What to look for in a Health Insurance Plan

By  ,  Onlymyhealth editorial team
Jan 29, 2013

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A health insurance will not only cover all the cost which you might need for future medical emergencies, but it will also help in providing you with a safe and a secure future.


It is essential that after you have bought a health insurance plan, you have also kept some money aside for your health linked care and costs. It is a definite step while you are planning for your future. Here are some things to watch out for:


Medications, routinely checkups and related expenses have no coverage:


At least a day’s hospitalization is required in order to claim for a health insurance. If at all one acquires a cost which does not lead to hospitalization (for example, a hairline fracture), one is not liable to claim for any sort of reimbursement. Some of the policies are also not liable to cover Out Patient care and related expense, thus the everyday costs are not covered under a health insurance plan.


Inadequate amount of coverage:


Mostly, all the insurance companies have a maximum value of Rs. 50,000 on their policies. Thus, one’s reimbursement is edged to the prescribed amount. Contemporary medical care in particular for critical illnesses and diseases can be extremely heavy on one’s pocket and at times, is not liable to be covered under Rs. 50,000 alone. And hence, one might need to churn out extra bucks from their own pocket in order to meet the lengthy bill amount.


Inadequate amount of coverage for senior citizens:


Mostly, all the medical insurances are made accessible only up to a definite age limit. Kindly note that for most of the health insurance companies this is only for people who are 65 years of age or under that. Thus, if you happen to be above this age limit, you won’t be offered a new policy and on the similar lines, the prevailing policy will not be improved after a certain age. Paradoxically, this is the age when a senior citizen needs the assistance of a health insurance plan the most.


Even though, IRDA and the government have advised the insurance companies to implement few special policies for people above 65 years of age, however, it is yet to be executed.


Elimination of policy guidelines might turn out to be expensive for you:


Various medical insurance policies have various kinds of exclusions. This depicts that they do not recompense the individual who hold the policy for certain kind of critical diseases or medical problems. This means that if the policy holder suffers from any kind of critical disease or illnesses, he would have pay for his medical costs. Expenses on pregnancy and related ailments are not included in individual health insurance policies.


Security against loss on money is not provided:


A health insurance plan will only cover the costs that one might acquire for the treatment, however it will not protect against any kind of loss of income which might result due to disease or injury. Ideally, it must be harmonized by disability insurance for the total safety of your family.


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