Most of the health insurance plans in India have following important elements;
Add-on covers:
Optional or rider coverages are a type of supplemental health insurance. These are supplementary elements of health insurance that provide financial safety nets in the event of unforeseen medical emergencies with greater than expected costs. Critical illness coverage, maternity coverage, hospital cash benefit, etc. are all extras you can add on to your health insurance plan if you so desire.
Pre-existing diseases:
Major risk factors in health insurance are illnesses including chronic obstructive pulmonary disease (COPD), high blood pressure (BP), diabetes, kidney disease, and heart disease. As was discussed above, patients with pre-existing medical illnesses are considered to be at a greater risk and are charged a higher premium.
Automatic restoration:
The term "restoration benefit" is now commonly found in health insurance policies. This means that after making a valid claim, your sum covered will be reinstated to its original amount. If the total sum insured is used up, it will be replenished for the next covered hospitalisation.
Co-payment:
Before obtaining medical care, the insured or policyholder must pay a predetermined proportion of the total cost to the Health insurance company, known as a copayment or co-pay. There is explicit language to that effect in the respective policies.
Cashless claims:
Claims for medical care received at one of the network hospitals are referred to as cashless claims when they are submitted to an insurance company.
No-claim bonus:
The phrase "No-Claim Bonus" (NCB) refers to a perk provided by health insurers to their policyholders. Under this perk, the policyholder receives a reward if they have not filed a claim in the years before to the current one.
Premium:
Health insurance premium is the yearly or monthly amount paid to the insurer for coverage. Insurance costs vary by policy type, amount insured, and policyholder age.
The aforementioned definitions of key health insurance concepts might prove useful as you shop around for the ideal coverage of health insurance in India. Knowing these terms up front will benefit you out in the long run. Knowing this will help you make informed health insurance decisions for you and your family.
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