Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.

Your health insurance can help you keep your healthcare costs manageable. But many families may not be maximizing the benefits their insurance provides—and could be paying significantly more than they need to for healthcare as a result. Here's how to ensure you get the most out of your insurance policy. 

With the steep costs of availing hospitalization, treatments, and medication, it only makes sense to protect yourself in every possible way by buying health insurance that offers comprehensive coverage. But to ensure that you get value for the money you spend and choose the perfect policy, it is important to understand some critical insurance terms and conditions.

Waiting period
This is the first element to consider. Each health insurance policy has a waiting period, which is a defined period of time, immediately after purchasing a policy, when you can’t make a claim.

For instance, if your health insurance policy has a waiting period of 60 days and you buy the policy on January 30, 2018, you will be able to make a claim only after March 29, 2018.

Room rent provisions
In case you have to be hospitalised, your insurance company will cover costs of your hospital room. But, this is covered only up to a certain extent.

It is very important to check what the extent of per day coverage is because you will have to bear any extra costs. What’s more, the other charges are also levied as per your room type and will be deducted accordingly by the insurance company.

So, if your room rent coverage is very low, your out of pocket expenses will be much higher towards the room as well as other medical charges.

Check if the network is wide enough
It is important to look at the list of hospitals and clinics where your health insurance policy covers cashless treatment. The wider the network of cashless hospitals, the more useful you’ll find your health policy to be.

Besides, the cashless facility means that you won’t have to negotiate claims processes. The insurer will settle the bill directly with the health service provider.


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