A health insurance plan can be very helpful in covering your medical expenses. When you choose an individual or family policy, it is important that you are aware of the various aspects of health insurance, like top-up plans, incurred claim ratio, critical illness plans, and more.
To ensure you get the best benefits from your health insurance plan, you need to know all there is to know about waiting periods, coverage for special conditions, limitations of the policy, and more, so that you do not have to face a situation where your claim is rejected because of some technicality. Read on to find out more about some rules regarding health insurance that you should be aware of.
1.The Incurred Claims Ratio: An Important Part of Choosing an Insurance Company
The incurred claims ratio is the insurance company’s net claims incurred divided by the net earned premium. The incurred claims ratio showcases the ability of the insurer to make payments for claims that policy holders put in. If the ICR is more than 100%, it means that the company pays out more money in the form of claims than it takes in as premium. This raises a question on the sustainability of the health insurance companies which might have to raise their premiums to counteract this outflow.
2.Consider Adding a Top-Up Plan
A top-up plan is a scheme that offers you additional coverage over your current available limit that too at quite low premium amounts. In case you exhaust your sum assured during a policy term, a top-up plan will ensure that you are not left without coverage.
3.The Inadequacies of Employer Health Insurance
Employer health insurance has several benefits to offer. However, it is always a good idea to supplement it with a separate health insurance plan for you and your family. You have no control over the coverage offered by an employer health insurance and you will lose the same when you are no longer working for the same company, so to make up for any remaining coverage, you should carefully choose an additional family health plan.
4.Maternity Health Insurance
Many health insurance companies offer maternity coverage under their insurance plans. However, there is generally a waiting period involved before this specific coverage can be utilized. In case you are planning to start your own family and the waiting period for your maternity coverage has still not ended, you should look at special maternity insurance plans that generally have a smaller or no waiting period to contend with.
5.Critical Illness Coverage
Several health insurance companies offer coverage for critical illnesses however, as it is the case with maternity insurance, there is a waiting period involved. On the other hand, you can opt for a critical illness rider to supplement the coverage of your standard health insurance plan, which generally has a small waiting period of 45 days or so, depending on your insurer.
These are just a few of the rules of health insurance that you should be well aware of before you choose the right family health plan. Always make sure that you read through the terms and conditions of the policy thoroughly before signing on the dotted line.
At Religare Health Insurance, we have a vast range of health insurance plans for individual customers, families, companies, and senior citizens. Offering benefits like cashless hospitalization across 7400+ network hospitals, 2-hour cashless claim approval and an easy claim settlement process, health insurance policies by RHIL keep you well-covered.