Medical insurance is something that can be highlight value in dealing with the ever-increasing medical expenses. If you have not taken medical insurance yet, it is high time you have it as there are many benefits associated with it. When it comes to buying the right health insurance, the options available in the market can be confusing. In this blog, we are highlighting everything that you should look for in medical insurance.
The Type Of Insurance
Medical insurances are broadly classified into defined-benefit plans and indemnity plans. An indemnity plan, the insurance reimburses your hospital expenses. However, in defined-benefit plans, you are paid a particular amount irrespective of your hospital expenses. If you are fighting an illness, then a defined-benefit plan would be helpful in paying off the expenses during the hospitalization. In normal cases, an indemnity plan is considered more suitable.
Choose The Right Coverage
No hard and fast rule determines how much coverage you should get in your medical insurance. The decision depends on various factors, including a family history of illnesses, your current health condition, the city you live in, etc. For people who are living in metropolitan cities, they would need coverage of a minimum of 10 lakhs due to the higher cost of living and medical services. Moreover, people who live in less-developed cities can opt for medical insurance with 4 to 5 lakhs of coverage.
Consider Whether Your Pre-Existing Illnesses Are Covered
All medical insurance plans come with list ailments that they cover after 48 months. When you are buying health insurance, it is important that you check what ailments the insurance will cover. This will help in making the settlement process more efficient in the future. Moreover, specific ailments are covered after a particular time period, make sure you know about that time span as well.
Review The Sub-Limit
A majority of medical insurance plan comes with sub-limits. Basically, these are defined as capping the limit of re-reimbursement under each cost-heads. For instance, the room rent might be capped at 1% of the overall sum insured. Therefore, irrespective of the insurance amount, you may have to pay if the bill exceeds the capped amount. Therefore, when you are buying medical insurance, make sure you look into these sub-limits.
Look For Co-Payment Feature
Not all medical insurance plans have a co-payment feature, but it is something that you can look into. This is especially an important feature when you are taking the insurance of a senior citizen. People are older; tend to pay a higher premium, so the co-payment option will provide certain affordability to them. It would help if you looked into the terms associated with this feature.
Taking medical insurance is important for you to deal with uncertain medical emergencies. Today a majority of financial service providers offer medical insurance. So taking health insurance is not a challenging task. Above are some important factors that you should consider in order to make the best buying decision.