When people purchase a product, they want it to function properly and give them benefits in the most convenient manner. It is very natural anticipation, which every one of us has, but things do not always work out, as we want them to, right? Same goes for a health insurance policy. Every individual who has invested in health insurance believes that it will provide him or her with the best possible help in his or her need. However, there are various factors at play which does not let your health insurance policy work the way you want. Have a look at the factors in the section below.
If you have health insurance, then you must have surely come across this term. The waiting period is the time period which needs to pass before the health insurance benefits can be enjoyed apart from emergency cases like an accident. For instance, if you fall sick during this waiting period, you will not be able to claim any financial assistance from the health insurance.
The waiting period is mandatory and cannot be escaped unless you meet with an accident. The period can be anywhere between 30 days to 90 days as well from the date of issuance of the health insurance. Even the most expensive and best health insurance policy have a waiting period attached to it.
The cashless option seems to be one of the most effective benefits in a health insurance policy. People believe that there will be no need to arrange for cash during an emergency situation because their insurance will provide back up to all the necessities during such a period. The cashless option is true and works fine during most of the time, but there are certain aspects which need to be taken into consideration here.
Most of the cashless benefits provided by the offline or online health insurance are available only in the centers which are under the network of the insurer. Apart from this, if there is any delay from the third-party association or lack of effective support will bring hassles in the treatment process. That is the reason why you should always choose a reputed agency and popular plans like the Bajaj Allianz Health Insurance Plans. To stay in the safe side, always keep some cash funds always with you which will be handy during emergencies.
Claim Based Loading
A very important aspect of any of the best health insurances in India is Claim based loading. What is claim based loading? Well, it generally means the increase in your policy premium after you have registered an insurance claim despite regularly paying the premium. In India, health insurance is agreed for an annual term, and if you have made any claim, the insurer will review those claims and alter the premium accordingly. Therefore, you can never expect the premium to remain the same as before if you have claimed insurance benefits even once.
Due to claim based loading, many people have to pay an increased premium for their policy. Many people also stop investing in insurances because of the very high premium rates at times.
If you have read the article till this point, then you now know why your health insurance policy does not work the way you expect it to. There are various other factors as well which play an important role in influencing the health insurance policy which you are investing in.