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Health insurance
Health Insurance Guide: A Simple, Honest Walkthrough
Health insurance helps cover your medical expenses when you get sick or injured. You pay a yearly premium, and the insurer pays for eligible treatments. But not all policies are created equal knowing what to look for can save you from surprises later.
>> Beware of Co-Payment
Some policies lower premiums by making you pay a percentage of your hospital bill yourself, called co-payment. For example, with a 20% co-pay on a ₹2 lakh bill, you pay ₹40,000 out of pocket. This small saving on premium isn’t worth the risk unless you’re insuring someone with health issues or a senior citizen.
>>Watch Out for Room Rent Limits
Many insurers cap daily room rent reimbursements. If your policy limit is ₹5,000 per day but you choose a room costing ₹10,000, your coverage on all hospital expenses, including surgery and tests, reduces proportionally. Always pick policies with no or high room rent caps.
>>Disease-Wise Sub-Limits Can Restrict Payouts
Some policies limit payouts for specific illnesses, like heart disease or knee replacements. Even if your overall cover is high, these sub-limits may leave you paying large bills yourself. Avoid policies with such restrictions for better protection.
>>Understand the Waiting Period
Pre-existing conditions like diabetes or hypertension often have waiting periods of 2 to 4 years. During this time, related treatments won’t be covered. Choose plans with the shortest waiting period and always disclose your health history honestly.
>>Don’t Ignore Pre & Post-Hospitalization Coverage
Medical costs don’t start or end with hospital stays. Tests, doctor visits, and medicines before and after hospitalization can add up. Good policies cover at least 30 days before and 60 days after hospital stays.
>>Restoration Benefits Provide Extra Safety
If you use up most of your sum insured in one claim, your coverage may drop for the rest of the year. Restoration benefits restore your full coverage after a claim, protecting your family if multiple members need care.
>>Check Daycare Treatment Coverage
Many procedures today don’t require overnight hospitalization but can be expensive. Make sure your policy covers daycare treatments such as cataract surgery, chemotherapy, and dialysis.
>>Get Professional Guidance
Choosing the right health insurance can be confusing. Certified experts can help you understand plans, compare policies, and find the best fit often for free. Don’t hesitate to ask for help.
>>Quick Checklist Before Buying
• No co-payment (unless necessary)
• No room rent cap
• No disease-wise sub-limits
• Short waiting period for pre-existing diseases
• Coverage for pre & post-hospitalization
• Restoration benefit included
• Daycare treatments covered
• Wide network of cashless hospitals
• Good claim settlement ratio
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