Health insurance- Things you should know before buying Health security is a major priority for all individuals. At some point, you are bound to fall sick and undergo intensive medical care. The burgeoning hospitalization costs, however, cannot be met without a health insurance. A health insurance policy is exclusively designed to fulfill all your healthcare needs in return of a premium. The hospitalization expenses incurred by the insured are paid by the insurance company. In case of any illness or bodily injury, health insurance provides coverage for treatment as well as other medical expenses. In the event of any major disorder or severe accident, your health insurance plan endows you with cashless hospitalization.
Falling for the wrong health insurance cover could mean paying a hefty premium for minimum coverage. Your health insurance plan should strike a balance between medical benefits and premium rates. However, most health policy buyers fail to understand the plan details. Firstly, you have to look for the following general features offered by a medical care policy:
Coverage for pre-hospitalization and post-hospitalization care
Reimbursement for day care treatment procedures
Exclusions of certain disorders in the first or second year
No maximum entry-age limit
No Claim Bonus
Tax benefits
Cashless claim settlement
For most people, buying health care insurance plan is a painstaking task. There are some terminologies as well as conditions that should be known to you prior to purchase. Comparing health insurance policies could be a daunting process to someone who has never bought an insurance coverage before. Premium– Most individuals have a vague idea about this term since they do not know how it is calculated by the insurance company. Premium is basically the amount which should be paid on a monthly or quarterly basis by the insured to maintain the coverage. It is the primary thing which should be considered by a health insurance buyer. The cost of health insurance cover is determined by the premium. However, it should not outweigh the other costs involved in an insurance plan. Lower premiums help you save some money. On the other hand, if you want to be more financially