You may have decided that you need a medical insurance plan but, don’t just purchase the first policy that comes your way. Choosing the right policy requires time and research. You don’t want to be strapped down with a health scheme that does not meet your requirements or one that has a distressingly long list of exclusions. Read on to learn what an ideal health insurance policy should offer.
A medical insurance policy is as effective as the coverage it provides. This is the chief draw for people looking for a health scheme. It promises to foot the bill for most medical procedures that you may have to undergo in the event of an illness. Ideally, it should cover-
- Cost of medicines
- Doctor’s and nurses’ fees
- Cost of prosthetic devices
- Room rent when you are hospitalized
- Both pre and post hospitalization charges
- Bills incurred in the aftermath of treatment, surgery, therapy
Cashless Network of Hospitals
Another perk that a medical insurance policy offers you is the opportunity to seek treatment in network hospitals. Many hospitals are tied up with insurers to provide you with the benefit of cashless treatment. That means you don’t have to pay in cash for the treatment that you receive. Once your doctor discharges you, your insurance policy will clear all the payments directly.
Most health care plans these days make room for maternity benefits as an add-on cover. This cover is beneficial for women or couples who are planning to start a family in the near future. Some of the benefits you can enjoy with this cover are-
- Hospitalization fees and room rent
- Tests to determine the health of the new-born
- Consultation fees of gynaecologists and doctors
- Health check-ups and both pre and post natal tests
- Childbirth expenses (includes both caesarean and normal delivery)
No Claim Bonus (NCB)
This is a reward that your medical insurance policy gives you if you go a whole year without making any claims on your policy. You can accrue NCBs over the years and use them to receive a discount on the premium you are paying or you could increase your sum insured without incurring any additional costs.
Out Patient Department (OPD) Expenses
All those visits you make to the outpatient department to consult a doctor for minor illnesses such as common cough and cold or seasonal allergies can sometimes be expensive. That is why health insurance policies today, come with an OPD coverage. It’s benefits are-
- Pay the doctor’s fees
- Covers the cost of medicines
- One can seek a consultation at a network hospital
- One doesn’t have to be hospitalized to claim the pay-out
Regular Health Check-ups
Most health insurance policies make provisions for regular health check-ups. This is particularly helpful because even if the illness were setting in, your doctor would detect it right away and put you under medication. This significantly increases your risk of complete recovery.
If you think you need a comprehensive health check-up, you can talk with a doctor through MediBuddy’s E-consultancy services.
No Red Tape regarding Renewal
Renewal is simple and you can do it whenever necessary. Many policies give you the benefit of lifelong renewal. And there is no age bar either.
Under Section 80D of the Income Tax Act of 1961, a health insurance policy entitles you to tax benefits. This is because the sum insured is not considered as an income and so it’s exempt from tax.
It is important to choose your health insurance policy wisely because it will definitely ensure that you don’t face any distress in times of emergencies.