4 min read
Updated on Aug 31, 2023
Buying a health insurance policy is one of the wisest things that you can do for yourself and your family. It will not only help in saving you a lot of money but also helps in getting the right treatment from the best hospital in your city. However, when you buy a health insurance policy, you need to know about many things. One of the most important things is the sub-limit in health insurance. So, let us discuss the sub-limit under health insurance today.
The meaning of a sub-limit in health insurance is a pre-determined capping that is applied by the insurance companies on a few of the medical expenses under a health insurance policy. It can be called a limit of the claim amount that the insurance company will pay for a healthcare expense. Sub-limits are applicable in reimbursement as well as cashless settlement.
There are majorly two types of sub-limits in health insurance, which include:
Sub-limits are usually restricted to room rents and certain specified illnesses. Nevertheless, you may come across some insurance companies that may let you customize the sub-limits as per your convenience. You need to know that the health insurance policies that do not come with sub-limits have premiums higher compared to the health plans that have sub-limits. Therefore, before you purchase a health insurance policy, you must assess your needs as well as your budget.
Sub-limits are applied on only some insurance plans and not all of them. Some insurance providers apply sub-limits only on certain illnesses and room rents, in most cases. You may even find an insurance provider that will let you reject the clause.
The foremost thing that you need to do is to visit the website of the health insurance company and understand the meaning of sub-limits in detail. You can also find out from the website if they apply sub-limits on some health plans. Another thing that you can do is to check the policy documents such as terms and conditions and prospectus to understand the sub-limits that are applied under the health insurance policy that you intend to buy.
To conclude, we can say that understanding and finding all kinds of details about health insurance plans and the sub-limits applied to them is very important before you make a decision. This will help you to stay away from any kind of surprises while claiming the sum insured.
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
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