Know These Wise Things Before Buying A Health Insurance Policy

Know These Wise Things Before Buying a Health Insurance Policy

Medical emergencies are one of the most frightening uncertainties of life and the cost for healthcare is always high. Hence, it is a sensible and most required pain to take a health insurance policy. However, it may be quite confusing to select one among so many when all of them claim to be the best. Here, we have put together a number of things that you can consider before buying a policy. The list will ease this pain and help you select the most suitable health insurance policy for you and your family.

1. Adequate Insurance Amount

First thing first, when choosing a health insurance plan, you should choose the amount prudently because it covers medical bills for a year. Consider your age; the younger you are, the less you need to insure. To determine if a premium is affordable, one should consider his or her income level. The add-ons are also important since they affect premium amounts. Make sure you choose a sum covered that will not fall short in an emergency and has a reasonable price.

2. Cashless Health Insurance

A cashless health insurance policy means that when you receive the necessary treatment at a network hospital, your health insurer will take care of the expenses without you having to wait for reimbursement from your health insurer. Nothing from your own pocket has to be paid. The charges will be handled between the hospital and your insurance provider; all you need is a permission from your insurer or third-party administrator.

3. Global Cover

The term “global cover” describes medical costs that are incurred outside of India. The insurance restrictions, terms and conditions, such as the requirement for confirmation of diagnosis in India alone, according to experts, must be understood. You may also need to consider the nations covered by the plan and the mode of payment, such as if it is cashless or reimbursed.

4. Day-care Treatments

Day-care operations and treatments are those that need hospitalisation but are only needed for a few hours. Therefore, it is when you need to be admitted to the hospital for a procedure or therapy that only lasts a few hours. The removal of the nasal sinuses, chemotherapy, radiation therapy for cancer, and cataract surgery are a few examples of day-care procedures.

5. Coverage for New age Treatments

New age treatments are more precise and capable of producing greater results than conventional therapies since they are more advanced medical procedures. To see if such contemporary operations are covered by your health insurance coverage, check. CyberKnife, robotic surgery, and stem cell therapy are a few instances of modern therapies.

6. Co-Payment Clause

The policyholder is required to pay a certain proportion of the hospital cost in accordance with the co-pay clause. Since you are responsible for a large portion of the hospital expense, such plans are less expensive but also provide less reimbursement. If you want to utilize this clause, be sure to carefully read it.

7. Maternity Benefits

Pregnancy expenses have risen dramatically along with medical costs. Women must purchase a health insurance plan with maternity coverage. When collecting maternity benefits, one should take into account the sub-limit and the appropriate waiting time. Check for any insurance-related exclusions and make sure the policy covers outpatient costs as well.

8. Lifetime Renewability

Go for healthcare insurance that is renewable for life. You should choose a health insurance policy that includes lifetime renewability because the likelihood of developing ailments and illnesses increases as you age.

9. Sub-Limits

Sub-limits are predefined caps on a portion of your claims total value. These sub-limits will only be applied under specific circumstances, not to the whole bill amount. The three primary categories of sub-limits are:

Pre- and post-hospitalization costs – note that these may also be subject to a sub-limit if your insurance includes pre- and post-hospitalization costs.

Hospital Room Rent: it is typically covered by your insurance company, but only up to a particular level, typically 1% to 2% of the total amount insured or some other fixed amount of money.

Treatment for certain diseases: treatment for certain disorders, including routine and scheduled surgeries for kidney stones, cataracts, piles, gallstones, hernias, tonsils, or sinuses, are frequently covered only up to a predefined amount by your insurance company.b As a result, you may only file a claim for the sum specified by the sub-limit clause at the time of claims; any amounts over that must be paid by you personally.

10. Ratio of Claim Settlement

A policyholder must understand the claim settlement ratio, which is another crucial aspect. The ratio is the proportion of claims that an insurance company resolves in a given year out of all claims. It serves as a sign of their credibility. The insurer is more reliable when the ratio is higher. So before selecting an insurance company, conduct some basic research.

11. Free Health Check-ups

Many health insurance companies in India provide their policyholders with free preventative health check-ups. Most of these companies only provide the free health check-up service if you don’t submit a claim. Regardless of the claim history, health insurance provides this facility under the chosen health plan. As a result, you need to confirm if your health insurance coverage includes a free health check-up option.

12. Claim Process

Another important thing you must know about the policy is the claim settlement process. Examine the terms of the policy, then follow the procedure the insurance provider uses to handle health insurance claims. When resolving health claims, a simple claim process is beneficial. Choose a health insurance company that is renowned for its quick claim settlement services after doing some research and reading online customer reviews.

In the end, we would say that having a health insurance policy can be a big financial relief in case of a medical emergency and can save you from a big setback. Apart from mentioned points there could be some more points such as age criteria, premium and coverage combination etc which could be specific to an individual’s needs and should be kept in mind before buying a health insurance Policy.