Why do you need individual health insurance?
Having a health plan safeguards you against any mishap as you can get quality treatment anywhere at the right time. A medical cover guarantees stable finances and peace of mind.
You can avail of better healthcare facilities if you have individual health insurance. You can be notified by various insurance companies regarding when and where to have the diagnostic screenings.
Covers medicine & drug costs
Generally, it is not feasible for people to afford expensive medicines for various diseases under normal circumstances.
Prevention is better than cure. Individual health insurance provides you with the facility of medical checkups and tests when needed.
These are the top eight essential factors to contemplate before buying any medical insurance plan for yourself.
There is a waiting period of 3-4 years when it comes to pre-existing illness. They are not subjected to pay for any cost required during the above-mentioned tenure that is caused by any disease that you were suffering from before buying the policy document. Thus, a person wishes to look for individual health insurance plans which have a shorter waiting period and an extra pre-existing illness cover.
Pre & Post Hospitalization Expense
Pre and post hospitalization prices are the ones which can be accounted for before and after hospitalization. The cover of every policy differs in terms of the days, where pre-hospitalization is generally counted for 30 before hospitalization, and post-hospitalization is counted for 60 days after. It isn’t always fixed so strive for choosing a policy that gives you the maximum range of days of this cover.
No Claim Bonus
If you don’t claim for your insurance against any illness or disease in a year, Then you are eligible for no claim bonus. In many cases, it gets to you for consecutive five years. The benefit commonly varies from 10-50%.
Co-payment is where the insurance company and the insured candidate pay a part of the total declared amount. The proportion is decided in advance. This procedure may reduce your premium, but it’s important to comprehend that if you could pay your part of cash at the time of need. If you can’t, then it’s better to tear apart from this option otherwise you face some complications later on.
Network hospitals are the panel hospitals where for any medication you don’t need to pay the bills. in lieu, you could experience a cashless facility wherein there is the hassle-free submission of documents for repayment. All the treatment costs are taken care of at once between the hospital and insurer.
No Claim Bonus
In the case of hospitalization, you have to pay predefined room rent. Some policies offer a coverage amount on room rent at 2% of the sum insured while some don’t have any limit for such fees. It is recommended to go with the latter one as it offers more flexibility to you.
It’s essential to know the exclusions, terms, and conditions of every policy. Try and opt for coverage with fewer exclusions so that you don’t have to face issues while claiming for treatment or while availing of a treatment done.