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Tips for buying Health Insurance

RBL Bank Nov 26, 2019

Rising healthcare costs coupled with steep medical inflation has made Health Insurance a modern-day need. An effective financial instrument, a Health Insurance plan, prevents out-of-pocket expenses while dealing with a medical emergency by funding your hospitalisation and medical treatment costs. However, before buying a Health Insurance policy, here are certain things that you must keep in mind.

Network of hospitals covered

Apart from choosing a comprehensive plan with a sufficient coverage amount that takes care of your hospitalization, you must also check the Network of hospitals where cashless facility is available.

Each health insurer has a tie-up with a network of hospitals where you can avail cashless treatment.. Ensure that the hospitals covered have sufficient treatment facilities and are close to your residence.

Co-pay and sub-limit clauses

Though your Health Insurance plan will take care of the costs, up to the sum insured, in case of a co-pay clause, you have to pay a certain amount from your own pocket. For example, if your Health Insurance plan has a co-pay clause of 10% and your admissible bills amount to INR 1 lakh, you need to pay INR 10,000 from your own pocket. Similarly, there might be sub-limit clauses in a health plan, which put a capping on room rent, doctor’s fee and associated medical expenses. it’s prudent to check your policy details before opting for a plan.

Waiting periods and exclusions

Waiting period refers to the time after which the coverage starts. If you are hospitalised within the waiting period, your policy will not cover the treatment cost.

Exclusions are treatment and procedures that are not covered under the policy. Your policy document mentions all waiting periods and exclusions, it’s imperative to know them before you purchase a policy.

No claim bonus

No claim bonus is a feature of Health Insurance plans where the insurer increases the sum insured by a certain percentage, keeping the premium same, for every claim-free year.

No claim bonus can help you combat inflation against rising medical costs.

Preventative medical check-up

It’s always advisable to be updated about your and your family’s health by regular health check-up’s. You can check for a plan that entitles policyholders for a periodic medical check-up.

Wellness features

If you are an avid runner or a gym enthusiast or even someone who is looking to cultivate an active lifestyle, you can choose a plan that rewards you for regular physical activity and healthy living.

Click here to know more about our Health Insurance products.

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

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