In the current Scenario, Health Insurance in India is the most powerful tool to manage financial coverage as well as a mental piece of each family or individuals. Many times Economic Times shows the Expenses of Critical disease is too high & not easy for everyone treatment without Insurance. The normal inflation for every year is approx. 8% p.a. & the medical inflation is going @ 15% to 18% p.a. It means the medical treatment is just double or more than expensive in coming years. So, those who don’t have the Health Plan in future they will be the sufferer because in coming years the cost of Health Insurance must be more expensive.
Health Insurance Policy is the best solution to cover to person as well as family to protect hardcore money & mental piece. Today ’s situation without Medical Insurance is just like a pigeon who closes his eyes in front of hungry Cat & assumes the Cat will also not seen him, accordingly, we as a human being never be hostile & not be hospitalized ever.
Main 5 Mistake to Avoid when Purchasing Health Insurance
The most common mistakes happen when buying Health Insurance to choose coverage amount of the policy as the basis of lower cost, because of that the coverage of the Insurance Policy is so limited & when any Big Medical Emergency occurs in a year then the policy will stuck and could not be increased throughout the lifespan of the Insured person.
The Resolution:- Medical Expense is too higher & unable to afford these treatments cost through their earnings from Salary or any kind of Businesses, So always advisable Buy Higher Sum Assured, if affordability issue then buy Basic Plan of Minimum Sum Assured & also Buy Super Top Up Policy of Higher Sum assured which gives for sufficient protection for any medical expenses in future. This option is very competitive also as compared to buy direct higher Sum Assured Policy.
Sub Limits Overseeing
This is also foremost mistakes generally person doing due to the cost of the Health Insurance is cheaper when you buy Sub Limits Policy in which Room Rent Limits, ICU Room Limits, Doctor Fees Limits & very dangerous point is Co-pay 10% or 20% bear by the Insured person when claim arise.
The Resolution:- Don’t be overlook these sub-limits, always trying to compare premium of adequate Insurance coverage with at least two or three well-known Brand Companies and Buy Only without sub-limits of policies or must advise from best consultant / Expert who deals in that from multiple years.
The Exclusions Ignoring
The Health insurance Plans have become widespread, but they are not common terms of exposure. Most of the person is unaware of these type of exclusions & will come to know at the time of claim & due to this claim will reject.
The Resolution: Must check exclusions thoroughly of your health insurance policy. This would also help you to understand what coverages you will get claims & what will not be covered in the policy.
Non-Discloser of Previous Medical History
Most of the time we could not declare our previous medical history or any medical ailments when buying Health Insurance policy because of fearing the proposal of Health Insurance will get rejected by the company or the premium will go higher or increase waiting period of particular medical ailment.
This is a blunder mistake that persons generally make because, during the claim, if the insurer finds some findings about previous medical history & purposefully wrongly stated your medical history when buying Health Insurance policy then claim to recognize as Pre-Existing disease, and claim will get rejected as well the whole policy also terminate with immediate effect by the company.
The resolution: Insurance agreements are the agreements of extreme decent trust where the policy is issued constructed on the facts you provide, so always be honest when purchasing Health Insurance Policy.
An opposing medical past might increase your premium but at smallest your claims would be grateful after the specific waiting period.
Imitating your friends and relatives Health Insurance Choice
Do you dress the same dresses that your friends and relatives garb? Then why purchase the same Insurance policy which your friends and relatives have. The policy should, therefore, uniform your requirements and not the requirements of your friends and relatives.
The resolution: Get Expert advice who have multiple years of experience of this field & also dealing & must compare Health insurance policies before you buy.
We can see maximum person searching online for health insurance in India different ways some are as follows:-
Some person searching as Best Health Insurance in Dwarka, Noida, Delhi, Gurgaon and some person searching as Cheap family health Insurance policy or Low-Cost health insurance or Right Health Insurance quote, some persons are searching Group Health Insurance or Health Care Insurance Plans or Best Private Health Insurance, some are searching as Online Health Insurance or Medical insurance online or searching best Top 5 Health Insurance Companies who provide better health Insurance or Mediclaim Insurance policy, or some are searching as Cashless Health Insurance Cashless Health Insurance in Delhi / Gurgaon / Dwarka / Noida. Some are searching like Best Health Insurance companies in India etc.
Out Patient Hospitalization
OPD nature Expense
Before Admit in Hospital some expenses like Medicine, Doctor Consultancy Charges & All test expenses covered.
After discharge from the hospital all expense like medicine, doctor consultancy etc.
Room Rent Limit
Single Private A.C. Room cover / Shared Room Allowed / 1% of Insurance Coverage etc
In case of Emergency ICU Room cover as per actual / 2% of Insurance etc.,
As per actual / 1500/- per occurrence / 2000/- per occurrence etc.,
After 30 days in a year/ after 2 years / after 4 year
Operational Related Needs
Stone, Cataract, Hernia, Rasoli, Piles, Gynee related issues, Joint replacement etc., waiting period applicable according to Company to Company.
Pre Existing Disease
Already having disease waiting period also respective company wise applicable.
Maternity Expense Cover
A specialized policy is only covered Maternity Delivery Expense not the rest of the policy cover these expenses.
100% Cashless / 100% reimbursement
All Private companies doing 100% cashless treatment but some government sector companies have co-payment clause, Check must before buy.
The above features will vary from company to company, some give good coverage without conditions but some companies provide above features with coverage.
We have so many companies who provide above features without any restrictions which are as follows:-
ICICI Lombard GIC Ltd, Religare Health Insurance Co Ltd., SBI General Insurance Co Ltd., Aditya Birla Health Insurance Co Ltd., Apollo Munich Health Insurance Co Ltd., Star Health & Allied Insurance Co Ltd., Royal Sundaram Health Insurance Co Ltd., Reliance General Insurance Co Ltd., Hdfc Ergo Health Insurance Co Ltd., Cigna Health Insurance Co Ltd., Tata AIG GIC Ltd., Bajaj Allianz General Insurance Co Ltd.,
We have also below companies who provide features as mentioned above with Restrictions like Room Rent & ICU Room Limits which are also as follows:
National Insurance Co Ltd., United India Insurance Co Ltd., New India Insurance Co Ltd., Oriental Insurance Co Ltd.