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Wednesday, Sep 30, 2020
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Insurance

Things to Consider Before Buying A Health Insurance Policy

You will find numerous companies selling varied health insurance plans in India, and picking one out from all can be a tedious task. Not only choosing one from a list of insurance is daunting, but also the intimidating jargons otherwise called as policy terms add to the uncertainty.

Picking the right health insurance plan out of a lot is a tough choice, you need to consider certain factor when finalizing a plan.

10 things you need to look after before buying a health insurance policy:

  1. Claim Process

For the quicker settlement of the claims, an insured should know that it is necessary to have simpler claims. These two facts act as vital aspects before selecting a policy. And a policy with a good customer support is like a cherry on cake situation. So make sure you go through the claim procedure well before making your decision.

  1. Waiting Period

In case insurers having pre-existing diseases, they have a stipulated waiting period. This waiting period differs from one insurer to another. It can range from two to four years depending upon the health of the insurer. So, it is advisable to check through the number while purchasing a health plan. To avoid this, it is suggested to buy an insurance at an early age. Also, it is believed that there are minimal chances of you filling for a claim and therefore, you can clear your waiting period with ease.

  1. Family Health Insurance

Ensure you are well aware of the medical history of your family members before buying health policy for them. Also, keep in mind the age of the member you’re planning to buy an insurance for. Do not forget to hold their present ailments into consideration.

Also, have a word with them regarding the pre-existing diseases if any, before purchasing a health plan.

  1. Selecting the right insurance amount

An important thing to look up to while buying a health policy is selecting the plan wisely. While selecting, do not forget to consider the age, because the younger you are the lower your sum insured you need. Also, consider the personal income so that paying a premium for the plan is not a burden. Another important aspect is to check about the add-ons that might impact your premium rate. Also, ensure that the sum insured you have should not be less to cover the medical requirements during any kind emergency and also whose premium rate is not sky high.

  1. Network hospitals

While buying a health insurance plan, choose the company which covers maximum hospital across the country..  Also check if the hospital in-network provide a cashless option, which is very vital during the time of emergency.

  1. Maternity benefits

With the advancement in medical technology, the medical expenses are sky high and along with that, the pregnancy cost has also risen way too high. For a woman, it is important to check if the health policy covers all the maternity benefits and pregnancy costs in the plan. You also need to check for the waiting period before applying for the health insurance, so that you can claim maximum benefits and sub-limits.

7. Pre/post hospitalization

Choose a plan which covers all the aspects like a visit to a doctor, medicines and undergoing tests which are done before hospitalization. And also after hospitalization, some doctors ask for follow-ups and other medical treatments. Ensure that your health covers all these expenses in your plan.

  1. Cumulative bonus

Not many know about this that every insurance company gives a cumulative bonus when the insurer does claim any money in the previous year of the policy. Also, this bonus can be accrued year after year. This bonus can be incurred in the form of a discount on premium payable or an increase in the sum insured or even a combination of the two.

9. Lifetime Renewal

When you decide to buy a health plan, look for a plan which gives lifetime renewability. A plan with lifetime renewability will cover all your medical needs whenever you require them, as there are high chances of you suffering from illness or disease and needing medical help while you are old as compared to when you are young. That is why it is recommended to buy a plan with lifetime renewability.

  1. Free Medical Check-up

Look for a health plan that covers a free medical check-up of the insurer. Also, ensure that this medical check-up should not have an effect on premium when the policy is under renewal.

Remember, a health insurance can be your best friend during the times’ medical crisis. Make sure you consider these 10 important points before you purchase a health plan for your family or for yourself.

Visitthe Coverfox page for more detailed information on health insurance policy.

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