Key Features of Health Insurance Plans

Following are the key features of medical health insurance plans. It is recommended to compare these features with similar health insurance plans before shortlisting one online.

Sub-Limits on Room Rent – Some insurance companies come with a feature of sub-limits on room rent. This means that there is a maximum amount that an insurance company shall pay in case of a claim. Generally, this limit is up to 1% of the sum insured and a maximum of 2% in case of ICU expenses. But there are several general insurance companies that offer health insurance plans without any sub-limit on room rent. Hence, it is recommended to go for such plans.

Pre-Existing Diseases – The diseases from which you are already been suffering before the purchase of medical insurance policy are considered pre-existing diseases. Hence, this is the reason why insurance plans come with a waiting period rather than offering cover from the first day. During this waiting period, no claims are admissible. Thus, you should choose a policy with a minimum waiting period.

Co-Payment – Co-payment is a situation when the insurance company and policyholder join hands to share the cost in case a claim arises. A co-payment can be decided in percentage or in amount. So, to take care of your savings, you must choose a plan that comes without any co-payment.

Network Hospital – Network hospitals are the hospitals that have tie-ups with health insurance companies where the insured can avail of high-quality treatment without spending a penny at the hospital. The benefit of availing of cashless treatment comes with this feature. If a policy does not offer this feature, then you will be required to pay the expenses incurred at the hospital, from your own pocket, and the insurance company will reimburse you for the same later.

Hence, it is recommended to study the data of network hospitals connected with the insurance company nearby your residence to get speedy premium-quality treatment in case of an emergency.