Rising costs of medical treatments have put even more emphasis on the importance of health insurance. Many of us buy health insurance to protect themselves from the financial strain that might arise in case of medical emergencies. A comprehensive health insurance plan covers for expenses in case of hospitalisation due to critical illness and also supports in paying high medical bills.
Just because a particular plan is marketed as the ‘best health insurance plan’ does not mean that it is the right one for you. Considering the number of choices available these days, you should not make a decision in haste. Instead, you should carefully go through all the clauses of a policy and then decide whether the policy is suitable or not. Buyers should exercise prudence while taking a health insurance policy otherwise they might face certain health insurance distresses. Here are some health insurance distresses that buyers should be aware of: -
1. Not Able To Avail Cashless Hospitalization
Many of us buy health insurance with the notion that we can simply walk out of the hospital without paying anything. This will apply only when you follow this benefit as defined by your insurer. If a policyholder wants to avail cashless hospitalization, they must take treatment from a network hospital. If that is not the case, then the insured will have to pay it from his/her own pocket and get it reimbursed from the insurance company.
2. Sudden Increase In The Premium
After using the health insurance policy for some time, individuals get intimated that the medical insurance premium has increased. Be it a slight increase or a significant one, it can certainly upset the budget. While one can always switch to another insurance company using the porting option, it is important to note here is that the amount is calculated on various factors such as age and the key determinants of the insurance company. So, people should be well prepared for it.
3. Terms and Conditions Might Change
Over time, the insurance company amends the terms and conditions of the policy. These changes can be the inclusion and exclusion of certain diseases and hospitals. This is intimated to the policyholder at the time of policy renewal. It is important that individuals go over these changes thoroughly and then decide whether the policy will benefit them or not.
4. Pre-existing Ailments Are Not Covered Immediately
That’s correct. The initial period in which pre-existing ailments are not covered is called the waiting period which can range from 12 to 48 months. People must check this aspect beforehand while investing in a health insurance plan.
5. Expenses Paid From Your Pocket
Every health insurance policy has a list of exclusions. As a responsible insurance buyer, you must take a thorough look at the exclusions so that you are aware of the medical expenses that you might have to pay out from your own pocket at the time of need.
The key to buying the best health insurance policy is to be well-informed about what’s on offer, what’s not, and the underlying terms and conditions. That way, you are clear about the benefits you’ll get from your health insurance.
Religare Health Insurance (RHIL) offers comprehensive health insurance policies with benefits like cashless hospitalization across 7400+ network hospital, coverage of pre- and post-hospitalization expenses, and many more. Stay healthy, stay insured with Religare Health Insurance.