Health is a gift that encourages you to work continuously without any breaks. It would be best to safeguard it through exercise, sleep patterns, diet, regular check-ups, etc. Taking care of your health makes you rarely fall ill or suffer from other ailments. But life is unpredictable and puts us in financial crises without warning. Hence, we need to prepare ourselves beforehand.
Health Insurance protects you from spending a significant amount on medical treatment. The diagnosis and hospitalisation costs are soaring owing to constant innovations in the healthcare industry. Buying a policy for you and your family is essential and beneficial for enhanced protection.
Some key terms
When you buy Medical Insurance online, you come across several terms in the agreement. It is better to gain knowledge about them to choose the best scheme in the market. The following are the key terms:
The person who benefits from the policy, including you and your family members, are called assignees. Whoever receives coverage under the plan enjoys the privilege of free health check-ups and other services provided by the company.
When you pay a specific amount from your pocket for medical expenses despite having a plan, you claim it from the company by submitting relevant details. It is one of the benefits of buying Health Insurance in India.
It is the cost-sharing requirement under the Health Policy. In some instances, the policyholder agrees to bear a certain percentage of the hospital bill per the policy conditions. By doing so, the Insurance company charges a lesser premium. The sum insured remains the same. This feature is more likely available under the Senior Citizen Plans.
It works like No Claim Bonus. For every claim-free year, the sum insured increases by a fixed percentage per the policy. The limit is not more than 50% of the sum insured. It applies only to the online Health Insurance Policies renewed continuously.
The higher the deductible amount of Health Insurance Plans, the lesser the premium. A deductible is a cost-sharing requirement, a fixed amount or a percentage of the claim. You do not receive it from the company. It is your liability to pay the contracted deductible amount to the hospital.
The amount the Health Insurance company is liable to pay you during an unfortunate incident is the sum insured. For instance, where the sum insured is Rs. 3 lakh under Insurance, and the hospitalisation expenses are Rs. 2 lakh, the company is liable to pay Rs. 2 lakh towards the claim.
Remember to renew the plan from a General Insurance provider whenever the premium payment is due. The grace period is 15 days from the due date expiry. Pay them to renew the plan without losing out on benefits such as waiting periods, pre-existing illness coverage, etc.
How to buy it?
To buy a Health Insurance Policy, you should be eligible, read the documentation, and compare the plans offered to make an informed decision. You can visit the provider’s website, select the required plan, read the inclusions and exclusions, and pay the premium online. You receive the policy document on your registered email address with reminders for renewal towards the end of the term.
To read more on topics like this, check out the Health category