Health Insurance is a great way to protect yourself against unforeseen medical expenditures, which would otherwise end up burning a hole in your pocket. So if you are planning to buy a health insurance policy, there are a few things you should know. Today, we are going to discuss nine important things that you must know in order to buy the best health insurance policy for yourself.
Cover and Premium
Before getting in detail, let’s define what cover and premium are. The sum insured is known as the cover and the amount you pay the insurance provider on a regular basis is known as the premium.
Now before you buy the policy, you need to decide how much cover do you need for yourself. You should ask yourself whether you need the policy only for yourself or you need to cover your entire family? As Indians, we live in families, therefore it is advisable to take a policy that covers your entire family as you would have to pay a lesser premium. However, if you buy an individual policy for each member, the premium would be quite large.
If however, a family member is suffering from a critical disease, it is advisable to buy a policy for them separately or you might end up losing your entire cover due to larger expenses.
Disclose all medical conditions
Generally, we do not like to tell people about our medical conditions, but this one place where you have to talk about your medical conditions in full disclosure to get the maximum benefit from the policy. If let’s say you have heart disease but you haven’t mentioned it in your policy, then you would not get the cover in case you end up in the hospital.
Disclosing your medical condition might increase your premium by a small percentage but it will be beneficial for you in the future. So keep that in mind.
The bed charges covered by your insurance policy are only 1% of your total cover. So if you have, let’s say a cover of Rs 5 lacs, then you would only get a bed charge cover of Rs 5000 per day.
Your preferred hospitals
Before you buy an insurance policy, make sure that it has your preferred hospital empanelled in the list of hospitals it provides insurance for. If your hospital is empanelled, you can easily avail the cashless facility and you wouldn’t have to go through any hassle to get your claim passed.
Copay/Copayment and other charges
The fact that your policy is cashless does not mean you wouldn’t have to spend a dime from your pocket. You might have to pay from Rs 15,000 to Rs 25,000 as copayment. There are, however, many policies where you do not need to pay anything as long as you are under the age of 60 years.
So make sure you carefully study the copayment clause before buying the policy and choose accordingly.
Besides copayment, there are other charges which include charges of clothes, syringes, glucose and saline bottles. You will have to pay for these consumables from your own pocket because health insurance policies do not provide cover against these miscellaneous charges.
There are many things which are excluded from your health insurance plan and you need to be wary of the fact that you will have to pay for them. For instance, many health insurance policies do not provide cover against dental reports, blood reports, MRIs etc. There are, however, policies out there in the market that do give you cover against these expenditures. So carefully compare your options before choosing to buy one.
Comparison and Research
Comparison and research is something you should always do before buying anything, not just policies. There are a plethora of health insurance plans out there in the market with different terms and different benefits. For example, there are some policies, where if you do not claim for a year, then for the next year, you will get a bonus and an increase in your cover.
Therefore you should do careful research and analysis before you buy a policy. Policy Market provides you a platform where you can compare and buy the best policy for yourself.
We are including this point in the discussion because it is possible that you might end up catching a new disease you didn’t have at the time of buying the policy. So you might be wondering whether you should buy a new policy or not?
The answer is no. What you should do instead is pay a top-up amount and mention that new disease in your policy. Your premium might increase a little, but it is a better option than buying a new policy.
This is our final tip for you. If you still haven’t bought a health insurance policy, then you need to buy one, now. We are here to help you through the process.
Now and always.