Things To Consider Before Buying Health Insurance
Published On Jul 19, 2021 10:00 AM By InsuranceDekho
Table of Contents
- Features To Consider Before Buying A Health Insurance Policy
A health insurance policy has gained much importance over these last few years because of the global pandemic. It has been realized by many people that due to the rise in inflation in the health sector, it is difficult to get quality treatment in private hospitals, and therefore, to support your finances at times of an emergency, you must purchase health insurance coverage. It is a contract between the insurer and the policyholder abiding to which the insurer compensates for your medical expenses at the time of a medical emergency. Under a health insurance policy, apart from the monetary benefits, many other facilities are provided to the policyholder by the insurance company.
Certain things should be considered while buying a health insurance policy for yourself and your family. You must always compare several plans by different health insurance providers to choose that one suitable plan for yourself and your loved ones. Some insurers provide the facility of customizing the health insurance policies according to the demands of the customers to make sure that their requirements are met at an affordable price.
Features To Consider Before Buying A Health Insurance Policy
There are certain factors like the applicants’ age, medical history, pre-existing diseases, financial budget, etc. that influence the type of health insurance plan you must choose for yourself and your loved ones. Let us look at these factors in detail and make sure that you consider them the next time you plan on buying a health insurance cover:
1. Consider The Age Limit
There are age limits on the health insurance policies available in the insurance market. The minimum age limit is 91 days and the maximum age limit is 60 years for standard health insurance policies. However, the age limits might differ from one insurer to the other. Therefore, you must check the age criteria for your purchased health insurance cover.
2. Choose A Plan With Pre And Post Hospitalization Expenses
Apart from the hospitalization and medical treatment expenses, certain health insurance companies also offer to incur pre-and post-hospitalization expenses like ambulance charges, diagnostic procedures, doctors’ fees, etc. Such comprehensive plans offer wide coverage to the customers to deal with the case of unforeseen events.
3. Check The Waiting Period Clause
A waiting period is the time frame for which the policyholder cannot avail of the benefits of the purchased health insurance cover. Some companies have a pre-defined waiting period of 24 to 48 months for certain diseases. It can differ from one company to the other depending on the coverage of the plan chosen by the customer. Therefore, make sure that your health insurance policy has a minimum waiting period so that the benefits can be availed at the time of an emergency. Generally, there is a waiting period of 4 years for the pre-existing diseases in most of the insurance policies so, in case of pre-existing diseases, you must buy a health insurance cover as early as possible.
4. Look For Preventive Healthcare Check-Up Plans
Some insurance providers offer free health checkups for the prevention of diseases. Such facilities add extra value to your health insurance plan at an affordable price. Therefore, you must choose a plan that includes such extra benefits for you and your loved ones. Certain terms and conditions might apply to these benefits and the procedure to avail them.
5. Choose The Right Sum Assured
The sum assured under a health insurance plan can be altered according to the requirements of the policyholder. With the increase in the sum assured, the amount of premium payment also increases. Therefore, you must choose it according to your pre-existing medical conditions, monetary budget, number of family members, etc.
6. Buy A Plan With A Wide Hospital Network
You can avail yourself of the facility of cashless treatment at one of the network hospitals linked with the insurance companies. Under this benefit, you don’t have to pay in cash for the medical bills, and the dues will be cleared directly by the insurer without involving any third party. Hence, buy a health insurance policy from a company that has a huge network of linked hospitals.
After buying a health insurance cover, the policyholder is usually given 15 days free-look period under which you can check the policy-related documents and request any changes according to your requirements. You must read your policy papers’ fine print to thoroughly go through the inclusions and exclusions in your policy.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.