While it is very important to compare the premium of Health Insurance policy, premium
should not be the sole criteria for the selection of the policy. The features of
the policy or the coverage provided by the policy should also play a very important
role in deciding the Health Insurance policy. Most important thing is to first identify
the coverage which one wants to take. Based on the coverage, the premium should
be compared and the Health Insurance Plan should be selected accordingly.
Some Insurers cap the maximum amount of room rent that they will pay under their
health insurance plan. Generally, such limit is to the extent of 1% of sum insured
and in case of ICU (Intensive Care Unit) the maximum limit is 2% of sum insured.
Similarly, there may be capping on the maximum amount based on the diseases, ambulance
charges etc.
However, now there are various Health Insurance plans, which do not have any maximum
limit on room rent or specific disease. Hence it is very important to check the
sub-limits on room rent and other capping before buying any Health Insurance Policy.
Once you buy a health insurance plan, you might feel relaxed that you have covered
you and your family against any possible hospitalization in future. But if you don't
go through the exclusion section of your policy, then you might get surprises at
the time of claim. So before finalizing on any health insurance plan go through
its exclusion and select the one which has least number of exclusions and are clearly
defined.
Pre-Existing Diseases are those which you are suffering from before opting to buy
a health insurance plan, and therefore insurance companies do not cover them from
day 1 of your policy. They have a waiting period ranging between 2-4 years in which
they will not be liable for any claim arising on account of your pre-existing disease.
Therefore you should look for health plans which will cover your existing disease
and have the least number of years of waiting period.
For every year where there is no claim, the insurer is supposed to provide a No Claim
Bonus. This bonus may either include a reduction in the subsequent year’s premium
or an increment in the subsequent year’s coverage at the same rate of premium. Moreover,
various other types of discounts are offered by insurers to attract potential customers
to buy their plans. One should compare the no-claim or other bonus or discounts
before buying a Health Insurance policy.
Premium you would pay is a vital aspect you should consider while buying a health
insurance plan; but mind you, it shouldn't be paramount in your selection process.
Just think, you buy a health plan with a very low premium without even taking into
consideration the features of the policy. At the time of claim you learn that the
insurance company is not liable to reimburse you as the cause for which you were
hospitalized was not covered under the policy. So you should be well aware of all
the feature, or else you may find yourself in a soup with a huge hospital bill to
be paid.