The government of India is credited with a remarkable decision of having introduced GST in the year 2017. It has removed the plethora of taxes that existed once upon a time. It is levied on a series of goods of services that exists in the country which includes health insurance. The GST on insurance premium is at 18 %. At an earlier date the tax on insurance was 15 % where a magnitude of other taxes had a major role to play. GST is bound to have a major impact when you are purchasing a health insurance policy
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The common mistakes to avoid when you are purchasing a health insurance policy
The scaling costs of healthcare have put considerable emphasis on healthcare. Most of us end up purchasing a health insurance policy to keep themselves safe from the unforeseen medical crises which may strike their life. A health insurance plan needs to cover the hospitalization expenses but should extend support in covering the higher medical bills.
Just because a particular health insurance plan is rated best it does not mean it should be an ideal one. Taking into consideration the number of choices available online you should be taking a decision in haste. Rather it is better to check out the clauses of the policy before you arrive at a decision. A buyer has to exercise prudence when they purchase a health insurance policy as otherwise they may face up issues later. Below are some of the health insurance distress that an individual may encounter
Difficult to avail cashless hospitalization
A majority of people purchase health insurance in the hope that you will not be paying a single penny at the hospital. It is going to emerge if you allow an insurer to provide this benefit. If the policy holder wants to avail cashless hospitalization, it is better if you obtain treatment from a network hospital. If this is not the case an insurer would have to shell out money from their pocket and later an insurance company would reimburse them.
A sudden rise when it comes to the premium amount
When you are using a health insurance policy for a reasonable period of time you may be informed there is a rise in the amount of health insurance premium. An increase may be a slight or a major one, as it could have a major impact on your budget. Relying on the portion option you could make a switch over to another insurance company. A point to consider is you arrive at a premium after taking into consideration the age along with other components. So an individual needs to be well prepared to deal with the same.
Conditions along with terms may change
With a sudden turnover an insurance company would amend the terms and conditions of an insurance policy. Such decisions may include an exclusion or an inclusion of certain diseases or be it a hospital. At the time of a policy renewal it is better to inform a policy holder about the same. A suggestion is that an individual goes through these changes properly and have an idea on whether the policy would benefit them or not.
Care insurance is a household name when it comes to the choice of a health insurance policy. The best part about the company is that it provides a comprehensive coverage on its policy. You can opt for a policy online after comparing the other ones.
Any pre-existing elements are not covered
This is a vital feature of any health insurance policy. There is a waiting period of 24 to 48 months before these elements are covered as part of the policy. You need to consider the following points in mind before you are about to choose a health insurance policy.
Any form of expenses to be paid from the pocket
Take note of the fact any form of a health insurance policy has numerous exclusions. If you are a responsible insurance policy holder you need to check out the exclusions well before hand purchasing the policy. This makes sure that you are aware about the medical expenses that you need to shell out at the time of your need.
The key point of consideration when you are purchasing a health insurance policy is to be aware what is covered, what not with the underlying terms along with conditions on offer. Hence you would be aware about the terms along with conditions on offer that are part of a health insurance policy.
To sum up things before you are purchasing a health insurance plan take the following pointers in mind. This is going to provide you with the best coverage on all counts.
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