How To Choose Health Insurance And Not Regret It Later.
Nowadays medical expenses are increasing day by day and so it becomes necessary to take health insurance as soon as possible. When you get health insurance on time you make yourself assure that in case of some mishappening the load on your pocket would at least not increase.
Many a times cases in medical emergency go bad due to financial problems. Also in the event of an accident not only you are required to spend money on treatment but your earning capacity also decreases and this is something which can get really disturbing if you are the only earning member of the house.
Health insurance, therefore, proves helpful in this situation and you should make sure that all of your family members are also covered under it to keep everyone's future safe and secure health-wise and financially.
Also, apart from providing health benefits, health insurance is also an efficient tax saving investment.
Now there are various health insurance policies available in the market which provide different health quotes, coverages, and facilities and you should know what factors to consider before buying one.
I will, therefore, tell you what to check before buying a policy that should help you choose the right policy for yourself and your family.
Important Rules To Follow Before Purchasing Health Insurance
When searching for insurance providers and health plans, make sure that the insurance provider gives a cashless option.
What this means is that at the time of treatment you would not need to pay for hospital expenses. Under the cashless scheme, your insurance provider will pay to the hospital on your behalf.
However, to avail, this benefit make sure that you get yourself treated under your insurance provider's network of hospitals.
This is one of the most important points to consider.
Some health insurance providers provide coverage up to some certain age after which the benefits get discontinued. On the other hand, there are also some insurance providers which allows lifetime renewal facility.
It is, therefore, a must decision for you to opt for a policy which gives guaranteed renewal option at any age.
Waiting Period For Pre-Existing Disease
Many insurance policies do not cover pre-existing diseases and one's who do, puts a waiting period of longer times e.g. 1 year, 2 years, and so on. This can later prove to be harmful to one's own health.
It would, therefore, be the right choice to choose a policy that has a minimum waiting period and which also has coverage of pre-existing diseases so that the purpose of taking the policy for health coverage can be fulfilled.
In-House Claim Settlement
We buy insurance so that in tough times we could claim the financial benefits. However, it can become tricky if one has to go from multiple layers of claim settlement procedures.
It is therefore advisable to look for an insurer who has a simple settlement process like making a phone call and no third party involvement.
Don't Ignore The Co-Payment Part
In some policies, the insurance providers mention that at the time of need the policyholder would need to make some percentage of the payment for hospital expenses while the rest will be covered by the insurance provider.
Therefore it is important to check the co-payment paragraph thoroughly before purchasing a health insurance policy so that you can be sure if you can manage the percentage of co-payment that is being asked or if you should choose some other policy.
Honesty Is The Best Policy
While taking health insurance, never hide essential facts about your health status, habits, any existing policy, or whatever is asked from the insurance provider.
If you do not share all the information correctly or tend to hide any, then the health insurance company can refuse to give you the claim when required.
Good Network Of Hospitals
When buying health insurance make sure that you choose the insurance provider which has a tie-up with more hospitals that are nearby your location so that if and when required it can help reduce much of the hassle in reaching the participating hospital to claim the insurance benefits.
Same Person Same Disease Covered?
In some of the policies, a person does not get a claim of repeated illness during the same year. So for e.g. if a person had previously claimed money for his heart treatment, then he won't be able to apply for the second claim if he again develops some heart problem in the same year (i.e. before the next policy renewal date).
In such cases, his second claim in the same year would only be approved if he has some other illness other than the heart.
So make sure to opt for health insurance which covers Same Person Same Illness criteria.
Read All The Documents Thoroughly
When buying insurance a person gets a bunch of documents explaining all the details of insurance and normally he does not read them. In such a situation, he can unknowingly accept some condition or matter of the company which may harm him.
Therefore, it is very important to always read the policy-related documents carefully before purchasing any insurance plan.
Last but not the least, always keep your family members informed about life insurance details so that they do not have difficulty in getting the coverage amount when it is required the most.
Also, keep reviewing your life insurance cover at regular intervals as your needs may change in the future with changes in your income profile and lifestyle.
Do you think I could have added a few more points on the list? You can share them with us all in the comments section below!