Consumers of health insurance in India can often control several factors which determine the insurance premium. Deductibles – Deductibles are the amount you have to pay out-of-pocket to cover the expenses before reimbursement of your expenses kicks in from the insurance coverage. The parties will agree on certain percentage to pay out expenses, for example in a 70/30 plan, the insurance company pays 70% of the covered expenses and you will pay the remaining 30% out of your pocket. Normally plans with co-pay have maximum out of pocket costs.
The higher the maximums, there is more potential for coverage under the insurance coverage and vice versa.
Coordination of Benefits - Many insurance companies offer insurance plans which recognize the fact that other insurance may be available to you, such as coverage under worker's compensation, automobile insurance, or coverage available as an employee benefit to a spouse.
Renewability or Cancellation of the policy - Some insurance companies offer health insurance on a guaranteed renewable basis or with a non-cancellation provision meaning that the insurance company will cancel the coverage only in the event of non-payment of premium. At Policybazaar.com you can compare and buy all insurance policies likes Health insurance, Life insurance, Car insurance and Travel insurance.
