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Millennials Should Know these Terms Before Buying Health Insurance

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Many think that the millennial generation isn’t responsible enough. However, that may not be the case. They do believe in living the present moment but they are also concerned about planning for the future. One of the important things in the to-do list for future should be buying the best health insurance in India. With technological advancement, youngsters can now buy health insurance online now. However, one should be careful before purchasing a good health insurance.

Here’s a list health insurance policy terms that you need to know

Cashless Claim:

As the term suggests, the insured can make a claim without paying any cash for the medical bill at the specified network hospitals.

Sum Assured/Sum Insured:

It is the maximum amount payable in the event of a claim. The premium of the health insurance policy that you have to pay depends on the suminsured by you.

Deductible:

The amount of loss which the insured bears after which the insurance amount kicks in. This share of expense can be a certain money amount or a percentage of the claim amount. However, bigger the deductible, lower is the premium.

Exclusions:

The diseases, conditions or situations whichare not covered by the health insurance policy. Exclusions can be of two types – permanent, i.e. the ones never covered and first year, which are ailments covered from second year.

Floater Policy:

A family health insurance, also called Family Floater Health Insurance, is a type of health insurance policy that is issued with a single sum insured covering the specified family members. The cover can be used by any member of the family any number of times.

No Claim Bonus:

It is a bonus or rather a discount on the basicpremium if the insureddoes not claim the policy in a year. This bonus gets accumulated with each year you don’t make a claim.

Conclusion

Healthcare has only gotten more expensive in the past decade. Individuals must make well-versed decisions before selecting or buying health insurance online. Understanding terminology used in and associated with health insurance can help them choosing and purchasing the right health insurance for themselves and their family members.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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