Top Features of Health Insurance You Shouldn’t Ignore

Do you know that excessive out-of-pocket healthcare bills are causing stress? Chronic illnesses and ageing are the reasons for pushing healthcare costs higher in India. To seek better care amidst the growing population and clinical expenses, choose an affordable plan and review all features of your health insurance policy.

 

What are the Top Features of Health Insurance You Should Not Ignore?

 

1.      Pre- and Post-Hospitalisation Coverage

Most health insurance policies cover pre- and post-hospitalisation costs for a specified period, as mentioned in the plan document. You can receive coverage of diagnostic expenses before getting hospitalised and follow-up treatments after discharge.

For instance, most insurances offer pre-hospitalisation for 30 to 60 days before hospitalisation and post-hospitalisation expenses up to 90 days after being discharged.

 

2.      Comprehensive Coverage

The best features of health insurancein India are comprehensive coverage that provides cashless hospitalisation and medication expenses for the policyholder from the beginning.

For example, room rent, ambulance fees, ICU charges, daycare procedures, annual health check-ups and cataract treatment with hospitalisation expenses are the main features of senior citizen health insurance.

 

3.      Restoration Benefit

Another attractive feature of medical policy is the restoration benefit, which facilitates a partial or the entire sum insured amount. For example, health insurance features 100% restoration of the sum insured after partial or full exhaustion during the policy year.

 

4.      No Claim Bonus

You can avail the feature of no claim bonus for your health insurance plan if you have not claimed under the policy period. No claim bonus will enhance your policy sum insured and benefit you at later stages.

For example, you can increase the coverage amount of your policy for next year without increasing the premium value with no-claim bonuses.

 

5.      Claim Settlement Ratio

It is essential to review the claim settlement ratio and the average time to resolution of top-notch health insurance companies. Check the customer reviews or feedback online to get an idea of the waiting duration after applying for reimbursement or a cashless claim.

For example, many companies set a claim within 2 hours or 7 days of application.

 

6.      Co-Payment Clauses

Most importantly, review core co-payment clauses that lead to sharing medical expenses between the policyholder and insurance company. Some policies come with mandatory co-pays that result in excessive out-of-pocket hospital bills.

Therefore, choose plans with no co-payment to get more flexibility in financial planning.

 

7.      Waiting Periods

The waiting period is a key feature of health insurance, as the policyholder cannot claim any expenses or benefits during this time. Some health insurance policies for senior citizens provide a 12-month waiting period for pre-existing diseases. During that period, no claim will be accepted.

 

8.      Add-Ons and Riders

Riders are the most valuable features of health Insurance that help customise financial plans. You can customise your plan with benefits for accidental coverage, maternity benefits, pre-natal examination expenses, etc.

Always check for sub-limits that may vary between policies, including domiciliary treatment room rent, cataract surgery, and AYUSH treatment expenses.

 

What is the Importance of Health Insurance?

 

The importance of health insurance is settling healthcare expenses and providing financial burden relief to individuals and families.

1.      Growing Medical Expenses

Medical services are becoming expensive, especially treatments for chronic diseases, surgeries, and hospitalisation bills. Without medical insurance coverage, you have to manage self-financing for treatment expenses, which can become a financial constraint.

 

2.      Timely Access to Medical Care

Health insurance covers medical service expenses, including inpatient care, therapies, diagnosis, routine check-ups and outpatient treatment costs. This permits individuals to seek medical help from the initial stage and address potential treatment for it.

 

3.      Accessibility of Preventive Measures

Health insurance often covers services such as vaccinations, wellness check-ups, physical examinations, immunisations, and preventive measures. It enhances the chances of improving health status by reducing complications and cutting down future medical bills.

 

4.      Protection of Health Complications

Accidents and health problems are unpredictable, but having an insurance policy provides treatment assurance with lower financial risk. Most insurance policies increased hospital access with network diagnostic centres across the nation.

Group Health insurance plans are especially beneficial for employees and their families, offering collective coverage with reduced premiums and added benefits such as maternity care and wellness programs.

 

Key Takeaways

Health insurance provides a safety net through which you can safeguard your finances and family health under a single premium. Top features of health insurance include comprehensive coverage of hospitalisation expenses, including room rent, doctor’s fees, diagnostic examination fees, ambulance fees, and medicine costs etc.