When you or a loved one is ill and in hospital the last thing you want to worry about is the means to pay the hospital bill. Hospital expenses reimbursement policy (called mediclaim or Health insurance policy in common parlance) enables you to pay for hospitalization expenses when you or your loved one are unfortunate enough to get admitted to a hospital.
You should take health insurance when you and your family members are healthy because you are unlikely to get the Insurance if a serious illness or disease has already set in. Answer the proposal form fully and completely without hiding any facts as it is better to get the health insurance policy at a higher premium or even not to get it at all instead of paying premium and then not getting the money when the claim arises.
Check the age up to which the policy is renewable, any sub-limits for room rents, any requirements to pay part of the eligible hospitalization expenses yourself (called co-payment), formula for increase in premium if you make a claim, formula for no claim bonus and the coverage of pre-existing disease. Or you can just fill up the form alongside and get competing offers from the leading health insurance companies. Don't forget to ask them about the parameters pointed out above.
Another policy that you may definitely need is a serious illness disability policy (also called Critical Illness Policy). When a serious illness such as a stroke or kidney failure hits you the mediclaim policy only pays for the hospitalization expenses. It obviously does not cover you for the loss of income arising from the loss of job or business due to the serious illness. This is what a critical illness policy covers. You can buy standalone critical illness policies from non-life Insurance companies or take a critical illness rider along with your life insurance policy.
How do I intimate the insurance company of my hospitalization if it is an emergency?
Intimating or contacting your insurer is easy if you save the booklet containing the relevant contact numbers and helpline numbers.Apnainsurance.com Research Bureau
05 Dec 2007
On purchasing a health insurance policy, the insurance company usually issues the policy holder with an identity card and a booklet with contact numbers and helpline numbers that can be used to find the nearest network hospital.
In case you are unable to intimate the insurance company and use the cashless facility at a network hospital, you can get admitted at any hospital of your choice. The insurance company will then reimburse your expenses, subject to specified limits.
See also:
Can I buy insurance policies from different companies? How will they pay my claims?
Will a health insurance policy provide for the loss of my earnings?
Are there any advantages of getting admitted to a hospital that the insurer has a tie-up with?
Miscellaneous Health Insurance FAQs
Health Insurance FAQs about Coverage
Health Insurance FAQs about Claims
Health Insurance FAQs about Premiums