Health insurance: Key points to keep in mind while buying a policy

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In the current wedding season, I have been meeting lot of friends, relatives and clients. I usually tend to ask whether they have a health insurance cover (mediclaim) or not. Some of them are covered, while some are not covered but plan to buy one. The ones who wanted to buy didn’t have a clue which one to buy and the ones who already had didn’t know which one they had.

Having adequate health insurance is essential for a financially peaceful life; so that one doesn’t have to break their investments for any kind of medical emergencies. Being a financial planner, I had to guide them to help them decide which one to buy. Here are few key features/clauses/conditions which I generally recommend to check before buying a health insurance (mediclaim) plan and also check in their existing mediclaim policy.

You should check if there is a capping on room rent as a percentage of Sum Insured (most of the insurers keep it at 1% for normal room and 2% for ICU). Majority of the insurers have this clause in their health insurance policies. It means the room rent of the hospital should not exceed a specific percentage of the sum insured; if it does then all your medical expenses will be paid proportionately.

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