10 Unknown Facts About Your Medical Insurance

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A medical insurance plan has several characteristics among which some of them aren’t popularly known to the ordinary people.

With a medical insurance you can secure your future and be ready to bear any exorbitant medical emergency.  A medical insurance covers expenses of a surgery, nursing expenses, alternative treatment, hospital admission and bed charges, cost of medicines etc.

However there are certain clauses and facts that these policies come with which is important for you to know before buying a policy. The lesser known facts of a health insurance are:

1) On buying medical insurance plans, one has to keep al the documents updated always. If you are planning for a treatment or surgery and getting hospitalised for it soon then it is advisable to get your insurance company informed.

2) If you’re a non-resident of India, you can also buy a medical insurance policy in India and pay monthly premiums. You only have to provide a proof of your residence and some other documents the company asks for. However, you are eligible for the insurance amount only if you receive your treatment in India. Obviously, the all monetary transactions will be in India currency.

3) As a matter of fact, if you have a medical insurance with the same company for a longer period of time, then these insurance companies reward their loyal policy holders with attractive offers and bonuses. Some insurers also provide free health check ups.

4) Most of the insurance companies allow you to change hospitals only if you do so for getting a better treatment facility. However, you need to request to the Third Party Administrator (TPA) who will approve of it under the policy’s terms and conditions.

5) The cashless facility demands accurate and complete information to be submitted by you to your insurer. If your information is insufficient then there can be a delay resulting in you having to pay from your pocket for the time being and claim for a reimbursement later.  

6) There may be a situation when you cannot move to the hospital or the hospital has no accommodation for you, so you have to undergo domiciliary treatment at home for three days or more. You are eligible for the claimed amount only if any of the above conditions is fulfilled.

7) A medical insurance differs from a critical illness policy. The medical insurance covers treatment related expenses and hospital charges but the critical illness policy transacts the entire amount on detection of the illness listed under the policy irrespective of hospital charges.

8) You cannot change your TPA appointed by the insurance company. Your TPA is changed only when you change your insurer.

9) Most of the popular insurance company provide a premium calculator on their websites that help you to calculate your monthly premium. This also guides you to determine an amount that you invest monthly on the premiums thus managing your budget with ease.

10) Some of the insurance companies now cover pregnancy related medical expenses as well. Pre-natal care, delivery and post-natal expenses are included in this.

Health Insurance,