Co-payment: Under co-payment, the policyholder bears a pre-defined percentage of the claim amount from his own pocket or through another health insurance policy. The remaining amount is borne by the insurance company. You can opt for a plan with a co-payment if you are buying the medical insurance policy to supplement an existing health plan.
Apollo Munich offers plans with no sub-limits or co-payments.
3. Choose adequate sum insured
According to a study we conducted among Apollo Munich policyholders across India in 2016, 51% of people were underinsured! Underinsurance is a widely prevalent concern across the nation. People probably opt for a lower sum insured due to lack of awareness on the right cover for them or to save on premium. But it is essential to realise that doing so might keep the gates open for a potential financial crisis in the future.
Consider all your personal priorities and liabilities, before you buy a health insurance policy to make an informed choice.
Choose the policy by giving due consideration to factors like your age, age of all your family members, increased healthcare costs, etc.
Also, when choosing a sum insured for your health insurance policy, keep in mind the increasing occurrence of lifestyle diseases among the youth.
4. Fill up the proposal form yourself
Filling a proposal form requires you to share information about your health habits, medical history and pre-existing diseases. Thus, in order to give the right piece of information, one should fill up the proposal form themselves.
Furthermore, for the insurer to be able to underwrite the policy in an appropriate manner, it is required that all the details furnished are correct and true. You should never hide any information or overwrite in the proposal form. Inadequate information or exclusion of medical conditions during the proposal time can lead to issues of delayed or non-payment of claims during times of need!
5. Hospital network of the insurance company
While selecting the best health insurance plan, review the list & details of the hospital network of the insurance company. An insurer with an extensive list of hospitals in its network across cities should be your prime criteria of selection.
6. Understand your needs well
The plan and the cover you choose depends on several factors, such as the age of your family members, their existing medical condition, their genetic or lifestyle-related predisposition to diseases and healthcare costs in your city.
Choose the right health insurance plan and sum insured, keeping all these factors in mind.
7. Opt for additional coverage
Add-on covers like Maternity Cover, Critical Illness Rider can be bought along with standard health insurance plans to give additional coverage for your specific needs.
8. Clearly read and understand the policy wording
It is of utmost importance that you read the policy wordings and other documents carefully so as to reap maximum benefits from your respective health insurance policy. Health insurers provide policy wording on their website that contains details about the policy. It will help you gain a thorough understanding of the claim process, document requirements, payment options, special conditions, coverage and exclusions.
9. Suitable increase in sum insured
In the present days, when medical inflation is rising at a rapid scale, as a precautionary measure, it would be best to keep on enhancing the sum insured of your health insurance plan from time to time. You should also compare various policies available from an insurer. You can also speak to your insurance advisor to know the apt sum insured for you and your family.
10. Clear all your doubts before taking the final decision
Before making the final decision of buying the best health insurance in India, you should read the policy wording once again. Turn to your insurance advisor or the insurance company and ask as many questions as you can to clarify all your apprehensions. It will clear any confusion or doubts that may exist.