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Confused by the various types of health insurance products available in the market? Is there any difference between a fee for service and an indemnity plan? Wondering how much of a cover you should get? Then this article will help you make some decisions. Health insurance is the insurance that covers you in case you fall sick and have to be hospitalized. When you buy a health insurance policy, you have to pay regular premiums like any other insurance. In turn, if you fall sick when the insurance policy is valid, your insurer pays your hospital bills. This relieves you of the stress of how you are going to pay your hospital bills. There are two kinds of health insurance plans: indemnity and managed care. Indemnity plans are also known as fee-for-service plans. Under this scheme, you can get treatment from any doctor, hospital or health care service provider. You have to pay the costs upfront and submit the claim to the insurer. The insurer will reimburse you subsequently up to the sum insured. Managed care plans, on the other hand, are plans in which you get treatment from the doctors, hospitals and health care providers approved by the insurer. It leads to lower costs and paperwork but limited choice of health care providers. No matter what type of insurance plan you opt for, remember it is important you choose carefully. Here are few things to watch out for when buying health insurance for an NRI. -
Choose the amount of cover wisely. This is a very important factor. The higher the cover you choose, the higher the premium you pay. On the other hand, if you choose a lower cover and in case of your hospitalization, your medical expenses exceed the cover, you will end up paying for the extra expenses from your pocket, which can be quite high in view of escalating hospitalization costs.
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Find out what critical diseases are covered. This makes sense in case you have a family history of diseases like heart diseases. But such policies also come for a higher premium.
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Check if your insurance plan offers you a wide choice of health care providers. This is important just in case you have to be hospitalized on your visit to India.
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Compare the costs of plans offering the same benefits. This can save you a lot of money.
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Find out the number of days required to settle the claim as well as the company’s reputation in settling claims.
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Check out the coverage offered for you and your family. This is very important if you are a regular traveler to India. Besides, health tourism in India is on the upswing. So for all those orthopedic surgeries, heart care, ayurvedic treatment, cosmetic surgeries or any other, cost-effective health care solutions is what India can promise. Most individuals look at combining their healthcare needs and vacationing to unwind in the most awe-inspiring tourist destinations. With all related needs of travellers taken care of such as ticket booking, hotel stay, hospitals, competent doctors and the like at economical costs, all you need to do is simply pack your bags and head to India for your health needs. Have you taken a health insurance policy? Did the company offer you a prompt service? What were your experiences with the insurer?
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