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How OPD in Health Insurance Can Help You Save Money?
When it comes to health insurance, people usually focus on hefty medical expenses like hospital stays and surgeries. But what about the smaller and frequent costs like doctor consultations, diagnostic tests, and pharmacy bills? These routine medical expenses can add up over time, putting a strain on your finances. This is where OPD in health insurance comes in. Let us explore how adding OPD cover to your mediclaim policy can save you money.
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- How OPD in Health Insurance Can Help You Save Money?
What is OPD in Health Insurance?
In health insurance, OPD or Outpatient Department cover medical expenses of certain treatments that do not require an overnight stay in the hospital. Unlike IPD, or in-patient hospitalisation, which requires at least 24 hours of stay in the hospital, OPD benefit allows policyholders to claim expenses for things that do not require hospital admission, such as doctor consultations, diagnostic tests, prescribed medications, minor procedures, and follow-up visits.
Also, it is important to note that OPD cover is not generally provided in the basic health plan and is available as an add-on, which can be opted for by paying an additional health insurance premium.
How Can You Save Money With OPD Cover in Health Insurance?
Here is how an OPD cover in a mediclaim insurance plan can help you save money:
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Reduce Expenses for Doctor Visits
Visiting a doctor for minor illnesses, like fever or cold, or routine check-ups can quickly add up. An OPD cover takes care of such expenses, reducing your out-of-pocket expenses.
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Covers the Cost of Diagnostic Tests
Medical tests like blood tests, X-rays, MRIs, and other screenings can be expensive, especially when required frequently. An OPD coverage in a health plan covers these costs, ensuring you do not have to pay for them entirely on your own.
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Manages Pharmacy Expenses
Most health insurance plans with an OPD cover provide coverage for the cost of medicines prescribed by the doctor, helping you save on pharmacy bills. This is highly beneficial for people who need regular medication due to chronic conditions.
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Prevents Financial Burden
By making doctor visits and diagnostic tests more affordable, OPD cover encourages early detection and timely treatment of health issues. This prevents minor conditions from worsening that would otherwise require hefty expenses on treatment in the future.
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Tax Benefits
Health insurance premiums paid for plans with an OPD cover are eligible for tax deductions under Section 80D of the Income Tax Act, 1961, providing you financial relief.
Who Should Buy OPD Cover in Health Insurance?
Although everyone should buy OPD cover in medical insurance, but the people listed below should prioritise it:
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People with a Family History of Lifestyle Diseases
If conditions like diabetes or hypertension run in your family, OPD cover helps manage frequent consultations and check-ups.
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Senior Citizens
Elderly people often require frequent doctor visits, diagnostic tests, and medications, making OPD coverage essential.
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People with Pre-Existing Diseases
Chronic illnesses demand regular hospital visits, and an OPD cover helps manage such ongoing treatment costs effectively.
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Families with Young Children
Kids frequently need paediatric visits, vaccinations, and minor treatments, all of which are covered under OPD benefits.
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People Who Prefer Proactive Healthcare
If you undergo preventive care and regular health screenings, OPD coverage helps you manage such medical expenses effectively.
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People with Weakened Immune Systems
People prone to frequent infections or illnesses due to weak immunity may incur higher OPD costs, making this cover a must-have for them.
Factors to Consider While Buying an OPD Health Insurance Plan
Listed below are the factors that you should consider while buying an OPD health insurance plan:
- Select the Right Coverage Amount: Before selecting a health plan with OPD coverage, analyse how much you usually spend on doctor visits, tests, and medications in a year. This will help you get an idea of how much sum insured amount is enough for you and your family.
- Check the Sub Limit Clause: Some OPD plans include a sub-limit on the maximum amount that can be reimbursed for particular services, such as tests, consultations, etc. So, make sure you choose a plan with minimum or no sub-limit on the covered expenses.
- Verify the Network Hospital List: Some insurance providers offer cashless outpatient department treatments at their network clinics or hospitals. Ensure the hospital or doctor of your choice is on their network list.
- Look for a Shorter Waiting Period: Most health plans include a waiting period before which you cannot avail of the OPD benefits. Choose a plan that comes with a shorter or no waiting period for OPD treatments so that you can start utilising the benefits sooner.
- Balance Cost & Benefits: Compare multiple OPD plans to determine which plan offers the best coverage at the most reasonable cost. Also, ensure you do not overpay for benefits you might not need.
FAQs
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Q1. What is an OPD full form in medical insurance?
Ans: The OPD full form in medical insurance is Outpatient Department. -
Q2. What is the OPD benefit of health insurance?
Ans: OPD benefit in health insurance cover medical expenses that do not require an overnight stay in the hospital. It helps policyholders manage routine healthcare costs without paying out of pocket. -
Q3. What does OPD cover?
Ans: OPD covers a wide range of outpatient expenses, such as doctor consultations, medicines prescribed by the doctor, minor medical procedures, vaccinations, etc.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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