If policyholder fails to pay enough attention while buying online health insurance in India, then deductible can be a nasty surprise for them.
After paying enough money for these insurance products, people still receive an expensive bill after visiting a doctor. The deductible amount is the amount which insured person needs to pay before the insurer pays anything.
It clearly means that policyholders have to pay first, and then the remaining amount will be paid by the insurer. Hence, those who have a certain deductible amount should know that insurance companies in India will not pay any amount of money until policyholders pay their deductibles.
Some plans have individual deductibles for each family member. Remaining people have just a single deductible for everyone together. The right time to know about family health insurance deductible is when a person is opting for a plan.
If insured opt for a lower limit, then premiums will be much higher. Insurance experts suggest customers to go with the higher deductible for lower health insurance cost.
But, make sure that the deductible limit is affordable in the long run and without compromising medical needs or savings. Consider at how many doctors or medical visits person had in the previous year to get an idea about their medical requirements.
People who went to a doctor’s place once last year will definitely find the option of higher deductible more affordable. If you went to a doctor once in a year, then it is advisable to get the higher deductible plan.
But, if the government or employer pays your mediclaim premiums, then those premiums aren’t deductible. In case employer pays some part of policyholder’s health insurance premiums and the rest of the part is paid by the policyholder, then he can’t ask for a claim deduction for the part his employer paid.
It means the premium amount you paid out of your own pocket may be eligible for the deductible. When customers understand more about this concept, they will be better prepared to buy the best health insurance in India which works perfectly for them. In fact, selecting the correct deductible by policyholders can successfully lead to big savings.
But, just ensure that you have enough money or savings when you require it. Once customers understand the basic concept of mediclaim policies, they can easily finalize the deductible amount by doing online health insurance comparison.