We cannot prevent fickle health conditions or predict life, but we can plan to minimize the damage it brings along. To reduce the acquired medical expenses and weigh down the financial burden incurred due to sudden illness, accident, pre-existing conditions etc., a health insurance is provided by the state or central government, private agencies or non-profit organizations.
But as every coin has two sides, with health insurance policy comes certain terms and reclaiming ppi conditions.Since it is a contract between the policy provider and the individual or the sponsoring organization, this is:
a) mandatory (if it is a national plan) or
b) Renewable (monthly or annually) or
c) Lifelong (mostly private insurance)
And like every contract, it is liable to obligations that are levied on the insurance policy holder and the policy giver. When opting for a policy, the policy holder is bound to some of the following mandatory terms:
Premium: The amount paid by the policy holder towards the medical coverage
Co-payment: The payment made by the insured from his pocket before the insurer pays for doctor’s visit
Deductible: Pre-determined money paid by the insured till it reaches the maximum slab, and the policy-provider starts paying from then on.
Coinsurance: An additional to, or instead of payment to the co-pay. For example, the insured might have to pay 30% while the rest is paid by the insurance agency.
Coverage: A limit to health coverage. For example some health benefit plans may not fully pay pre-existing conditions
Exclusions: Certain health conditions are totally excluded from the health plan. For example pregnancy is excluded from most of the health plans
While considering a good health insurance, review these points to help guide you in choosing a better plan for you and your family
1. Ask for the premium that you have to pay, and time and amount that goes in for its renewal
2. Understand the coverage offered by the plan and opt for the one that has maximum coverage or required health coverage. See that there is lesser out-of-pocket expense and the percentage of coverage from the policy should cover the regular health requirements like dental, eye check-ups, etc.
3. Some private health insurance offer PPI along with health insurance, if possible avail that facility since a PPI claim helps during job loss due to illness, redundancy, etc.
4. When making choices about private health insurance, ask an insurance advisor about the restrictions it may cast on the insured related to the place, doctor, or number of visits
5. Apprehend the government sponsored local health insurance plans and make use of free resources.
