4 most important things to know about medical insurance plan
Taking a medical insurance plan is easy if you know what to watch out for. We present 4 things you must be aware of before you sign up.
Most people today are attuned to the importance of taking medical coverage for their families. With prohibitive medical costs and rising inflation, the briefest hospital visit can set one back by thousands of rupees. Also, the future is always unpredictable. While one may enjoy good health today, tomorrow might bring with it the news of a hidden ailment. Thus, a medical insurance policy safeguards against these eventualities.
However, it is important to be aware of a few facts before taking medical insurance plans. These are four things you must note before signing up for medical cover:
1. You may not need every add-on being offered.
The best medical insurance plans cover every eventuality. But it is important to assess if you need the additional covers being offered. If you have an individual critical illness plan, you do not need critical illness cover in the family medical cover. The more add-ons you choose, the higher the premium becomes. Choose only those add-ons that are useful for you and your family.
2. There are sub-limits on expenses.
Merely purchasing the medical insurance policy does not ensure that all hospitalisation and treatment expenses will be paid. Insurers may impose sub limits on room rent, doctor’s treatment costs, and even daily cash allowance. This means that only a part of the expenses will be borne by the insurer, and the remainder must be paid by the policy holder. Know what these sub limits are before signing up. It will also reduce confusion and disputes with the insurer at a later date.
3. Not renewing the plan can result in a lapse.
It does not do to renege on medical insurance policy renewal. Not renewing the policy on time will result in it lapsing, and one may need to buy a fresh medical cover for the family. The lapsed policy will not provide any benefits, and the insurer may increase the premium payment on the fresh policy taken.
4. Family floater plans are cheaper.
Instead of investing in individual health plans for each family member, you can save costs by opting for a family floater plan. It provides medical coverage for a host of illnesses and eventualities. You can then choose inexpensive and individual personal accident plans or critical illness covers for each family member if you still require additional coverage. A comprehensive plan is always cheaper.