Is my health insurance plan really the best for my family and myself?
That’s a really good question! We often wonder whether the decision we have taken is truly the best for us and our families. More so when the impact of our decision is long-term and financial in nature. The primary objective of purchasing health insurance for ourselves and our families is to protect our wellbeing and health, and safeguard us from any extreme financial strain of paying huge hospital bills.
When we go looking for the best health insurance, we are promised the sun, moon and the stars with respect to cover age, health benefits and treatment options. But, does your final choice truly stand the test of time?
The right answer to this question really depends upon the framework on which you finalized your health plan. Before choosing your policy, did you ask yourself the following fundamental questions:
- Is my whole family sufficiently covered? Not only for today but for a few years down the line! Have you opted for ample sum insured so that all your family members including yourself can live worry-free, knowing that their individual healthcare needs will be handled under the chosen policy?
- Are all medical expense heads sufficiently covered? Room rent limits, ICU charges, doctors’ fees, ambulance charges, pre-and post-hospitalization number of days and charges, day-care procedures – are these expense heads in line with where you live and / or what you expect?
- Can you expect coverage soon? How long are the waiting periods for specific conditions and / or pre-existing diseases? Do you and your family members have to wait for too long before you become eligible to claim for the covered medical conditions? And would the coverage be sufficient after the waiting periods are over?.
- Are there any exclusions? Does your plan really cover all forms of medical situations? Or are there any that are explicitly excluded from coverage? For example, does it cover organ donor expenses, maternity-related expenses, newborn cover, alternate forms of treatment like AYUSH or any other medical conditions, procedures or treatments that you and your whole family were hoping to get covered for in the long run?.
- Are there any restrictions? Are there enough network hospitals within your vicinity? What about sub-limits or caps on any procedures? Is there a co-payment clause or deductible clause in your medical health insurance plan?
- Are the long-term benefits good enough? Does your policy guarantee some no-Claim Bonus, restoration benefit and / or renewal benefit? If so, is it really adequate for you and your family?
- Are there any add-on offers? Can you expect value added services like free health check-ups, other wellness benefits, family discounts etc.?
- What about claims settlement? How good is the insurance company’s Claim Settlement Ratio? Is it better than the rest or just about average?
These questions, if answered properly, will leave no doubt in your mind as to the accuracy / efficacy / adequacy of choice of health insurance for your family and you. If these doubts still persist, we are here to assist! We understand that medical health insurance in India can be complicated, and we at SANA.Insure make it easy!
If you already have a plan, you are invited to visit SANACheck, a unique service offered by SANA.Insure. SANACheck helps simplify complex health insurance terms and aids you in knowing more about your policy.
Simply key in some basic policy details to get a summarized version as well as a detailed report. The summary tells you more about the key features in your health insurance plans in simple language. If you wish to learn more, you can easily download a detailed report which explains these features in detail. It also tells you the best or highest limit in that particular feature. What’s more – we have color-coded these features in red, orange and green for easy view and understanding. This will tell you which features are below-average, average and good in your health insurance plans.
All your questions will be answered once you get your health policy checked on SANACheck. To ensure that you and your family members are adequately covered and to avoid any claim-related issues in future, we offer some simple suggestions such as:
- Get-Addons on renewal
Log on to SANACheck to know more for sure!
SANA.Insure is an online platform that allows you to compare and buy the best health insurance policy in India. You can check the coverage details of leading health plans and then buy a policy that is comprehensive and charges a competitive premium rate. Our Health Insurance Experts are happy to help you should you need any assistance along the way. Please get in touch with us over WhatsApp chat on 8278271818 or call us on 18002028118 for more information.
Wish you a healthy and happy life!
Q : Is family health insurance cheaper than the individual?
Ans : The premium amount payable for a family floater plan v/s individual policy for each member would depend upon the number of members, their ages, past health history and present medical conditions. Typically, for a younger and healthy family with small children, it might be more economical to go for a family floater plan, which can be converted into individual policies when required. However, an individual plan would be best for more aged people who have some illnesses or conditions.
Q : Is it better to have health insurance or pay out of pocket?
Ans : It is definitely better to have health insurance than to pay for expensive hospitalization costs out of pocket. Paying a nominal annual premium amount will ensure adequate coverage for when you need it the most. Cost of healthcare is ever increasing, and misfortune can strike anytime and unannounced. The cost of paying for treatment on your own could be too dear to bear for most people. Whereas having a health insurance policy would mean that the insurer will bear the cost up to the coverage amount (sum insured) and scope (plan features and benefits).
Q : How bad is it not to have health insurance?
Ans : Imagine someone you know gets infected by coronavirus and gets hospitalized for a lengthy period of time. This person unfortunately does not have health insurance. In this situation, the person will first have to secure admission, pay an advance amount to the hospital to get a bed, then settle all the hefty expenses out of pocket during discharge. That experience would be expensive and cumbersome, both! Instead, if the person had health insurance, getting admission would be fast and hassle-free at a network hospital with cashless facility, the medical attention would be optimal and the recovery in the hospital room of choice would be comfortable. Plus, the person won’t have to make any payment to the hospital; the insurance company will take care of the expenses. So, it’s definitely best to have health insurance!
Q : Do health insurance premiums go up every year?
Ans : Health insurance premiums payable at renewal may rise on account of medical inflation. Moreover, there are certain additional factors that impact future premiums such as age at renewal, add-on covers if chosen at the time of renewal, and your overall health condition.