Health Insurance Add ons :- Do not Fall For it

8. Consumables

When you examine a hospital bill closely, it is common to come across items that appear questionable. For example, TV monitors, administrative fees, gloves and masks for staff, telephone bills and more are regularly present. When it comes to these kinds of expense claims, insurance companies are often reluctant to cover them as they are unable to verify how medical providers use these assets. As insurers typically don’t settle these costs, the resulting expenses could impact your wallet quite heavily; such items may form 2–10% of your total bill.

However, some companies will offer to cover these costs in exchange for an additional fee. This add-on might be as much as Rs 1000 or more, whilst others will ease the deal by promising a yearly increase – often minimal – to take account of inflation.

For an amazing deal, you can get this added for just Rs 1000. Don’t miss out on this fantastic bargain!

Do you think it’s the right choice?

Paying a small yearly payment might not seem to be too troublesome. However, continual non-usage can result in substantial amounts over time. Though hospitalisation may occur eventually, consumables normally only compose a minor portion of the total cost. Therefore, if you opt for inflation protection in addition to this advantage, it could make perfect sense. 

Verdict: Not a gimmick

9. Critical Illness

It’s quite clear that people would do anything to stay away from something as scary as cancer. But insurance companies often play on this fear, pushing products that may not be the best choice. Critical illness policies are a good example of this. 

In most cases, they only pay for medical costs resulting from acute conditions. The trouble is, “critical illness” can be a hard term to define – what exactly makes an ailment critical? Dengue? A fracture? These questions remain unanswered.

You won’t find what you’re looking for, but don’t worry. The policy does offer information about the illnesses it covers. If you’re in a hurry, all you might likely do is check the pamphlet and spot the word cancer written there. Then, you can go ahead and sign the agreement.

Insurance companies are precise with words, and covering cancer is conditioned on its severity. Thus, it is important to be vigilant when going through a list like that, as you don’t want to pay for something which is not up to standard. It can be a very unpleasant experience, although the policy may be inexpensive.

Elsewhere, customers may have different expectations of it. Some people assumed these policies would provide a lump sum in case of a critical illness diagnosis. They said they expected around Rs 10 or Rs 15 lakhs to help combat the effects of such a serious condition.

Health insurance companies are not known to offer such a benefit, and if they do, it can be unpredictable. Paying a low amount for five years just to see your premium suddenly elevate by 50% is not ideal; therefore, it is best to look for a good-term plan that includes this benefit. That way, you can make sure that you are in control of the situation.

Super top-up is an advantageous option if you are looking to cover health-related expenses. It provides comprehensive coverage, with very few exclusions, compared to a critical illness policy which only safeguards against a limited range of diseases.

Verdict: Slightly Gimmicky