If you are taking health insurance, read the hidden condition in it, the policyholder gets many benefits including grace period, co-payment.

• If you forget to pay your insurance premium on time, the insurance company will give you an extra 30 days to make the payment.
• When it comes to insurance contracts, it is difficult for a common man to understand the web of terms, conditions and terms.

Having a technical domain and a legal contract makes it very difficult for most people to understand the terms of insurance. Apart from this, understanding the web of terms, conditions and terms related to insurance is a very difficult task for a common man when it comes to insurance contracts. This can be a barrier to raising awareness about insurance. Here we are making some such disclosures related to health insurance. You must know this so that you can make a better decision about insurance.

Co-payment

The co-payment suggests the option of sharing a pre-defined percentage of the claim amount between the insured and the insurer. Using this option helps reduce the premium when buying a health plan. A co-payment restricts the liability of the insurance company because the insured agrees to bear some percentage of the total claim amount out of his own pocket.

Deductible

A deductible is a special amount under which the insured is asked to bear the cost before the health insurance plan is implemented. Each policy has a component of voluntary deduction. However, this arrangement frees the insurer from part of their liability, so it helps in reducing the premium. The higher the deductible, the lower the premium.

For example, if you have opted for a deduction of Rs. 10,000 or deductible option in your policy, in case of a claim of Rs. 1 lakh, you will have to bear Rs. 10,000 first. The remaining Rs 90,000 will be borne by the insurance company. If the claim amount is less than Rs. 10,000, the customer will have to bear the full cost.

Day care treatment

It is related to the procedure of treatment or operation in case the patient is admitted to the hospital or day care center for less than 24 hours under general or local anesthesia. It is important to note that day care treatment does not include OPD. Some common day care treatments include cataract surgery, coronary angiography, chemotherapy, dialysis, and more.

Grace Period

The insurance company gives you an extra 30 days to pay if you forget to pay your insurance premium on time. However, you cannot cover this lapse during time. But once you have paid the premium, the policy is renewed and all the benefits are retained under it.

Costs before and after hospitalization

Expenses incurred before hospitalization in diagnostic tests, consultations, etc. are referred to as pre-hospitalization medical expenses. Post-hospitalization medical expenses are referred to as post-hospitalization medical expenses, which include follow-up medications, screening, physiotherapy, dialysis, chemo treatment, etc.

The period of 30 to 60 days before hospitalization is considered pre-hospitalization while the period of 90 to 180 days after hospitalization is considered post-hospitalization.

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Free look period

The free look period is a period of 15 days from the date of receipt of the policy document, which is issued to every new health insurance or personal accident policyholder. During this time you can re-analyze whether a particular plan is right for you. If you do not receive the policy within the stipulated 15 days, it can be canceled. You will be refunded the premium. However, in case of cover the insurer will charge you for administrative expenses.