Looking To Buy HEALTH INSURANCE

Know these 5 key things for a better claim settlement

- Manish Jain

Taking precaution is always better than cure. One, therefore, need not wait for a pandemic like a novel Coronavirus to spread its wings all across the globe and then buy a health insurance policy. Most financial planners suggest to buy a health cover for self and family members even before one starts to save. Buying health insurance is considered to be the first step in the financial planning process.

But, with several different features across plans of so many different general insurance or standalone health insurance companies, it could be difficult to choose the right one. Also, there are certain specific restrictions in almost all health insurance plans and one needs to be aware of them for a smooth settlement of the claims. Being unaware of these restrictions can result in an unhealthy claim experience and can even turn costly for the policyholder.

Here are five such restrictions that every buyer or a policyholder needs to know for avoiding any bad surprises during claims settlement or during hospitalisation.

1. Sub-Limits

When it comes to making a claim, health insurance plans have a restriction in the form of sub-limit which basically is the maximum limit to which the insurer will pay up the claim amount under each expense head. A hospital bill will carry medical expenses under different heads such as doctor fee, room rent etc. No matter what the sum insured of the policy is, most health insurance plans restrict the re-reimbursement limit of each such expense head to a certain percentage of the sum insured.