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.
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.