The importance of buying a health insurance
policy has not been understood by many in India as people have not considered
it seriously except that it can save taxes. A sudden illness or unforeseen
medical treatment could shatter your finances and leave you debt ridden. A
financial trouble over a health trouble is really too much to bear for anyone
with a moderate monthly income. Hence buying a health insurance policy at an
early age could lessen your worries on healthcare at old age and offer you a
peace of mind.
However, a careful study is required before
choosing the best health insurance policy as the terms and conditions could be
tricky. To help you out, here we have compiled some of the important things to
keep in mind before buying any health insurance policy.
1. Know
about the sub-limits of the policy
You must pay extra attention about
sub-limits in a health policy. Within a policy, there are sub-limits which have
a specific cover on the cost of room rent, diagnostic fee, doctor consulting
fee etc. In an emergency, if you are admitted to a higher end hospital, the
sub-limits could spell a problem towards your treatment. Hence choose a plan
with minimal or no sub-limits.
2. Choose
the right insurer
Choosing the right health insurer is crucial
as a policy provider with lower claim settlement ratio could be a problem
during emergencies. The insurer’s track record of financial strength and pay
out ratio are important points to consider in order to avoid a difficult
scenario while claiming the assured sum.
3. Opting
for cashless network
Cashless pay-out while claiming the health
insurance works better due to a lot of reasons. The process is quick and there
is no hassle of submitting too many documents. It saves you a lot of time and
offers the ease of speedy reimbursement. Hence you must find out about the
hospitals from the insurer’s network that offer cashless claim settlement.
4. Waiting
periods
Waiting period is a specific time limit
which you must pass before your actual health insurance coverage begins. It
generally ranges between 2-5 years depending on the plan. Make sure that you
choose a policy with shorter waiting periods. If you plan to have a baby in a
year, having an insurance policy with a longer waiting period will prevent you
from getting the maternity benefits from the insurance policy.
5. Getting
a health policy while you are young
Most health insurance policies have age
limit as the main criterion. The upper age limit is generally 65 after which
you won’t be able to open a fresh health insurance policy. Begin while you are
young and get the benefits while you might need money for your medical expenses
regularly at old age. This could considerably lower your medical expenses
overall.
6. Get
the complete coverage
Most of the health insurance policies
provided by the employers come with co-payments. This does not guarantee the
complete coverage of the treatment and you may have to pay a certain percentage
of the claim amount or the medical expenses. This kind of insurance plans may
come cheap but is not recommended as you may find it difficult to accumulate
funds in emergencies.
7.
Cover your entire family
Most people ignore their parents due to
high premium payments. It is vital to cover your entire family under health
insurance policies. Evaluate their current health status and cover most of the
people in your family you are responsible for.
Conclusion
Medical expenses come unannounced and it is
better to prepare for the worst times and minimise the damage rather than
running into debts. Be informed about the health insurance policies and choose
the right cover that gives you maximum benefits.
