Recent times in Covid pandemic have proved the significance of healthcare insurance policies. They can prove vital in sustaining the financial expenses of the patients in bearing the hospitalization costs. Hence it becomes a matter of utmost concern to buy insurance of the right choice, premium, and benefits. That's why we are giving a list of important aspects to be careful of before shopping for health insurance online: -
1- The Premium Rate
Always be careful to look for the right premium rate insurance policy because many policies have a humongous high premium rate but offer the same features and benefits which can be found with the similar less costly insurance policy. So this is to be taken care of. In the current market, the rate starts from between ₹12 rupees per year in the government insurance plan to thousands of rupees in private life insurances and similar term insurances.
2- Pre and Post Hospitalization Cost
It is one of the points that many customers neglect and ignore and suffer a lot later. They have purchased an insurance plan that only covers your medicinal costs and not your post-hospitalization and bed charges. So you will be at a disadvantage because currently, in the hospitals, the administration charges more for the beds and emergency wards than the medicines. Hence terms and conditions regarding post hospitalization should be read and understood carefully before buying any health insurance plan.
3- Claim Process
The claim process is the most important in insurance after all the customers are before it. It is recommended to buy an insurance plan with a hassle-free claim process, even if it charges a slightly higher premium. To know the liquidity in the claim process of the different insurance providing companies, internet websites like MakeMyPolicy, and Policy bazaar can be taken help of. The best policy offers a claim process without a lot of documentation and legal complexities.
4- Age Criteria
Age is also an important criterion to look after while buying the insurance plan. For example, you have a family of five, consisting of one neonatal child of 2 months, you and your wife, and your parents crossing 65 years. Now various policies in the market will charge a large sum of premium from you due to the presence of people less than 3 years and more than 60 years, due to a larger amount of risk. So age is also an important thing to consider.
5- Co-Payment clause
Co-payment clause is the set of rules hidden in the insurance policy papers. It is the amount of money one must pay as a part of the reimbursement for claiming insurance benefits. Some insurance companies charge less premium but have a larger co-payment amount and vice versa. So one should be extremely careful while looking for the best insurance plan.
So these are the most important aspects that are needed to be considered while buying a health insurance plan. Other things like preventive health insurance plans, tax benefits, and many more also play a significant role in insurance policies.
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Dr Santosh Guptha, CEO – MEDESUN is a dynamic leader in Healthcare Information Management, an expert in the field of coding analysis, EM auditing, and ICD-10-CM, ICD-10-AM Coding with a career span of more than a decade. He was instrumental in developing various ICD-10 coding tools, guides and has authored various ICD-10 training programs, blockchain technology in healthcare etc. Dr.Santosh Guptha has extensive knowledge in all areas of HIPAA, privacy and security, and the application of HIPAA requirements in physician’s offices and facilities settings.