Health Insurance Plans: Features to Look Out for

While choosing a health insurance policy there are a few things which you should be consider:

• Number of members and relations to be covered- Because this will be the basis of buying the policy.
• Type of coverage – Individual, family floater or group.
• Sum insured or coverage amount – Ensure that you consider future expenses too.
• Room rent – Check for the capping amount or criteria defined, if applicable.
• Sub-limits or co-pay applicable – Check for the sub-limits applicable for some specific list of ailments or package treatments. Also check if the plan has co-pay feature.
• Network hospital list – Check for the list of network hospitals and try buying a policy which covers your regular hospitals.
• Policy wording – Most important thing to check before buying a policy. In case you are not sure about certain terms or conditions you can always contact the insurer for clarification.

Yes. There is health insurance plan like Heartbeat family first which covers 14 relations including in-laws and parents.

There are four important types of exclusions in a Mediclaim policy. These are:

• Time-related exclusions: e.g. Waiting period- general, specific ailments and pre-existing.
• Non-medical expenses: e.g. Registration charges.
• Illegal reasons: e.g. drugs, alcohol abuse, self-inflicted injuries.
• Out-of-scope: e.g. unproven medical procedures, HIV, adventure sports, etc.
• Room rent: This may not be an exclusion, however, do check for the capping amount on room rent, if applicable.

Yes you can cancel a policy after you buy it. A free look period of 15 days is provided to you after buying a policy to understand the terms and conditions. In case there is any objectionable clause, you can cancel the policy and get a refund. Stamp duty, expenses on medical check-up and proportionate risk premium (the number of days that the insurance company was at a risk of bearing your health expenses) would be calculated while the premium amount is refunded. Refer the policy termination or policy cancellation section in your policy wording to know the amount that would be refunded.

Note: For a refund, there shouldn't have been any claim during the policy period.

Health insurance policy is designed to cover unforeseen medical expenses, but a normal health insurance policy does not cover maternity expenses. Coverage for maternity expenses is one of the additional features offered by some of the health insurance plans at a higher premium and waiting period. To know more about maternity health insurance, please read more here.