Health insurance has today become the most important security cover for every family. Nowadays, medical expenses are skyrocketing, the bill for even a small surgery reaches Rs 2-5 lakh, while a major treatment can cost Rs 20-50 lakh or more. If there is a sudden illness or accident without insurance, not only is there a shortage of money but the entire future of the family can be in danger.
The good news is that by choosing the right plan, you can get cashless treatment, instant claims and long-term protection. In India, an organization like IRDAI (Insurance Regulatory and Development Authority of India) regulates all the companies, which maintains confidence. There are hundreds of plans in the market, wrong choice can lead to claim rejection or less coverage. Therefore, it is very important to check every detail before buying. This simple guide will tell you what things to keep in mind, so that you can take the right decision without any tension.
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What is coverage?
Coverage means how much expense the plan will cover. It covers hospital bills, surgery, medicines, tests, ambulance etc. Also check Day Care Treatment and Critical Illness. Less coverage may result in paying more out of pocket. Therefore, choose a plan that matches all the needs of the family.
How much should be the sum insured?
Sum insured is the total cover amount. Nowadays, take a sum insured of Rs 10-20 lakh or more because the cost is increasing. See city, age, family size. Add extra cover from Super Top-up. Taking a small amount shortens the claim time.
Check Network Hospital
Cashless treatment is available in network hospitals and the company pays the bill. Get a plan from 10,000+ hospitals in your area. See the list on the company website. It is difficult to claim reimbursement in an outside hospital.
Check Claim Settlement Ratio?
This percentage tells how many claims the company passes. Choose one above 95%. Check on IRDAI site. A company with good ratio is trustworthy.
Premiums and Exclusions
Premium annual payment is cheap but choose affordable. Read the exclusions like 2-4 years waiting on pre-existing. Check room rent sub-limit. No Claim Bonus and Lifetime Renewal required.
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Riders and Extra Benefits
Add riders such as personal accident or dental cover. Get cover increase bonus on no claims. These offer extra protection at a slightly higher premium. Read the review.
Claim process should be easy
In a good company, the claim gets approved through the app in 30 minutes. Check customer care. Read the policy document thoroughly and ask questions to the agent.
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