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.
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.
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.
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.