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What are the things to be taken care of while buying a health insurance plan in 2021?

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Published on March 31, 2021. EST READ TIME: 2 minutes

There was a time when buying a health insurance policy was low on most people’s future plans. With the outbreak of the Coronavirus pandemic in 2020, there has been a shift in people’s perception towards health insurance policy. The word ‘hospitalization’ no longer appears like something that might happen to other people, and it has brought concerns over inflated medical bills right into most Indian middle-class drawing rooms. The pandemic however has done more than just make people more aware of rising healthcare costs – with its devastating impact on the global economy; employment security has also been severely impacted. To deal with this triple blow of increased risk of hospitalization, rising healthcare costs, and low job security, a good health insurance policy  is one of the best safety nets one can buy for oneself and one’s family. A quick Google search however reveals a mindboggling number of health insurance policies and a dizzying wealth of confusing insurance jargon.  How can one zero in on the best plan? Read on to find out.

What is a Health Insurance policy?

A health insurance policy is simply a contract wherein you pay a premium to your insurance provider. In return, your insurer covers your medical costs up to a certain limit called the sum insured that is determined by the plan you purchased and the premium you pay.

A health insurance plan covers you and your family in case of an unforeseen medical emergency or any other exigency that requires hospitalisation treatment and medical care. When you buy a health insurance plan, you pay a premium that entitles you to an fixed sum to take care of your medical treatment costs in a policy year as and when the need may arise.

What to consider while Selecting a Health Insurance Plan?

There are a lot of health insurance plans in the market and an equally large number of bells-and-whistles features that come with them. With that said, there are certain key elements that any good health insurance plan must have.

1. Covid-19 Coverage

Covid-19 has emerged as perhaps the single most significant health risk in 2020-21. Being highly infectious, the risk of anyone getting infected and needing hospitalization due to Covid-19 is high. At the same time, the expensive cost of treatment in private hospitals has repeatedly made news over the last year. Therefore it is essential that any health insurance plan you purchase should cover all aspects of hospitalization and treatment for one of the most significant health risks you and your family face today. HDFC ERGO’s my:health Koti Suraksha for instance is one health policy which also covers  Hospitalization  for COVID 19 disease including its pre and post-hospitalisation expenses

2. Quality Health Care

Quality health care is an umbrella term that covers some very important aspects such as the network hospitals your insurance provider has a tie-up with and the extent of health coverage relative to the premium paid provided under your health insurance policy. Come to think of it – what are the two most important things that come to your mind when you think of the best medical care for your loved ones? Which hospital would the treatment be in, and what kind of treatment would they provide? Reputed health insurance providers such as HDFC ERGO have years of experience in the health insurance industry and as a result, are well positioned to get their customers the value for their money. With a network of over 10,000+ hospitals in all major Indian cities, HDFC ERGO can provide the most extensive coverage for the premium paid.

3. Cumulative Bonus

Many insurance providers increase the amount of coverage provided under your health insurance policy by a fixed percentage for every claim free year up to a specific limit. This feature of cumulative bonus is useful in selecting a health insurance cover policy.

4. No Room Rent Capping

No Room Rent Capping as the name suggests, allows you to choose a room of your choice in a hospital without any cap on the room charges. Why is it important? You want the best care for your family which means being able to afford them the best hospital rooms. Whereas some health insurance plans put a cap on the maximum per day rent you can pay for a hospital room.  my:health Koti Suraksha Platinum Plan one can opt up to a single standard A/C Room** in a hospital.

5. Cashless Hospitalisation

Cashless treatment is a very important feature of any health insurance plan. Faced with a medical emergency, the last thing a person wants is to be sent running to arrange cash, and once the hospitalisation is over, to be burdened with a mountain of paperwork to be able to claim reimbursement from one’s health insurance provider. With my:health Koti Suraksha health insurance policy , your cover is cashless which means expenses are paid directly to the hospital by the insurer leaving you free to be with your loved ones when they need you the most.

6. Claim Settlement Process

The last thing you want right after you have been through the emotionally and physically draining ordeal of a hospital visit is to be caught up in a bureaucratic wrangle over having to settle your insurance claim. HDFC ERGO’s cashless claim settlement approval takes within 20 minutes*, making sure the customer doesn’t have to wait to be home with their loved ones. Also the claim settlement process is very seamless.

Conclusion

A health insurance plan has become a necessity today with a pandemic raging across the world. The frequency and risk of hospitalization have gone up as have the costs of hospitalization. In such a scenario one needs a health insurance policy that provides comprehensive coverage. However, there is no one-size-fit-all plan out there. The best way to go about finding the best health insurance policy for yourself and your family is to compare the different benefits and features offered by different health insurance providers and find the one that best suits your needs.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

** under Platinum plan +Available in selected cities.*Based on the data from 1st of October 2019 to 31st of May 2020, the average time taken for approval of our cashless health claims is less than 20 minutes. Subject to satisfactory submission of all relevant documents and information(s) to the Company. TAT for approval of pre-authorization requests is 60 minutes. Cashless hospitalization available only in HDFC ERGO network hospitals. Visit www.hdfcergo.com for your nearest network hospital.HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. UIN: my:health Koti Suraksha - HDFHLIP21131V012021 IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID No. D2-62

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