Of late, people started considering their health by choosing a healthy lifestyle, backing it up with fitness activities. This surely helps but doesn’t completely eliminate the risk of a medical emergency or being hospitalised. The need for adequate health insurance is constant and taking the right policy what matters a lot to ensure a healthy life. In this regards, there are some new-age features included by the insurer to make the product more efficient in fulfilling your requirements. Here we go:
As per the rules of IRDA, insurers can offer health insurance for an entry age up to 65 years. Above which, normal health insurance won’t cover the person. However, considering the convenience of their customers, most insurance providers have introduced their plans with no age limit. These plans come with lifelong renewability feature. Once the policy is issued the policyholder can use it by renewing it for lifelong.
Health insurance policies cover pre-existing illness as well however the insured has to serve a definite waiting period. The waiting period may vary from insurer to insurer. However, the insured person has to declare about such a condition at the time of buying insurance or submit a medical report. If the insured doesn’t declare about pre-existing illness, the insurer may reject his/her claim.
Sub-limit is one of the important features of health insurance which needs your attention. Your health insurance policy will cover you for hospitalisation expenses including room rent, doctor’s fees, surgery fees, ICU charges, OT charges, charges for blood, oxygen, X-ray etc. Here is the catch; the insurer may put a cam by limiting the reimbursement cost under each or some of such cost-heads. This is pre-defined. For instance, your health insurer may pose a cap on room rent at 1% of sum insured. So, if you don’t stick to the limit or the room rent exceeds the cam limit, the additional expenses will be on you. Make sure the policy you are buying comes with no or less sub-limits. However, some insurers offer an option to reduce the policy rate by including the sub-limit at the time of buying the policy.
The minimum requirement of availing the benefits of health insurance is that one has to be hospitalised for a minimum of 24 hours. However, insurers with the technologically advanced product have now started offering health insurance with day-care and OPD benefits. There are many health issues that don’t require 24 hours hospitalisation like eye surgery, chemotherapy, dialysis etc. these are referred to as out-patient procedures and are covered by health insurance.
Consider these features while buying health insurance in India. Health insurance has become the need of the hour that offers complete financial protection in case of a medical emergency. A policy comes in handy only if you buy the right policy. In this regards, by ensuring these new-age features on your health insurance policy, you can make the most out of your mediclaim insurance policy.
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