Health insurance covers your medical expenses, thereby shielding you from sudden financial costs. A health insurance policy is a legal contract between you and your health insurance provider that covers your risks in times of medical emergencies. Depending on the type of coverage you choose, your health insurance pays for hospitalization, medicines, diagnostic tests, doctor visits and so on. Your health insurance provider will either refund you the amount you have spent towards medical treatment, termed as reimbursement, or settle your bills directly with your healthcare provider, known as cashless.
To completely take advantage of your health insurance policy, you must understand its features. The right time to do it is now. If you try to understand what your health insurance policy entails right at the time of making a health insurance claim, the chances of making a mistake could be much higher, which may result in your claim getting rejected. Therefore, here are some things you should know about health insurance policies in India.
You have to renew your health insurance policy on or before your policy due date to ensure your health insurance policy does not lapse. Renewing your health insurance policy is now a simple and seamless task as the process can be done online from end to end. In order to do an online renewal of your health insurance policy, you need access to your policy number and a few other details. You can do this in a couple of minutes from the comfort of your office or home or even on the go.
Many people believe that your health insurance provider will only approve your claims if you stay in the hospital for 24 hours or more. However, some health insurance companies also pay for day care treatments, depending on the health insurance plan you opt for. Day care treatments should not be confused with out patient department (OPD) treatments. A day care treatment is a surgical procedure in which anaesthesia is generally used, however it doesn’t require hospitalization due to advancement in medical technology.
At the time of buying your health insurance policy, you should check the network of hospitals your health insurance provider has a tie-up with. You will be able to take advantage of the cashless facility only at these network hospitals, therefore it is best to take a note of the network hospitals in your vicinity. In order to avail yourself of the cashless facility, you will have to present your health insurance card to the hospital at the time of admission. While it is advisable to carry your card at all times, you could also provide your health insurance policy number in times of emergency.
Your health insurance provider is aware that when you are hospitalized, there are several other expenses involved other than your hospital fees. Therefore, your health insurance provider covers certain days of pre- and post-hospitalization expenses. The number of pre- and post-hospitalization days you get coverage for depends on the health insurance policy you buy.
Many policyholders do not change their health insurance provider even though they are unhappy with their current one as they fear losing the benefits accumulated on their health insurance policy. The good news is that you can port your current health insurance policy to another health insurance provider at the time of policy renewal. The task of porting your policy has to be undertaken at least 45 days before your health insurance policy expires.
Now that you are familiar with the most important features of health insurance in India, in order to understand your health insurance policy, you should almost familiarize yourself with popular health insurance terms. So, here’s a list:
A pre-existing illness is an ailment that you already have at the time of buying the health insurance policy. Most often, you will not receive immediate coverage for your pre-existing disease, and you will have to wait a few years till you are covered for the condition
Often, you have to wait for some time till you start receiving coverage by your health insurance provider for a particular condition. This is known as the waiting period. The duration of the waiting period varies from policy to policy. The waiting period may not apply to instances of emergency hospitalization.
If you forget to renew your health insurance policy by the due date, you can do so in the 30 days following the health insurance policy expiry date. This period is known as the grace period. The benefit of renewing your policy within the grace period is that you will be able to retain the benefits accumulated on your health insurance policy even though you did not renew your policy before the due date. However, you will not be able to make any insurance claims between the period of your health insurance policy expiry and renewal as your policy is not valid at the time.
Here are some of the health insurance policies you can purchase in India
You can opt for an individual/family health insurance cover, which usually pays for hospitalization. You can choose from various sum insured amounts as per your needs.
Over 40 critical illnesses are covered by this health insurance policy. If you have a family history of a certain critical illness, you can opt for this beneficial critical illness health insurance cover.
The health insurance plan for vector-borne diseases covers dengue, chikungunya, leptospirosis, malaria, swine flu, encephalitis. It pays for hospitalization, pre- and post-hospitalization, and even outpatient department (OPD) treatments.
The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus
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