post hospitalization expenses. During hospitalization, some part of the treatment extends beyond the hospitalization. Only those expenses are applicable to the ailment for which the person has been hospitalized shall be considered under Pre & Post-hospitalization expenses.

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