Getting a health insurance cover has become extremely important, given the rate at which healthcare costs are rising in India. It is also important for an individual to have the right understanding of how health insurance works in India. Having sound knowledge about the various features ofhealth insurance is absolutely essential so that one does not miss out on the benefits.
Here are some important facts about health insurance plans:
Insurer Provides Grace Period for Premium Payment
Timely renewal of health insurance policy is necessary to ensure you get continued coverage. As a policyholder, you have to make payment of premium within the specified time. In case you miss the date for premium payment, there is still a chance to avoid rejection of your renewal request. Insurers usually provide grace period of 15 to 30 days.
Once the grace period expires and if the medical insurance premium is not paid, then the insurer may reject the renewal application. Moreover, the waiting period set for certain diseases will be counted again from the start.
Coverage benefits will not be available in the grace period. Thus, making premium payment in a timely manner is essential.
There is a Waiting Period Clause
Health insurance policies usually have an initial waiting period of 30 to 90 days, counted from the policy start date. During this period, a policyholder cannot get a claim on the incurred medical expensesexcept for injuries.
In maternity insurance plans, there is a waiting period ranging from 9 to 36 months. Furthermore, there is a waiting period for certain illnesses such as hernia, piles, etc. It is thus important to read the policy terms carefully so that you can be prepared for the out-of-pocket expenses.
Many insurers also include a standard waiting period of 48 months on pre-existing illnesses. This implies that the policyholder has to wait for this period to get over in order to get cover for treatment of pre-existing illnesses such as hypertension and diabetes. These ailments quite commonly develop as a person age. Hence, buying health cover at an early stage in life is advisable.
Good Coverage at the Best Premium
Buying a health cover at low premium may not be actually beneficial when it comes to getting comprehensive cover for medical expenses. Sometimes, the insurer may include the clause of deductibles, co-payment or sub-limits. This can lead to additional burden on your finances. The idea should be to ensure you have adequate coverage for all your healthcare needs.
Then, getting a higher coverage would mean a correspondingly higher premium.If you do not have huge medical expenses to meet, this may not be helpful. So, proper assessment is required tofind out if paying higherpremium really works for you or not.
Use a health insurance premium calculator which accurately helps in calculating the premiumpayable by an insured person.
You Get the Option of Free Look Period
A useful feature of health insurance plans is the free look period option. This feature entitles a policy+holder to review the policy terms and return the policy within a period of 15 days from the date of receipt. This way the policyholders can make sure that they do not end up buying a policy that does not suits their needs.
Upon returning the policy, the insurer will refund the premium costs paid by the policyholder after some deductions such as Stamp Duty, cost of medical tests and proportionate risk premium.
Health Insurance PolicyHas Exclusions Too
Even the best health policy with comprehensive cover includes certain exclusions. For instance, cosmetic surgeries, which are not life-threatening conditions, are generally not covered. Besides, there are permanent exclusions such as congenial diseases.
Exclusions could also mean there are restrictions on coverage for certain critical ailments or sub-limits on specific treatments. It is advisable that insurance buyers should go through the policy terms carefully to understand the exclusions. This way they can be prepared to deal with out-of-pocket expenses.
Choose your policy from the various health insurance options by Religare Health Insurance. Get your medical expenses covered through cashless treatment facility at any of the 7420+ network hospitals in India.