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Written By: Sponsored | Published : February 6, 2023 1:42 PM IST
COVID-19 brought to the fore, what a nightmare it is to trudge through the treacherous terrain of the Indian healthcare system. Yes, we do have some of the best doctors, treatments, and hospitals this side the continent, but access to most of them comes at a tremendous cost. While the poorest of the poor are covered by state subsidies or State sponsored medical insurance, it is a dilemma for the working middle class. Which in turn is left in the lurch without an appropriate insurance or corpus when a medical emergency derails their life. And if you're someone who has been plagued by similar thoughts, we feel you. In fact, you are starting a new lease of a new year by being at the right place. Here are 5 tips to help you get the best health insurance for you and your family.
#1 Select Plans With A Shorter PED Waiting Period
PED is short for "pre-existing disease." Conditions like hypertension, cancer, diabetes, allergies, etc. Usually, a PED is the bone of contention between the insurer and the beneficiary. During the waiting period, the company usually won't provide coverage for pre-existing conditions under any circumstances. To save yourselves from burning a hole in your wallet, always go for plans with a comparatively shorter waiting period. *
#2 Select LifeTime Renewability
According to IRDAI regulations, insurance providers must offer insurance plans for an entry age up to the age of 65 years; most shy away from the clause. The IRDAI guidelines also mandate the lifetime renewability of the insurance. Select a plan that complies with these guidelines. Make sure to check the clauses with your agent before committing to any insurance plan. Visit the official website of IRDAI for further details.
#3 Check Empanelled Hospitals Of The Insurer
Most medical insurance companies are empanelled with a network of hospitals across India. Ensure the empanelment is with major hospitals or the ones you are under long term treatment at. These hospitals will provide you cashless treatment. You won't have to pay a dime post your discharge. Discuss this with the agent before committing to the plan. *
#4 Choose The Max Sum Insured And High CSR
A "sum insured" refers to the amount reimbursed to the policyholder in case of an untoward event or illness. A sum insured is different from a sum assured, as the latter refers to a fixed amount assured to the policyholder. A CSR refers to "Claim Settlement Ratio." It is the ratio of total claims that is settled against the total claims received. *
#5 Check For No Sub Limits Or Lowest Copayment Plans
Due to an increase in fraudulent claims, insurance companies these days add a copayment clause to health insurance. It is basically a binding liability that would make the subscriber pay a portion of the insurance. For instance, if the copay is 5% of the total claim, then out of the total payout, the subscriber will pay the sum equivalent to that. So on a bill of 100 rupees, the insurer will pay 95 and the rest 5 percent is on the subscriber. Copayments have pros and cons. But as a thumb rule, try to look for policies that are free from any cost-sharing clauses. Try to avoid sub-limits as well, or look for the lowest one. A sub-limit refers to the amount of coverage on individual covers. *
Availing a premium healthcare that is suitable for your loved ones shouldn't give you nightmares. Choose the right insurer to renew health insurance that will put you at financial ease while you scurry around caring for your family. Once you get the right insurer, pick a plan that will ease your financial stress. *
* Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Disclaimer: Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Above mentioned article is a sponsored feature, This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever.
