How to choose Best health insurance: Medical expenses are rising rapidly in today’s time. In such a scenario, a better health insurance scheme is the best way to keep your savings safe. However, many times people overlook some important points while purchasing a policy, which causes problems at the time of claim. Therefore, if you are going to buy health insurance, make sure to keep these 8 important points in mind so that you can maximize the benefits of your insurance scheme.
Choose a policy without room rent capping
If your policy has any limit (capping) on room rent, then during hospitalization, you will have to bear the expenses beyond the specified limit yourself. Therefore, take a policy that does not have room rent capping.
Choose a no co-payment policy
Co-payment means that you will have to pay a certain portion of the total treatment cost yourself, such as in an 80:20 ratio where the insurance company will pay 80% and you will have to pay 20%. In such cases, a ‘no co-payment’ policy is better.
Avoid sub-limits
Some insurance companies set a maximum claim limit (sub-limit) for certain illnesses even within the insured amount. For example, a maximum claim of only 2 lakh rupees can be made for cancer treatment. To avoid this, choose a ‘no sub-limit’ policy.
Check for PPE and other medical covers
PPE kits, syringes, nursing charges, etc., can account for 5-10% of the total hospital bill. Therefore, ensure that these expenses are covered in your policy.
Ensure restore benefit
If your policy cover is 10 lakh rupees and you have claimed the entire 10 lakh, then you should get another cover of 10 lakh for another illness in the same year. This is called the ‘restore benefit’.
Choose a policy with a short waiting period
Many health insurance policies have a waiting period for certain illnesses, meaning you cannot claim during that period. In such cases, ensure that the waiting period is no more than 2-3 years.
Take advantage of no claim bonus
If you do not make a claim for health insurance in a year, many companies offer you a ‘no claim bonus’, which can increase your cover by up to 50% or double the original cover.
Pre-hospitalization and post-hospitalization cover
Medical expenses are incurred before and after hospitalization as well. Therefore, ensure that your policy covers pre-hospitalization and post-hospitalization expenses for at least 60 days.
