(Newswire.net — March 5, 2018) — Health insurance has become a necessity for every individual due to the rise in lifestyle diseases and the rising medical inflation in India. This has resulted in a shift in the mindset of many individuals, and now most Indians are considering the broader aspect of their life as well as its healthcare needs. Besides, it has also been favored by the improvement of health insurance plans from top agencies such as Apollo Munich Health Insurance. The agency offers health insurance plans for individuals, insurance groups for corporations and family floater insurance plans. Consequently, more and more Indians are accepting the importance of health insurance policies and the fact that they need health insurance.
Common Types of Insurance Health Policies
There are two major types of health insurance policies. These include:
Individual Mediclaim Policy
The policy covers only one person, where the person’s age determines the premium that the insured should pay. This plan allows the person to claim the total sum if he or she decides to do it.
Family Floater Health Insurance Policy
Family floater plan covers the whole family including spouse, self, children as well as the dependent parents in some cases. In this case, the premium is based on family’s age. Moreover, the total amount assured can be used by a single member of the family or jointly by members.
Factors to Consider When Purchasing a Health Insurance Policy in India
The following are some of the key factors that you should consider to ensure that you get an insurance policy that suits your needs.
•Coverage of the Health Care
The most important factor to consider is the form of cover provided by the insurance policy. It is also advisable to opt for a plan that offers adequate sum insured.
•Treatment Specific Limits
It is also essential to check whether the health insurance cover has any limitations on certain specific treatments. This is because some insurers put limits on certain particular therapies such as cardiac and cataract treatments.
•Co-payment
This refers to the sharing percentage of the claim between you and the insurance company. It is also advisable for one to check if there is any co-payment as well as its rate before purchasing the insurance policy.
•Waiting Period
The other important factor to consider is whether there is any waiting period for some diseases before buying the health policies. Besides, it is also necessary to look at the terms and conditions of the system to understand the insurance plan.
•Network Hospitals
It is also critical to check whether the insurance company has empanelled the hospitals within your area of residence under the medical policy that you want to purchase. This allows the insured to enjoy reliable cashless hospitalization.
•Maternity Cover
It is also good to consider whether the insurance policy provides any cover for maternity as well as the terms and conditions. Moreover, you should also look at the benefits offered by the plan.
•Policy Exclusions and Inclusions
The other important thing to do when purchasing health insurance policies in India is to understand what the plan excludes or includes. This allows you to choose an insurance policy that suits your needs.
•Terms and Conditions of the Policy
Finally, it is essential to look at the policy’s terms and conditions carefully before purchasing one.
Conclusion
In conclusion, purchasing health insurance policies offers a cost-effective way of enjoying healthcare benefits. Besides, it helps in reducing your financial burden as well as offering peace of mind. However, failing to make the right evaluation of the insurance policy before purchasing one may complicate things. It is, therefore, important to consider the factors discussed above to ensure that you get a reliable insurance policy that caters to your needs.