Things to remember..Short Term Health Insurance Plan
Before buying a health cover, it is essential to assess one’s health condition and estimate future medical expenses. Opting for long-term health insurance has many advantages. Yet, one cannot rule out the importance of short term health plans that offer coverage for a period less than one year.
Short term health insurance plans are ideal for temporary situations. Such plans are beneficial as they are affordably priced and offer several benefits such as cashless hospitalization, cover for pre-and-post hospitalization medical expenses, lifelong renewability, etc. However, there are certain limitations of these plans which must be clearly understood. For instance, these plans do not offer maternity cover. Also, they may not be the right choice if you are looking for health coverage for serious illnesses.
Hence, when selecting such short-term plans, you must consider your specific requirements and ensure they are adequately met.
Read this article to understand the factors you must keep in mind when buying a short term health plan.
Duration of Coverage
Long-term health insurance plans are valid for a minimum period of one year. So, if one is looking for a health cover for short-term needs, it is better to buy a short-term health policy. A policy buyer should remember that a short-term policy is flexible as it comes with a term ranging from 3 months to 6 months. So, one should select the policy tenure based on individual requirements.
Premium is the amount you are required to pay for availing the benefits of a health plan. The premium for flexi plans is quite low as compared to long-term health plans. Moreover, the policyholder will get tax deductions on the premium paid, as per the Section 80D of the Income Tax Act 1961.
You can choose this policy if you are looking for a suitable health cover for your short-term needs at a reasonable cost.
Before selecting a short-term health plan, the buyer should read the policy features to understand the benefits offered. This plan mainly offers cover for in-patient hospitalization up to the sum insured. It includes room rent, ICU charges and ambulance costs up to a certain limit, as specified in the policy terms and conditions.
In addition, there are other benefits such as cover for pre-and-post hospitalization medical expenses, day care treatment, domiciliary hospitalization, annual health check-up and automatic recharge of sum insured.
Just like a long-term health policy, short term health insurance plans allow the policyholders to avail cashless treatment at any of the network hospitals listed by the insurer. Before opting for such a policy, one should find the list of nearest network hospitals to ensure there is easy access to quality treatment.
Moreover, under this feature, there is no need to pay for the medical bills from one’s own pocket. The insurer will directly pay the bills to the hospital, subject to the policy terms and conditions.
Co-payment is a feature of health insurance plans wherein the policyholder is required to pay a certain percentage of the medical bills, as specified in the policy terms and conditions. This could mean additional load of expenses on policyholders, especially for those above 60 years of age. So, it is wise to check this feature so that one is financially prepared.
The health policy would have an initial waiting period usually of 30 days from policy period start date. This implies that a person would not receive cover on the incurred medical expenses during this period except for injuries. Policy buyers are advised to carefully read the waiting period clause, given in the policy document.
Whenever you are picking a health plan for yourself or your family, it is advisable to check the list of exclusions mentioned in the policy document. This will help you prepare for the out-of-pocket expenses for which your policy will not offer coverage. The common exclusions in short term health insurance plans are:
- Treatment related to pregnancy, childbirth, miscarriage, abortion, etc.
- Expenses related to self-inflicted injuries – suicide or attempted suicide
- Treatment arising due to congenital disease
- Tests or treatment for infertility and in vitro fertilization
- Medical expenses due to alcohol or substance abuse
- Hospitalization resulting from war, riot, strike and nuclear weapons
Flexi Insure by Care Health Insurance (Formerly Religare Health Insurance) is a health policy created for your short-term insurance needs. The various benefits of this policy such as annual health check-up and no claim bonus will secure your health in the best possible way.