TECHNICAL CONDITIONS YOU COME TO WHEN PURCHASING HEALTH INSURANCE

Every day, hospital bills are increasing, which is directly proportional to the need for health insurance to cope with inflation. Yet statistics show that more than 60% of the people in India do not have adequate health insurance coverage. When examining the reasons for Indian reluctance to take out health insurance, one of the main reasons was insufficient knowledge of health insurance conditions and application process. It is known that the health insurance segment was complex and it’s okay if you don’t use every term in yours Health insurance Binding. Here are some of the common health insurance-related terms that you need to understand.

  1. Cashless claims:

Your insurer has connections to various hospitals where you can be admitted or treated for health complications without immediate cash. These hospitals are called network hospitals and the list of network hospitals is available on the document / deposit that you receive when you purchase the policy. The bills raised by these hospitals for your treatment are paid directly by the insurer if the premium is paid regularly. The cashless use of treatment and the use of the invoice by the insurer are referred to as cashless claims.

2. Accumulation period:

This is the period in which you can still take advantage of the health insurance benefits after taking out the policy. As a rule, there are 30 days immediately after taking out health insurance on which you cannot make any claims (except in the event of an accident). The savings period is usually set by the insurance company. Please make a note of this so that you do not have a bad experience with rejecting complaints.

3. Add-ons / Drivers / Optional Covers:

Add-ons are the additional health benefits that you can take advantage of by paying a slightly higher health insurance price. Many people think that basic insurance or comprehensive health insurance may not be enough because they live in a very disease-prone situation. You need to choose these add-ons to have adequate coverage at the time of reporting the claim. The most commonly purchased add-ons are Maternity Insurance, Room Rent Exemption, AYUSH Treatment Insurance, Serious Illness Insurance, etc.

4. AYUSH:

Some people have started switching to medical offices other than allopathy. At the same time, the bills that have to be paid for these doctor’s offices are also growing. To support them, AYUSH is an additional insurance under which one can cover the treatments under various medical practices such as Ayurveda, Unani, Siddha and homeopathy. You can opt for this add-on if you follow any of these practices.

5. Deductibles:

The deductible is a fixed amount that you have to pay out of your pocket before the insurance pays for you. For example, if your deductible is INR 20,000, the insurance company will only be liable for your hospital expenses if your bill exceeds INR 20,000. A deductible is a fixed amount and not a percentage of the total expense or damage. If your bill is less than your deductible, the insurer is not obliged to reimburse you. An interesting fact about deductibles is that the higher your deductible, the lower your premium, and vice versa.

Last words:

There are many more terms such as co-insurance, cumulative bonus, copayment, loss compensation rate that you will hear or read when taking out health insurance. Make sure you fully understand each term so you know what your policy means to you and the inclusions and exclusions your policy covers. If you don’t understand a particular term or how health insurance works, it is better to ask your insurer or visit websites like coverfox which try to educate you about property insurance with a good support team.

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