The healthcare sector in India has seen vast changes. Undoubtedly, the life expectancy has increased taking into consideration certain health reforms but simultaneously the treatment cost has also increased. In the coming years, the health care cost is certainly going to shoot up more. Hence, if you buy a health insurance plan at a young age you can reap its benefits as you age.
Health insurance plays a vital role in financial planning. The contingency reserve that you may need to set aside to take care of your health may be insufficient as the time progresses. In addition, a sudden medical expense would disturb your financial planning and turn out to be an obstacle in fulfilling your other liabilities.
How does health insurance plan work?
Your health insurance plan functions as specified below.
Cashless Health Insurance
When you purchase a policy, you get a mediclaim card, list of network hospitals and all the essential contact numbers of your service provider. If you plan to avail treatment in network hospital just need to inform your insurance provider around 48 hours in advance for cashless approval. Once the approval comes you need not shell out even a single penny from your pocket.
If you avail treatment in non-network hospital then you can claim reimbursement by submitting original bills and other required documents. Once the documents are verified the amount is refunded within stipulated time frame. Ensure that you provide all the listed documents otherwise your claim process would take time. The customer service centers are always available at your service to let you know the whole process. In case of any clarification, do get in touch with them.
The health insurance plans also take care of ambulance charges, pre and post hospitalization expenses, room charges, doctors fees, and medicinal cost pertaining to the illness for which you have been hospitalized.
Facts to consider before buying health insurance
Pre-existing disease: Check for the coverage of pre-existing disease after a waiting period of some months.
Mandatory co-payment: Co-payment is certain amount of expense that must be borne by the policyholder. Some of the insurance providers have this as mandatory feature. Hence, decide the provider accordingly.
Life-time renewability option: Your policy should have life-time renewability option as you require the policy more as you age.
Cap to the room rent: It is good to check if there is cap to the room rent during hospitalization otherwise you can end up in exhausting your policy amount unnecessarily.
Policy exclusions: Do read carefully the policy exclusions so that you are aware of what benefits you hold and what challenges you may face.