5 Crucial Things To Consider When Buying A Health Insurance Policy
It is no mystery that the cost of healthcare is increasing every year. And to make things worse, the number of diseases that affect humans are also on a rise. The soaring cost of healthcare services due to medical inflation is bound to burn a huge hole in your pocket.
Medical uncertainties can have an adverse impact on your financial health. To avoid having a financial setback during a medical emergency, you must consider a health insurance policy.
Before buying a health insurance policy, go through these 5 steps to make an informed decision -
Choose the Right Policy that Fits Your Need
Health Insurance has evolved in India. Today, insurance policies come with several features and specifications. There are suitable health insurance plans for all age-groups. For college students, young couples and families, senior citizens, diabetic patients, heart disease patients and so on. By assessing these alternatives, you must identify your topmost need and select a policy accordingly.
Tip: Identify your requirements like coverage for a pre-existing illness, coverage for maternity or coverage for treatments abroad.
Check for Cashless Hospitalisation
Cashless Hospitalisation ensures that you get your medical treatment done without paying the bills yourself. The bills are directly with the hospital by the insurance company. All insurers provide cashless service. However, not all the hospitals are a part of the insurer’s cashless network. Regardless, it is always a good idea to check for a Cashless Network of Hospitals.
Tip: Look for the insurer's cashless hospital list and check if the top hospitals in your city are covered or not.
Consider the Plan’s Waiting Period & Exclusions
The waiting period is the time it takes for the policyholder to report a medical claim. It is a duration when no claim is admissible. This is applicable only if the policyholder has a pre-existing illness. The period may last between two to four years. It is important to be aware of the waiting period to plan your finances better. Along with it, you must also pay attention to the exclusions. They are the medical conditions or healthcare expenses that are not covered in your health insurance. This suggests you will have to bear these expenses.
Tip: Lower the waiting period in a policy, better it is.
Assess for the Exact Coverage
Read the insurance policy carefully and ascertain the exact coverage offered to you. Here are the three crucial components of your coverage:
Day-care treatment coverage
In-patient hospitalisation coverage
Pre and post hospitalisation coverage
Tip: In addition to the above, consider the room rent allowance and the sub-limit on special treatments.
Take a look at the Renewal Age
Every health insurance policy has a maximum age of renewal. Beyond that age, the policyholder cannot renew their insurance policy. Hence, you must look out for lifetime renewal. Considering a higher chance of suffering from diseases and illnesses when you are old, opting for a policy which offers lifetime renewability is a good idea.
You must consider browsing through the range of Health Insurance Policies offered by insurer’s like Chola MS. They operate both online and offline and are available at a call’s distance.