Today, technology and the internet has become an integral part of our lives. Similarly, we all have grown extra conscious about our health and lifestyle. Hence, while we cannot eliminate the risk of hospitalization and illness; we have controlled it to some extent. People have also become more aware of the need to procure a health insurance plan for themselves.
Simultaneously, the new-age customer is not ready to take anything that is thrown at them. They are looking for more customer-friendly options and satisfactorily service rendered to them. Given that, the insurance companies have also modified their health insurance plans to meet the demand of the masses. Here, we walk you through a few new-age features of a health insurance plan that all must be aware of. Stay hooked!
- Lifetime Renewability
There was a time when health plans were available only till the age of 65. It was unavailable when people needed it the most. But today, it has changed and you have Health Insurance Plans with lifetime renewability. Thus, you will have health cover protection for as long as you live. If you have a health plan you can renew it every year even if you have claimed in the previous year. No insurer can legally deny you the policy renewal on arbitrary grounds. If for any reason, they have denied it, they must provide cogent reasons in writing for their action.
- Specific Tailored Plans for Senior Citizens
Earlier, you could buy a health plan only till the age of 65. Moreover, it was available to only who has purchased a health plan earlier like till the age of 45. But today, understanding the increased life-span and need for medical assistance in senior years; most insurance companies have launched health plans specifically for senior citizens. Hence you can buy a health plan even at the age of 70 if you need it.
- No Medical Tests till the Age of 45
Earlier insurers demanded certain medical tests to evaluate the policy applicant’s health status before issuing the health policy to them. But today, most insurers do not demand any medical tests until the age of 45 unless there is an adverse medical history that needs attention and scrutiny. But it must be noted that the clause has increased the responsibility of the policyholder. They need to disclose all medical history at the time of application for a hassle-free claim. They may also submit voluntary medical reports to be on the safe side.
- Pre-Existing Ailments
Today, most insurers have started covering pre-existing diseases after a waiting period. The waiting period can vary from three months to three years depending upon the disease. But the coverage depends upon the honesty of the buyer in disclosing his disease at the time of buying the policy. The insurance company only honors the policy if the buyer is unaware of the disease at the time of purchasing the policy. But the insurer may reject the claim if they suspect the buyer of deliberately hiding the disease.
- Sub- Limit
Today, sub-limits have become an integral part of all modern health plans. When you claim for medical reimbursement at the time of hospitalization; you are asking for a plethora of medical costs like room charges, doctor’s fees, nursing charges, diagnostic test charges, surgery charges, medicines cost, etc. Sub-limit is the cap placed on each type of expenditure. For instance, the room rent reimbursed could be one to two percent of the sum insured. Any extra room charges would need to be paid from your own pocket. You have the option of skipping this sub-limit by paying a higher premium amount.
- Day-Care and OPD Expenses
Earlier, it was mandatorily required for you to be hospitalized for 24 hours before you could file for a health insurance claim. But technological advancements have expedited the time and ease of treating certain diseases requiring surgeries and similar procedures. Hence, most modern health plans have started covering day-care and OPD care. These include treatments like dialysis, eye-surgery, chemotherapy, lithotripsy, dental care, etc.
You might note that there is a basic difference between OPD and day-care. The former is small-time medical expenses like dental care while the latter includes larger expenses like cataract surgery, laser treatment, radiation surgery, etc. All these require hospitalization of less than 24 hours.
- Alternate Treatment
Earlier treatments like homeopathy, Ayurveda, acupressure, etc. were not covered under any health plan. But today, most health plans reimburse its treatment up to a stated limit. Thus, one can easily enjoy its benefits.
Today, most health plans have become more user-friendly and more advantageous to customers. Understanding its importance, it is critical that you look into the various features of a health plan before committing to it.