Here Are 7 Things To Consider When Purchasing Health Insurance
July 1, 2022
Many people in India do not understand the significance of purchasing health insurance coverage since they do not take it seriously except to avoid taxes.
A sudden illness or unexpected medical care could devastate your finances and leave you in debt. A financial problem caused by a health problem is simply too much for somebody with a moderate monthly income to tolerate. Thus, purchasing a health insurance policy at a young age will alleviate your concerns about healthcare in old age and provide you with peace of mind.
However, due to the complexities of the terms and conditions, considerable research is essential before selecting the finest health insurance coverage. To assist you, we have developed a list of some of the most critical considerations to make before purchasing any medical insurance policy.
Here Are A Few Factors You Should Consider For Your Health Insurance Plan:
1. Waiting period
The waiting period is the period during which you are unable to file a claim against the health insurance plan. It mainly applies to pre-existing conditions and maternity benefits. It can range from 9 months to a few years, depending on the insurance company and the plan you want to buy. Before purchasing a health insurance plan, make sure to examine the applicable waiting period.
2. Cashless hospital network
When selecting a health insurance carrier, make sure to consider the strength of the insurer’s hospital network. A network hospital is one that has a direct relationship with the insurance provider. A policyholder may also be permitted to use cashless services in such hospitals. Having a large number of hospitals in the network will be beneficial when filing a claim.
3. Inclusions and exclusions
Most insurance customers are guilty of failing to read the fine print in their insurance policies, i.e., the policy’s terms, and conditions. The insurer lists the inclusions and exclusions here. Insurers do not cover diseases such as HIV, AIDS, and STDs, for example.
You can also not pursue claims for cosmetic treatments (except those resulting from injuries or accidents), dental work, or cataract surgery. It is critical that you review what treatments are and are not covered in order to avoid problems when making an insurance claim.
4. Claim settlement process
You should also verify that your insurance company has a simple and speedy claim settlement process so that your benefits arrive as soon as possible. Furthermore, you can examine the claim settlement ratio as a number to better understand the effectiveness of your insurance company. It is the proportion of claims paid to the total number of claims registered.
5. Family members
When choosing health insurance policies, keep in mind your family members’ ages and their gender. Consider their current ailments, if any, as well as the family’s medical history before purchasing insurance. Additionally, before purchasing insurance, ask your family members whether they have any pre-existing ailments.
6. Pre-existing conditions
There is a probability that by the age of 30, a person will not have any or only a few major medical disorders. This is a better situation than someone who is obtaining medical insurance at the age of 50.
In later life, one may experience common health conditions such as diabetes, high or low blood pressure, or cataracts. Pre-existing conditions can raise the cost of a health insurance policy. When buying the coverage, you must be truthful about such a condition.
7. Free medical check-up
You should look for a policy that covers a free medical examination. However, when policies are renewed, this has no effect on the premium.
When purchasing insurance, make certain that you get your money’s worth. After all, insurance premiums are pricey, and you may not need to file a claim for several years. As a result, while getting insurance, it is critical to consider all of the issues stated above and make an informed choice.
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