Co-Pay Clause in Health Insurance Polices
Under this clause, the insured is also required to bear a certain percentage, say 10% or 20% of expenses incurred on illness/disease while hospitalized, either conditionally or under certain conditions. Most of the companies levy this clause once the policyholder enters the Senior citizen category that is after the age of 60. But some companies are come with the same clause at the entry of the policy till long life renewal. Some other companies, preferably PSUs, charge this co-pay clause if the policyholder is taking treatment in out of network hospitals.
Look for Limits
Look for treatment wise limits in the products. Treatment wise limits basically cap the amount you can claim for a particular surgery under the policy, room rent limit etc. Such limits would cap your claim, even n when you have a large sum insured under the policy. You need to weigh this in, before you sign up.
Check Loading clause in Health Insurance
Loading, in terms of Medi-claim Insurance means the Insurer (Company) will charge more amount than the regular premium from the policy holder after a claim has been made. Generally, the insurance company is of the view, that once a policyholder has made a claim due to any illness or some major illness, he might make the claim again in future (if not near then in the distant future), so just to be prepared to face those recurring claims, the company tries to safeguard itself, by procuring a larger premium by way of Loading.
Look for Lifelong Renewals
Look for Lifetime products. Rule out all products, which do not cover your family members for a reasonable lifetime. A product, which ceases renewal, while you are still alive and when you need it more than any time before, is a BAD product. Shift through all products and find out the lifelong renewal age.
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