The COVID-19 pandemic has dramatically altered lives around the world in recent times. Many countries had to implement lockdowns and restrictions to limit the spread of Coronavirus, leaving citizens confined to their homes. There has been a complete transformation in how we live, work, shop, and interact, making it quite challenging to predict how the world will look in the near future.
As a result of multiple lockdowns across all states during the time, we now have a better idea of how serious the crisis is, and we should put our health at the forefront of our minds in any scenario.
Why is Health Insurance Important?
The world has gradually started prioritizing health after national and global health agencies constantly stressed the need to keep the immune system strong during the COVID-19 outbreak. Today, most people maintain heightened hygiene, exercise more, drink more water, and eat clean to remain healthy and strong in these unprecedented times. Health insurance is one extra measure many people have taken to ensure their health during the current crisis in addition to eating a healthy diet and exercising regularly.
Many people have been brought to their senses by the pandemic, reinforcing the importance of health insurance coverage at all times.
Even though many people have health insurance coverage, it is important to know how valuable their policy will be if they are unfortunate enough to need treatment against a deadly virus like Coronavirus. It is crucial to verify if the basic health insurance plan is strong enough to cover other expenses such as testing, hospitalization, as well as treatment costs.
Things You Should Consider Before Buying Health Insurance Plan
Documents related to health insurance are contracts between you and the insurer. A portion of the financial burden is borne by your insurer when you face a medical emergency. Health insurance plans and companies should be carefully chosen.
1. A plan’s scope is determined by its inclusions and exclusions.
Health insurance plans are defined by their coverage (inclusions) and exclusions (conditions). Before purchasing health insurance, it is essential that you understand both. Unawareness of coverage can increase out-of-pocket costs. Unawareness of exclusions can result in claims being denied.
2. Health insurance should be purchased as early as possible.
If you are young, you are more likely to make fewer claims than if you are older. It is not a good idea to hunt for ideal health policies after a certain age. Now is the time to purchase health insurance if you have not already.
3. Selecting the right health insurance company
As far as health insurance is concerned, insurance companies play a crucial role. Insurers process claims at different speeds, so choosing the right insurer is important. The speed at which claims are processed varies from insurer to insurer, so it is important to choose the right insurer. Because of the internet, it is easy to find a reliable health insurance company online today. Read their customer reviews to learn more about their services. Our team at Rurash Financials can assist you in finding the right insurance plan for you and your family.
4. There is a waiting period during which you cannot claim your health
Your health insurance plan has a waiting period during which you cannot make a claim. Pre-existing conditions and maternity benefits are usually covered. This process can take anywhere from nine months to a few years, depending on the insurance company and the plan you’re interested in. Make sure you check the waiting period before purchasing a health insurance policy.
5. Policy premium and sum insured.
You must pay a premium for a health insurance policy with a certain level of coverage. Higher premiums are associated with higher coverage and greater comprehensiveness. Before purchasing a health insurance policy, make sure you understand the details of the coverage and the premium amount.
6. Procedures performed in a daycare facility
Today, certain medical treatments can be completed within a day. It is therefore important to check whether such treatments are covered by your health insurance policy. Small medical procedures like cataract surgery and tonsillectomy fall into this category.
7. Specific treatments and diseases
After a certain period, insurance companies offer coverage for certain diseases and treatments. Many health insurance plans do not cover piles, fistulas, hernias, etc., after the first two years of coverage. These ailments are referred to as specific diseases. Contact the insurance company if you have any questions about this coverage.
8. Treatments other than allopathic medicine
Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) are non-allopathic treatments. There is usually a limit on how much these non-allopathic treatments are covered by health insurance. Over the past few years, AYUSH treatments have grown in importance during the COVID-19 pandemic, and many people now prefer them over conventional allopathic medications.
9. Room rent limit on the health insurance plan
Depending on the type of hospital, hospital room rent can be exorbitant. Patients who are admitted to rooms that cost more than the allowed limit may have higher treatment costs. A health insurance policy’s room rent limit specifies how much room rent can be covered. As a result, the policyholder would be responsible for a proportionate share of the hospital bill if he chose a room with a higher rent.
10. Coverage for new-age treatments
Medical treatments such as these are more accurate and result in better outcomes than traditional treatments. You should check with your insurance company if such modern procedures are covered. There are several new-age treatments available, such as CyberKnife, robotic surgery, and stem cell therapy.
11. The availability of add-on covers
Health plans offer optional coverages that can be added to increase the scope of coverage. Add-ons are available to customize your health insurance plan. In addition to the base policy’s premium, every add-on cover requires an additional premium.
12. Pre/post-hospitalization coverage
Any tests, treatments, doctor visits, etc., conducted before or after hospitalization are considered pre- and post-hospitalization. Pre- and post-hospitalization terms and conditions vary from insurance company to insurance company. Make sure this coverage is included in your policy.
13. The co-payment clause
Co-pay clauses require policyholders to pay a predetermined percentage of hospital bills. As you have to pay a significant portion of the hospital bill, such policies are less expensive, but they also offer less compensation. If you decide to opt for this clause, study it carefully.
14. The abundance of network hospitals
Before buying a policy, consider the company’s claim settlement approach. Make sure your insurer has a wide network of hospitals where you can get cashless treatment. As a result, you will spend much less money on medical treatment.
15. Group health insurance from the employer
The employer’s health insurance policy is not valid for a lifetime. Upon termination of employment, it ends. As a result, you and your dependents are at risk of financial liability in case of a medical emergency. To get comprehensive coverage, you should purchase a separate health insurance plan.
Rurash Financials recommends a few health insurance plans that you should consider for safeguarding the health of your loved ones.
Care Health Insurance
A member of the Religare Group, Care Health Insurance Limited is a direct subsidiary of Religare Enterprises. Several health insurance plans are offered by Care Health Insurance to meet the health insurance needs of its customers.
As one of the highest claim settlement ratios in the industry, and are proud of their 95.2% settlement ratio.
In their health insurance plans, we found the following features that are designed especially to protect you and your family in medical emergencies.
- Never run out of coverage with this health insurance plan.
- Hospitalization for related illnesses can also be covered by unlimited automatic recharges
- One of the few insurance companies in the industry to offer a Claim Bonus of up to 200%
- Primary insured members’ personal accident coverage
- All insured members receive a free annual health check-up
- 60-Day & 90-Day Pre- and Post-Hospitalization Expenses Covered
- You can insure your family up to 6Cr with our health insurance
- 16000+ hospitals in the network offer cashless treatment
- Plan for comprehensive family health insurance
- Pre-policy medical check-ups are not required
- It takes approximately two hours for a cashless claim to be approved.
With Care Health Insurance, you get an exciting, well-covered insurance plan with up to a 200% no-claim bonus and many more helpful features, such as no pre-policy check-ups.
Since there are so many insurance plans available, confusion comes from knowing what to check while buying one.
A trusted name like Rurash Financials can help you select the right medical insurance plan based on your specific needs and requirements among the many options available.
Rurash Financials is one of India’s investment management firms, providing financial solutions to augment the client’s wealth and facilitate building a legacy. In case of any query, call us at +91 93206 40196, or you can email us at: firstname.lastname@example.org,