Health Insurance: General Knowledge That You Should Know Before Buying

Health insurance

So today, we will know about health insurance, and what is necessary to know before buying a health insurance policy.

If I say in technical terms, Health insurance is a contract with your insurance company.

Insurance is a means of protection from financial loss. it is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

In the same way, health insurance is a kind of shield that will incur the medical expenses of the hospital if something happens to you.

And talk about the Health insurance sector of India, there has been a lot of boost in the health insurance sector in India. In terms of income and job creation.

In 2000, the government of India liberalized insurance and allowed private players into the insurance sector.

Before Buying Health Insurance

• Before buying a health policy, know its coverage.

• Ensure which diseases and benefits do not come under its purview.

• Make sure, whatever the limitations of the hospital in its panel, what the doctor’s visit charges, and the ICU hour limit.

• Also, ensure that in which situations the policyholder is not entitled to the claim.

Restoration Benefit

Each health plan has an assured limit that depends on the policyholder’s health.

This sum assured has a limit of 1 year of claim. if more than the sum assured is incurred, the policyholders must pay themselves.

But if you have taken a health plan with restoration benefits, then the insurer will restore the sum assured.

so that if the policyholder gets sick again in the year, then the sum assured is given.

Also, keep in mind that restoration benefits will be available in the condition when different diseases are treated in the same year.

Sub-limit

Many insurance policies have a sub-limit that is linked to surgery, room rent, and ICU room. it is clear in some policies that there will be no rent reimbursement of the room beyond the prescribed limit.

And if the subordination of the insurance policy is low and you stay in a room with good facilities, then you may have to pay most of the room rent from your pocket. That is why read the document carefully before buying any insurance policy.

Hospital Network

You should also pay attention to the hospital’s network, health insurance policy has a list of the hospitals about which hospitals are covered under that policy.

Also, it should be seen which hospital is around your home.

If you are admitted to that hospital then they are on the list or not, if it is, then, in that case, you also get the cashless benefit (In cashless you do not have to pay a single penny from your shaving insurance company that pays your bill).

Co-Payment (आंशिक भुगतान)

This is the amount that the policyholder pays during hospitalization.

The remaining claimed amount is insured and co-payment is mandatory in most health insurance plans for senior citizens.

Although some insurance companies fix the amounts of the payment, some set a range.

It is between 10 to 20% and buying a plan that does not have a close of payment.

Zonal policy or PAN India policy

There are two types of premier policy include:

Pan India: Whose premium all over India (PAN India) is the same.

Zonal policy: If you are taking a policy in a tier 3 city then the premium will be less, if you are taking a policy in a tier 2 city then the premium will be higher, and if you are taking a tier 1 city premium will be the highest.

And many people give their village’s address by not giving the address of their original residence so that their premium can be reduced to save the premium.

If he had to be treated in a city hospital in an emergency, he would not get a 100% claim settlement, because they give an address elsewhere to save their premium, or they will get a co-pay of 20% (which means only 80% of the claim was given by the company in your treatment and 20% you have to pay from your pocket).

Down Line

Notice: Before buying any Health insurance make sure they have all these points, such as pre & post hospitalization, co-payment, cashless facility, sub-limit, restoration facility, zonal or Pan policy, and Room rent charger (because they have linked to your coverage so check your policy document carefully)

Insurance is a means of protection from financial loss. it is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

Make sure, whatever the limit of the hospital in its panel, what is the doctor’s visit charges, and the ICU hour limit, Also ensure that in which situations the policyholder is not entitled to the claim.