Essential Things Should be Included in Health Insurance Policy

Ensure comprehensive coverage with these top essentials in your health insurance policy. From critical illnesses to preventive care, safeguard your well-being effectively.

Top Essential Things That Should be Included in Your Health Insurance Policy

It is becoming increasingly important to ensure you and your loved ones are leading a healthy lifestyle. From early on, it is important to invest time and effort into your health. It is equally important to have a robust health insurance policy. 

A health insurance policy gives you financial protection against any uncertain medical expenses and gives you peace of mind during such emergencies. So, choosing the right health insurance policy is not just a prudent decision but a necessity. Especially in a country like India, where the healthcare landscape is ever-changing, choosing the right health insurance policy can be a daunting task. 

In this blog, we at Chola MS Health Insurance cover the top essential things you should have in your policy for comprehensive coverage. You can learn more about our online health insurance policies at Chola MS Health Insurance. 

Coverage for Hospitalization Expenses:

The foundation of any health insurance policy is the coverage of hospitalization expenses. When reading the coverage in the policy, check to see if you are receiving coverage for room rent, boarding, nursing expenses, surgeon's fees, and other related costs. These are the basic things to be covered. Now to go a step further and ensure you purchase a well-rounded policy, make sure expenses like surgeries, anesthesia, blood transfusions, and other medically necessary treatments during hospitalization are also covered. 

Pre and Post-Hospitalization Expenses:

A comprehensive health insurance policy should not only cover the actual hospitalization but also the expenses incurred before and after the hospital stay. Pre-hospitalization expenses may include diagnostic tests and consultations, while post-hospitalization coverage should encompass follow-up visits, medications, and rehabilitation costs.

Day Care Procedures:

Thanks to technology, a lot of procedures can be done within a day, today. So your health insurance policy should cover daycare procedures that don’t require 24-hour hospitalization. 

Ambulance Cover:

In case of emergencies where a medical ambulance is required to take the patient to the hospital, transportation charges of the ambulance will be borne by the insurance company under this cover. 

Maternity and Newborn Care:

This cover, as the name states, is for pregnant women. There are a lot of expenses revolving around childbirth. For example, maternity expenses, including prenatal and postnatal care, delivery costs, and newborn care. This cover takes care of all these expenses. One thing to keep in mind is the waiting period associated with these benefits. 

Coverage for Pre-existing Diseases:

When you declare any pre-existing diseases in your policy application, there’s usually a waiting period to get the policy. Opt for one that provides coverage for pre-existing conditions after a reasonable waiting period. 

Network of Hospitals:

When you are purchasing online health insurance, check for the hospitals that are a part of your insurance provider's network. The wider the network, the better. This means that you will have access to quality healthcare facilities across the country. 

No-Claim Bonus (NCB):

No-claim bonus is a reward for policyholders who go the entire policy year without making any claims. NCB will be reflected as an increased sum insured or a reduction in the premium for the subsequent year. 

Critical Illness Coverage:

Critical illnesses can be mentally and financially exhausting. This is why it is imperative that you get a good health insurance policy with coverage for critical illnesses like cancer, heart attack, stroke, organ transplant, etc. This coverage gives the policyholder a lump sum upon diagnosis, offering financial support in a challenging period of time. 

Renewability and Lifetime Coverage:

Choose an online health insurance policy that gives you lifetime renewability. This will ensure coverage even in your senior years, with the chances of increased health risks. There are some policies with an age limit for renewal, so be careful about this aspect when choosing a policy. 

Alternative Treatments:

Health insurance today covers alternative treatments like Ayurveda, Homeopathy, and Unani as well. Consider this to be included in your health insurance policy if you prefer holistic healthcare. Chola MS health insurance provides coverage for alternative treatments from a recognized institute or under an authorized doctor. 

Domiciliary Hospitalization:

This is when the medical treatment needs to be done at the patient’s home due to the unavailability of beds in the hospital or the patient’s condition. Make sure your policy covers domiciliary hospitalization expenses. 

Emergency Evacuation:

This cover is especially useful for frequent travelers. In the event of an emergency, this cover ensures that you are evacuated to the nearest medical facility, even if it involves repatriation to your home country. 

Health Check-up Benefits:

It is a good practice to take annual health check-ups as it helps detect potential health issues. As they say, prevention is always better than cure. Some policies offer annual health check-ups as part of the plan.

Policy Portability:

With this feature, you can switch from one insurance provider to another without losing any of the accrued benefits. This can prove to be helpful if you are dissatisfied with your present provider or if you find a better policy with another company. 

Exclusions:

Understanding what is not covered is as important as, if not more, than understanding what is covered. It is your responsibility to carefully go through the policy exclusions. Common exclusions include cosmetic surgeries, self-inflicted injuries, and injuries arising from hazardous activities.

Claim Settlement Ratio:

Claim settlement ratio is the percentage of claims that are settled by the insurance company against the total claims received. You want to choose a provider with a high claim settlement ratio, as this implies that you will have better chances of receiving claim settlements. 

Waiting Periods:

Different parts of a health insurance policy have different waiting periods. Ensure that you are aware of these waiting periods, especially for pre-existing diseases, maternity benefits, and specific treatments, as this will impact how you can utilise the policy in case a need arises within that period. This information is especially crucial to managing expectations when making a claim.

Customer Support and Grievance Redressal:

When purchasing online health insurance, it is important to remember that a good customer support and grievance redressal system is available to you. These aspects will ensure you a hassle-free experience and give you confidence that you can utilise the policy in a moment of need without added stress. Read up on the insurance provider's reputation for customer service in the market and check the grievance redressal mechanism. Prompt and transparent communication during the claim process is important for an overall positive experience. At Chola MS health insurance, you get 24/7 customer support from their virtual assistant, Joshu and you can reach out to our customer care number as well. 

The right health insurance policy is a major decision involving all the above factors. We have outlined the essential components in this guide to serve you as a roadmap for navigating the complex landscape of health insurance in India. We at Chola MS Health Insurance encourage you to read up on all the policies and coverages available to you and make a decision based on your requirements and budget. Get started on your online health insurance journey today. 

(This article is part of IndiaDotCom Pvt Ltd’s Consumer Connect Initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility, liability or claims for any errors or omissions in the content of the article. The IDPL Editorial team is not responsible for this content.)