Everyone should have access to good health coverage through medical insurance plans. Most people choose a policy with an agent’s guidance or through self-research. In both cases, the final premium policy you get will state many terms and conditions. Before purchasing medical insurance, you must know all the terms and conditions and their meaning. Here we will discuss the ten most important features of medical insurance plans in India.
Insurance policies are full of terms and conditions. And you can suffer for not understanding those terms before buying a policy. There are several vital features in a medical insurance plan that you must focus on to ensure reimbursement or claim settlement. Read on to know the ten important features of medical insurance plans in India.
· Premium Amount
The premium amount is the total amount that is payable by you. It is the total of all the add-on, service, and amenities charges. This premium amount varies with the number of services you wish to add to your insurance policy.
· Disease Wise Capping
To decrease spending of insured money to a single cause, several insurance companies adopt disease-wise capping. In disease-wise capping, the insurance provider limits how much money is claimable for any disease. It is to make sure that they can use the remaining money when some other medical emergency occurs.
· Claim Settlement Ratio
Claim settlement ratio is the number of claims the customers applied for to the number of claims approved. A high claim settlement ratio means the medical insurance plans are helpful to people and trustworthy.
· No Claim Bonus
No claim bonus is the bonus you get for not claiming the insurance policy. This bonus gets credited to the subsequent year’s policy premium amount. So, you have to pay less amount in the next year for not using the insurance plan’s benefits. One of the best medical insurance plans providers, Care Health Insurance, has a flat 10% no claim bonus.
· Co-payment Clause
The co-payment clause means the policyholder has to pay a part of the payment alongside the payment received from the insurance company. Only a few insurance providers have co-payment in their medical insurance plans. But it is removable with extra charges in the premium amount.
· Family Or Rider Coverage
Family or rider coverage extends the medical insurance policy to your family members or spouse. You can choose the number of family members you want to include in the same medical insurance policy. It is comparatively cheaper instead of buying separate medical insurance plans.
· Network Hospital
Whether the medical insurance plans are valid at every hospital or only network hospitals is mentioned in the policy, if the insurance is claimable only at network hospitals, then make sure that it has enough hospitals in your location.
Some exclusions make a few expenses non-claimable in medical insurance plans. These might include room charges, transportation, or lodging charges of relatives.
· Pre-existing Conditions
It is a must to mention pre-existing conditions before finalizing medical insurance plans. It is to ensure that the claim is not rejected due to non-disclosure of pre-existing or chronic diseases.
· Waiting Period
For pre-existing conditions, the medical insurance plans include a waiting period. A waiting period is a minimum time you have to wait before claiming for pre-existing conditions. The waiting period can be from 2 to 4 years. Choosing an insurance policy with the least waiting period is always recommended.
Now that you know the important features of medical insurance plans in India, you must verify them before buying. These features can appear under different terminologies in different insurance policy providers’ agreements. You can easily understand them when you go through them.
The company that provides the best medical insurance plans in India is Care Health Insurance. It is a subsidiary of the leading diversified Indian financial company, Religare Enterprises Limited. You will indeed find some best health policies with the best features from the official website of Care Health Insurance.