In current times where medical inflation rates are towering, failing to hold an adequate amount of health insurance can prove to be a major financial disaster. The fact that you are unable to help your loved ones in case of a medical emergency can bring chills down your spine. So, health insurance plays a key role in providing coverage against any unforeseen medical emergencies. However, you might get completely baffled with so many health insurance companies to choose from! With Oriental Health Insurance Company, all your worries are put to rest. Read this article to know how.
What You Need To Know Before You Buy Oriental Health Insurance?
‘Old is Gold’ is absolutely true in the case of Oriental Health Insurance Company, as it comes with decades of knowledge in the field of insurance. Oriental offers various plans to suit the requirement of every individual and get a much-needed financial cushion in case of medical emergencies. However, there are few things one must keep in mind while choosing a health insurance policy like…
Say no to Co-pay
A co-payment is where you willingly opt to pay the part of medical expense out of your own pocket and the insurance company will cover the rest. Many insurances companies have co-payment clauses. However, one cannot get the maximum benefit out of your health insurance policy.
Pre and Post Hospitalization is a must have
Hospitalization expenses are unreasonably expensive and so are pre and post hospitalization expenses. Therefore, it is essential to have a health insurance policy that covers both these expenses. Generally, pre and post hospitalization is covered 30 and 60 days for pre and post hospitalization. The number of days covered usually varies from company to company.
Claim settlement ratio and efficiency of the claims process
The Claim settlement ratio is one of the most important factors that must be taken into consideration before finalizing a health insurance policy. Generally, higher the settlement ratio, faster the settlement time. It also means that the Insurance Company is doing a good job with legitimate claims.
This one is especially not covered in most of the health insurance plans. Although, to make a health claim, 24 hours of hospitalization is mandatory. But, thanks to medical advancements most day care procedures do not require hospitalization. Thus, opting for a health insurance which covers daycare treatments will prove favorable.
- Network hospitals
It is vital to check if the hospital which you often visit or the one in your vicinity is listed in the network hospitals. It is also a crucial factor in case you travel or keep moving cities. However, point to remember is that cashless facilities can only be availed in the network hospitals.
How To Lower Your Premium For Your Oriental Health Insurance Plans?
There are a few sure shot tricks that will help you get the best possible rates without hampering your health insurance requirement.
- Choosing a plan on basis of coverage
Planning health insurance coverage is as good as planning your overall finances. First decide if you are looking for a plan for yourself or entire family. Let us understand with this example:
Rohit has 4 members in his family excluding him. He is survived by his parents, wife and his 8 year-old son. Currently, he is the sole earning member in his family and leads a very common life. He can either opt for individual plan for everyone or choose a family floater as per his budget. However, he has aging parents where a family floater plan might not suffice in case of any medical emergency. Therefore, he can choose family floater for self, wife and son. Whereas, he can opt for individual health insurance policies for his parents. By doing this, he can save cost on individual health insurance policies with ample of coverage for each family member.
- Make use of top-up policies
This is one of the best ways to enhance your health insurance policy at low cost. These plans can be well complemented with your basic health insurance plans. These policies are cheaper than the regular family floater plans and reduce your health insurance cost considerably.
- Avoid unnecessary riders
Yes! Health insurance riders are important and can be included to your basic health insurance plan. However, one should only add a rider if there is an absolute requirement. For instance: For someone who is in his/her mid-twenties and has no trace of any health disorders can avoid riders like critical illness.
The Importance of Health Insurance
It is needless to say that a good percentage of millennials are aware of the health insurance benefits. But, a large portion of them still look at health insurance as a tax saving instrument. That means there are higher chances that they buy a health insurance just for the sake of buying. However, they can face repercussions in case of any medical emergency, where one ends up paying almost half the hospitalization expenses.
Therefore, a health insurance policy is not only a tax saving element but also the key factor that will keep you financially protected in case of an unfortunate event.