Health issues may catch you off guard at any time. At times such as these, health insurance can come to your aid. A health insurance plan can help you focus on your treatment and recovery rather than worrying about finances. Medical costs have risen substantially and treatment at a private hospital can cost a fortune. Choosing a health plan like More from Reliance Health Insurance is important to ensure you receive the best healthcare facilities during hospitalisation. Here are some guidelines to help you choose the right health insurance suited to your needs.
What cover suits you?
Once you have decided that you need to cover yourself and your family with a health cover the first thing is to pick between and ‘individual health plan’ or a ‘Family Floater’. If you are 25 years or older you should have an extensive coverage with an individual health plan, once you’re married or have kids you should switch to a family floater plan, where all the members can be covered with one sum-insured. However, it is not advisable for you to have senior citizen parents in a family floater with you, as the policy premium increases significantly with the age of the eldest member which in this case would be your senior citizen father/mother. It is advisable, that you cover yourself, spouse and child in one floater plan and your parents in a separate policy as they are prone to have age-related diseases and might use the sum-insured with time.
More from Reliance Health Insurance offers a restore benefit in which if a member within the floater plan tends to use the sum-insured in a year, the insurer would reinstate the amount if another member needs to use the policy in the same year.
Choose the right sum assured
Although there is no fixed rule as to how much health insurance you should have; the sum insured should be adequate to cover any of your health needs. The sum assured is the very base of your health insurance policy you need to arrive at, after careful deliberation. You should pick coverage ideally basis your residential city, history of family illnesses etc. For people living in Class A cities, the cover amount should at least be Rs 10 lakh given the high cost of living in metro cities. Not only standard of living, medical treatment is also quite expensive in metro cities compared with smaller towns. For people living in Class B and C cities, the sum insured should be at 5 lakhs.
We at Reliance Health Insurance understand the importance of having the right health cover, hence when you buy our health plan, you can add MoreCover over and over your sum-insured at no extra cost. Like with a 5 lakhs sum-insured you can choose to get 2 lakhs sum-insured free.
Check sub-limit in the plan
Health insurance plans have sub-limits in them. Sub-limit refers to capping the re-imbursement limit under each or some of such cost-heads like Hospital Room rent or Ambulance cover. So, irrespective of the total sum insured of the policy, one may have to pay out-of-pocket hospital bills unless one sticks to the limit. But when you buy More from Reliance Health Insurance, we offer No-sublimits whatsoever on your hospital room rent or Ambulance cover, infact we even reimburse the use of a radio taxi in case you need to use it in case of emergency.
See pre-existing ailments waiting period and exclusions
Health insurance plans cover pre-existing ailments but after a waiting period of 48 months. However, at the time of buying, it is equally important to disclose the pre-existing ailment, for a smooth claims’ settlement process. More from Reliance Health Insurance is the first in the category to cover mental-illnesses, Alzheimer’s, Parkinson’s Disease, and advanced Robotic Surgeries, that were earlier exclusions in health policies.
Check the cashless hospital network
It is essential to go through the list of hospitals empanelled while choosing a policy and see that major hospitals in your city should be a part of the network. An insurer like Reliance Health Insurance with a more extensive network of multi-speciality hospitals can be a better choice Reliance health insurance has a strong network of 5000+ empanelled hospitals, to provide cashless service across the length and breadth of the country. So that you can be treated at the best hospitals without worrying to pay a single penny out of your pocket.
Understand the premium calculation process
It is imperative to understand the premium calculation process. We take a set of factors, primarily age to arrive at a policy premium. It is calculated basis the age of the eldest member who is to be covered in the policy. Knowing the tentative premium amount on your policy can help, but this should be the only deciding criterion. Evaluate the policy benefits, inclusions, coverage and then take the right call. With More from Reliance Health Insurance you can also get 10% discount on your premium amount when you buy the policy online. An additional 10% discount is given when you buy the policy for 2/3 years tenure.
Read the fine print
Lastly, and perhaps most importantly, do not miss reading the fine print on your health policy. It is essential to understand the number of clauses on your health policy to know its inclusions and exclusions. For instance, an essential clause is the renewability clause. This can tell you the validity of your health insurance policy. You do not want to end up with a health policy that does not provide you coverage when you are post 70 years or older when you are most likely to need healthcare. At Reliance Health Insurance we offer you lifelong renewal for your policy, so you that you can choose us and stay worry-free.
Based on anecdotal evidence, health insurers in India suggest that while most urban salaried individuals today opt for policies, they use it as a mere tax-saving tool. This approach exposes one to significant financial risk. This is because the lack of adequate medical insurance coverage during a medical emergency may leave one with an acute shortage of funds to avail the best private healthcare. However, choosing the right health insurance policy with adequate coverage can protect you from falling prey to such financial risks at the time of a medical emergency.