Who can buy Health Insurance Policy?
A person between the age group of 18 years to 65 years can buy health policy. For persons more than 65 years have limited senior citizens policies available. The person who is physically and mentally fit is eligible for health policy. If you are suffering from any of the health issues, you have to follow the clause of Pre-Exiting diseases which can range from 1 year to 4 years based on policy and company. It means company will not give you claim for the particular mentioned diseases under the waiting period. There are some diseases where health insurance company denies the cases such as High BP, High Sugar, physicist related issues, neurology related issues. Few surgeries and more. These types of cases are based on the underwriting. So, it is highly advisable to buy policy when you are fit. Pay premium to health insurance company when you are fit so that company can give you claim when you are not fit (hospitalized) and if you do not pay premium when you are fit, company will not help you when you need the mediclaim most.
What are the Waiting Periods in Health Insurance?
- Accidental cases are covered from 1st days of the policy as they are uncertain.
- Health Insurance policy starts after 30 days. Any illness arises before 30 days of the policy will not be settled.
- There is a clause of 2 years waiting period of specific diseases.
- Pre-Existing diseases (diseases that exist before purchasing the policy). All the old diseases are cover after the waiting period of 1 year to 4 years. The waiting period depends on the plan you choose. Different companies offer different plans with different waiting periods.
What is Hospital Cash in Health Insurance?
The term hospital cash means the amount which the mediclaim company provides to the insured for the number of days admitted in the hospital. In some policies hospital cash is included and some policies are specially designed only for hospital cash. Generally in the policies in which hospital cash is included only provide the fixed hospital amount of 500, 1000 or more depending upon the policy. In cash of policies which are specially designed only for hospital cash provide additional benefits such as additional amount for ICU and accidental cases. Waiting periods are also applicable for this policy and the hospital cash works on reimbursement bases.