The rising costs of healthcare have led to an increasing awareness of the importance of having health insurance. This increase in awareness has, in turn, led to a gradual increase in demand for health insurance plans. Moreover, people are also becoming increasingly conscious of their unique needs and expectations from coverage. They want customisable health insurance plans that can cater to their own medical needs. And, to keep up with this, insurance companies offer a plethora of health insurance plans and add-ons for customisability.
While having a variety of plans to choose from is great, it can often be confusing. Many people get flummoxed and often intimidated at the wide array of plans. Now, having the right information at hand can help you make the correct decision when it comes to buying coverage. In this regard, we have answered 6 common questions buyers normally have about health insurance.
Question 1 – What is the best method of purchasing health insurance?
There are a variety of ways in which you can purchase health insurance. You may go to the insurer’s office, contact an agent or even consider purchasing your plan online. Buying health insurance online does have a lot of benefits as the process is easy, convenient, and paperless.
Question 2 – What is meant by ‘no-claim bonus’?
The no-claim bonus or NCB is a reward given to policyholders for not making a claim within the policy year. This reward is generally given as an increase in the sum insured. The percentage of bonus may start at 5% of the sum insured and go as high as 50%.
Question 3 – What is meant by ‘add-ons’ and do I need to opt for these?
Add-ons are supplementary benefits that you can opt in for when you buy health insurance. You need to pay an additional amount in your monthly premium for each add-on. You can choose add-ons based on need; while it is not essential to opt in for them, they can truly enhance your coverage. Some of the most popular add-ons include hospital cash and critical illness cover.
Question 4 – Do pre-existing diseases get covered?
Pre-existing diseases generally get covered by the insurer upon completion of a waiting period. This waiting period is generally around 36 months to 48 months starting from the date the policy becomes active.
Question 5 – What are some features of a good health insurance plan?
A good health insurance plan will offer a wide range of features that include extensive coverage for pre- and post-hospitalisation expenses, cashless treatment at a wide range of network hospitals in your area, coverage for ambulance costs, inclusion of day care procedures, and reinstatement benefits. The best health insurance plan is one that fits your pocket and needs for coverage.
Question 6 – Which family members does a family floater health insurance plan cover?
A family floater health insurance plan generally covers you, your spouse, your dependent children (up to the age specified by the insurer), and your dependent parents. Some family floater plans from good companies like Iffco tokio also allow you to cover your parents-in-law and other blood relatives.
We hope that the information in this article will help you find the best health insurance plan for yourself.
All the best!