All about Health Insurance:

In India Medical expenses are increasing every year, according to 2021 Medical inflation rate in India is 14%. If we go to hospital for any surgery or any emergency they will charge lakhs of rupees that’s a problem to middle class people like us.

Our life is so fragile, we don’t know what happens in next minute. So taking a health insurance is must needed. After getting first job you should buy health insurance so you will get many benefits when you buy insurance at a early age. Check this below points before taking health insurance:

1. Age Criteria: As our age increases, insurance premium also increases so buying health insurance in 20's gives more benefit than in 30's or 40's as premiums will be more as we get old.
2. High Claim Settlement Ratio: It is the ratio of the number of claims paid to customers by the insurance company to the total claims received by the company in percentage. Normally more than 85% claim settlement ratio is very good.
3. Network Hospitals: Check in your city or town how many hospitals, your health insurance covers. It's good if it cover more number of hospitals.
4. Waiting Period: Waiting Period should be very less. In case of pre existing diseases it should be 3 years or less.
5. No Claim Bonus (NCB): Typically it varies from 5 to 50% p.a depending on the insurance company and plan. Your coverage amount is increased at the time of subsequent policy renewals for all claim-free years.
6. No Co- Pay: Prefer insurance which has No Co-payment. In case of 60 years above it should be less than 30%.
7. Restoration benefit: If sum insured is 5 Lakhs after claiming 5 lakhs insurance company will restore 5 lakhs again prefer it.
8. Cashless claim settlement: Insurance company will pay whole amount to the hospital.
9. Pre & Post hospitalization expenses: Prefer the policy which cover pre and post expenses.
10. No Room rent capping: No room rent capping in health insurance means you can choose any room in the hospital for the treatment without any maximum room rent limit.
11. Other Benefits: Critical illness, free health check-ups, maternity expenses, Outpatient Consultations, Daycare (<24 hours), AYUSH Treatment.

Your insurance policy should have this above benefits, with good sum insured amount. Read all the terms and conditions of the policy carefully. Choose Wisely :)