While choosing a health insurance plan to be it for your family or your parents, there are three sticking points that should be kept in mind. They are
Room Rent Limit
Hospitals charge by package rates. This means that the same treatment /surgery by the same doctor in the same hospital can cost up to 40-50% more depending on whether you chose a shared room, a private room or a maybe a room with velvet sheets. Health insurance plans have limits on room rent to avoid paying ‘luxury bills’.
Plans have standard clauses that any pre-existing ailment (at the time of buying the plan) will not be covered for the first 2-4 years. So when you claim, the first thing that an insurance company investigates is that is this ailment anywhere linked to something that you already were suffering from and if they find it – the Sorry claim denied.
Claim Settlement Record
It’s soul-crushing to get stuck with a company, who does not respond sensitively when you need help. Look at 2 ratios – What percentage of claims they reject and how many do they settle within 30 days. You’ll be surprised how some of the companies fall off your consideration list.