There are a lot of important factors to consider when purchasing health insurance. Not only do you need to find a policy that fits your budget, but you also need to make sure that the policy has the features you need. In this blog post, we will discuss the essential features of health insurance plans.
Let’s take a look at these features.
1. Co-Payments
You must know what is health insurance and its features before making the purchase. A co-payment is a set fee that you pay for a covered medical service. For example, your plan may have Rs. 500 co-payment for an emergency room visit. You would pay Rs.500, and the insurance company would pay the rest of the bill.
2. Deductibles
A deductible is the amount you are required to pay for covered medical services before your health insurance offers cover. For example, if your plan has a Rs. 5000 deductible, then you’ll have to pay the first Rs. 5000 of covered services. After you’ve made the payment of the deductible, you usually won’t have any more out-of-pocket costs until the next year (deductibles reset at the beginning of each year).
3. Waiting Period for Pre-Existing Conditions
This is the most crucial feature of a health insurance policy. The waiting period is the time you must wait before your insurer starts paying for any treatment relating to a pre-existing condition. For example, suppose you develop cancer two years after buying a health insurance policy with a four-year waiting period. In that case, your insurer will only start paying for your treatment after the four years are up.
4. Premiums
The premium is one of the most crucial factors to consider when purchasing health insurance. The premium is the amount you will have to pay monthly for your health insurance coverage. You should make sure that you can afford the monthly premiums, whether it is for an individual plan or a health insurance policy for family.
5. No Claim Bonus
This is one of the most important features of a health insurance policy. It is a kind of reward that the insurer gives to the policyholder for not making any claims during the policy term. This bonus can be in the form of a discount on the premium or an increase in the sum assured.
6. Medical Check-Ups
Most health insurance plans will cover the cost of routine medical check-ups. This is important because it allows you to catch any potential health problems early on before they become more serious.
7. Exclusions
Most health insurance plans have a list of exclusions. This is a list of services or treatments not covered by the plan. Exclusions can vary from plan to plan, so it’s important to read the fine print before enrolling in a health insurance policy.
The Bottom Line
There are a few things to keep in mind when you’re shopping for health insurance. Make sure the plan covers the essentials, like doctor’s visits, prescriptions, and hospitalization. You’ll also want to consider your budget. Furthermore, you must research individual health plans and health insurance plans for family to know which is right for you. Finally, read the fine print, so you understand precisely what is and isn’t covered by your plan. With these things in mind, you can be sure to find a health insurance policy that’s right for you.
