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.