Read this before buying any Health Insurance Policy:
Consider you have only recently taken up a job where you felt the salary was low but despite that, you were managing to save anywhere between ₹4,000 to ₹5,000 each month. You had the intent of using this amount towards the downpayment of a house once the time was right. Within the span of about 2 to 3 years, you end up saving ₹2,000,000 towards this cause. However, all of a sudden, you become sick which results in you spending a couple of days in the hospital.
Once you are discharged and receive your medical bill, you are astonished to see that it amounts to ₹2,000,000, which is the exact value you had saved for your house’s downpayment. All of the money you had painstakingly gathered has been wiped out and in that instant, the dream of acquiring the house is also lost. At that point you remember that you have never purchased a health insurance which makes you feel guilty. You cannot construct a financial burden by paying a little premium.
How we can move on and pretend as if buying health insurance policy was a mistake? These are the two reasons that explain the situation.
- Past Experience: It is possible that one or the other relative had a terrible experience dealing with this insurance agent who assured that the claims would be handled but as it turned out, the insurance was denied. This developed a notion for them that this kind of insurance is pointless.
- Cost and Complexity: Economically, people think buying insurance for health will cost them a lot and they also assume it is very hard to follow. There are so many of them available on the market that choosing the right one that fits you can be extremely confusing. Inane.
10 Essential Tips to Choose the Best Health Insurance Policy for Your Needs
I will explain 10 simple points to help you pick out the best health insurance policy that fits you and is cost-effective to you.
Point 1: Waiting Period Shifts
Policies in health insurance frequently include clauses about pre-existing conditions meaning any condition that you already have at the point of purchasing a policy won’t be covered by the insurance immediately. Like for example, if you are taking the purchase of a policy where in you need to perform a surgery in two months, you can’t buy the policy just to ensure it covers that surgery.
This is referred to as the waiting period. Make sure to purchase a policy that offers a waiting period that is no more than 1 to 2 years so that you are able to get covered quicker for the existing diseases you have.
Point 2: Lack Of Claims Equates To Larger Bonuses
Most policies include the No Claim Bonus (NCB) where it is stated that a bonus will be appreciated should the holder fail to claim for that policy year. This bonus could either be on the coverage for the following year or be on the premium.
Therefore, in the event that you do not make a claim within a period of a few years you should instead enjoy a lesser premium or much higher coverage. Consider selecting a policy that is able to provide you with a reasonable ratio of the No Claim Bonus.
Point 3: Coverage Always Limits to Hospitalisation Services
Conventional medical insurance policies generally cover only hospitalization expenses. However, there are many procedures that do not require hospitalization. For instance, root canal treatments or any other type of intervention that does not call for the patient to be confined in a medical facility overnight are not included in the coverage of old policies.
In this day and age, many policies go as far as covering daycare procedures (those that do not require admission). Additionally, preventive care costs such as full-body scans should be covered. Therefore, choose a policy that includes both hospitalization and non-hospitalization treatments.
Point 4: Expenses Incurred Once Discharged From The Hospital
Post discharge treatment or medications are sometimes necessary, and you may still require further treatment even after being released from the hospital. Many policies have covered these post-hospitalization costs. Traditionally these costs usually are ignored by the patients. Consider looking into policies that at least provide coverage for a month of post hospitalization expenses.
Point 5: Family Floater Vs Individual Policy
You may be in the dilemma of choosing between an individual health policy or a family floater policy. The upside of a family floater policy is that it insures the entire family and that has increased limits while the price is lower.
Nevertheless, if one of the family members suffers from a significant pre-existing condition, the family policy will be costly. In this case then the family floater is a great option only in the case of healthy families As for families with one or more members struggling with health problems, individual policies would suit them better.
Point 6: Age Limit For Policy Renewal
In most cases, health insurance contracts do not limit the age of the insured who may renew their policy. You should verify the contract covers renewal for older age than the age you are now. Some policies may stop renewing past 65 or 70, while others may continue up to 75 – or even 80. This is essential because as people get older, they tend to have more health issues.
Point 7: Exclusions within the Policy
Policies differ in terms of services provided and not all will cover the same types of health issues. Some policies will include some conditions having exclusions, while some are more broad to include majority of them; e.g. pre-existing conditions, pregnancy, or even certain routine procedure, vaccinations.
It is often advisable to select a policy that excludes fewer conditions. It is better to pay a somewhat higher premium with an assurance that coverage on many more conditions will be included.
Point 8: Individual Limits to how much spent
In some policies individual expense such as room rent, ambulance charges and others are limited. An example could be where the policy states a maximum payout of up to ₹5 lakh, but a maximum room rent reimbursement of just ₹2000 is allowed. In this instance, you might end up paying more out of pocket than what the policy was designed to cover. With respect to individual expenses, policies with less rigid requirements should be sought after since they are more advantageous.
Point 9: Hospitals Where No Cash is Necessary For Health Insurance
When selecting a health insurance company one criteria that must be central is whether the insurance company has numerous hospitals where the health insurance is applicable without the need for self payment. This means that if you require hospitalization, the insurance provider will pay the hospital directly so that you do not have to pay the bills yourself and wait for reimbursement.
Point 10: Health Insurance Offered By Employers
There are companies that offer health insurance as part of their perks to employees but such types of policies tend to have limited benefits and may not provide in depth coverage for more expensive treatments. Yes, such basic corporate policies are great considering the fact that they are still policies but as said before they do lack coverage for complex medical situations.
While working at corporate, you may want to consider getting your own health insurance retirement policy with a higher limit.
How to Assess Policies
In Policybazaar, comparing between different health insurance options is easier as features, exclusions, and premiums from different companies can be viewed on the same platform and up to 25 percent discount and claim support is provided by Policybazaar when you purchase through it.
Moreover, it is essential that you determine whether the hospitals around you are partnered with the insurer. In case of an emergency, you will want to be able to access medical services without having to pay cash.
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