The recent surge in covid cases has really made the future seem bleak. However, it has also taught us that the best way to fight a disaster is to be prepared for it. If you are planning to buy a medical insurance plan online, the four C’s of insurance can make the process easy and simple.
When you chalk out your requirements from your medical insurance plan, you need to be clear about what you are looking for. These four C’s – Coverage, Cover, Co-Pay and Consumables will help you in your decision to buy medical insurance online. Let us take a look at them in detail:
1. Coverage
What is included in the cover of your medical insurance plan is the foremost thing that you need to check out. There is no set formula that you can apply to estimate the cover that you need. For someone who lives in a Class A city, a cover of Rs 10 lakhs may seem enough, whereas for families in Class B or C city Rs 5 lakhs might be adequate. At the time of purchase also check the coverage as well as the waiting period for a pre-existing illness, which can range between 12 to 36 months.
2. Claim
When you buy a medical insurance plan, it is expected that when you or an insured family member is hospitalised, you do not go through any trouble when making a claim. Make sure you understand the claim process of different companies before making up your mind. These days companies ask for minimum paperwork and process all formalities online. Opting for a plan that allows easy cashless claims would prove to be a good choice.
3. Co-Pay and Sub Limits
Co-payment means sharing of the medical bill. It may not be present in all plans but it is common in medical insurance plans for senior citizens to have 20% as co-pay. A co-payment might lower your premium, but you would have to pay a big chunk from your pocket after each hospitalisation. So, when you plan to buy medical insurance online make sure to ask about co-pay as well.
Also, keep a check on the sub-limit or caps on various features. A cap of 1% of the sum insured on the room rent would greatly increase your out-of-pocket expenses.
4. Consumables
Earlier most medical insurance plans did not cover consumables such as cotton, gloves, sanitisers etc. After Covid, however, healthcare workers have to use personal protective equipment (PPE) to avoid the spread of infection. Their inclusion in the bills can greatly add to your expenses. Though there are many medical insurance brokers now that have started to cover consumables, it is highly recommended that you check if the policy you wish to buy covers consumables.
In India, medical inflation is as high as 17%. Investing in a good medical insurance plan is thus the basis of all financial planning. Make sure you have yourself and your family covered with adequate coverage at all times.
