Things to Keep in Mind Before Buying Health Insurance

Things to Keep in Mind Before Buying Health Insurance

This article will focus on the facts that need to be taken care of while purchasing a Health Insurance.

CHOOSE THE CORRECT ADVISOR
It is very important to choose a correct health insurance broker. He should be knowledgeable about the various options available in the market.

ADEQUATE SUM INSURED:
It is important to go for a sum insured that would cover all your family members.

CASHLESS MEDICLAIM AND NETWORK HOSPITALS:
There are several health insurers in India which provide the cashless facility to the insured person. Before buying a health insurance it is important to check the list of network hospitals that are offered by the insurer.

AGE LIMITS:
It is important to understand the maximum permissible age limits offered by the health insurance company.

CO PAY AND SUB LIMITS:
Insurance companies introduced the idea of Co pay and sub limits to prevent unusual expensive hospital’s room rents than required.

HEALTH INSURANCE EXCLUSIONS AND WAITING PERIODS:
Most health insurance companies cover pre existing diseases only after a certain waiting period. Please note that a pre existing disease is not only the disease you are suffering from at the time of purchasing the policy.

POLICY COVERAGE:
Do understand what your policy covers. Read the information brochure carefully to understand all its terms and conditions.

PRE EXISTING DISEASES:
Pre Existing Diseases are those which you are suffering from before buying a health insurance, and thus insurance companies do not cover them from the very first day.

NO CLAIM OR CUMULATIVE BONUSES:
In a claim free year, the insurance companies also provide you with a no claim bonus. This increases your sum assured in next policy renewal year.

CRITICAL ILLNESS COVER:
Certain diseases such as HIV/AIDS, Genetic and Mental Disorders or Suicide or Drug abuse may be specifically excluded from the cover.

CLAIM SETTLEMENT:
It is always a wise decision to check the process of settling your claims i.e., whether there will be an involvement of a Third Party Administrator (known as TPA) or directly by the insurance company.



---Sponsored Ads---


insurance policy

How to revive lapsed life insurance policy

Failure to pay the premium of a life insurance policy before the due date results in the policy lapsing. The cover ceases to be available once the policy lapses. It is possible to revive a…


Things to look out before buying car insurance

Car Insurance – Watch Out Before You Buy

What to watch out for while choosing car insurance? • Claim settlement policy – The true test of an insurance company is at the time of an actual insurance claim. This is possible to check by looking…


IRDAI issues new norms for mediclaim policies

IRDAI issues new norms for mediclaim policies

Many customers only realise at the time of making a claim that their health insurance policy does not cover certain medical conditions or ailment. Policyholders usually depend on what has been told to them by their insurance…


Insurance

Insurance claim rejected? Here’s what you should do

If the insurer fails to resolve the grievance within the stipulated time, a policyholder can approach the Insurance Regulatory and Development Authority of India (IRDAI) within a year. An insurance policy is bought to secure…


never-miss-to-renew-health-insurance-policy

If you’re renewing your health insurance, you must know this

On receiving a renewal notice, do not simply find the ‘click here to renew now’ link. Renewal of health insurance policy is a very important buying decision. Here are three vital points you should keep…


thirdparty

Irdai reduces third party insurance rates

Insurance sector regulator Irdai today reduced motor insurance premium rates in most of the segments like two-wheelers, cars and trucks by modifying the rates for 2017-18 issued three-weeks ago. The modified ‘premium rates for motor…


Insurance Regulator Opens Online Market

Insurance Regulator Opens Online Market Place To Register, Sell Insurance Policies

insurance regulator Irdai has launched a web portal for insurers that will allow them to register and sell policies online. The portal — isnp.irda.gov.in — is also open to intermediaries in the insurance business, Irdai said in a circular. Read…


58074114

Soon, drunk drivers will have to pay damages on own

Drunk drivers will have to pay the entire compensation for causing death or injury in a road crash. According to the Motor Vehicles (Amendment) Bill introduced in the Lok Sabha on Friday, insurance companies will…


Mistake to avoid when buying medical insurance

Ways to insure your parents

Insuring your elderly parents is your way of expressing your love for all that they have done for you. There are two ways to insure your parents, namely, life insurance and health insurance. While life…


life-insurance

6 types of people who must have life insurance

Many people in India don’t see the need for life insurance.Here are six scenarios in which you could benefit from life insurance: You’re the main breadwinner: Protecting your family is the main reason to buy…