Health Insurance: 5 Things to Check Before Buying a Health Insurance Policy

Hospital expenses are constantly rising these days. From common ailments to major surgeries, medical bills can become so high that years of savings can be wiped out in an instant. This is why people buy health insurance to protect themselves and their families from financial strain.

There are many health insurance policies provided by different companies, and buying one online has become very simple. You can view a health insurance policy on your mobile phone, choose your coverage, make the payment, and the policy is yours. However, many people make a critical mistake when buying health insurance: they do not read all the terms and conditions carefully. Small clauses hidden in a policy can make a big difference later, especially when you are admitted to a hospital.

What to Do Before Buying a Health Policy?

Buying health insurance can be a good financial protection, but choosing the right policy is equally important. Before taking a policy, read the cashless facility, room rent limit, sub-limit, waiting period, co-payment and disease-related conditions carefully. A little caution while buying insurance can save you from big problems later.

5 Things to Check Before Buying a Health Insurance Policy

1- Cashless Does Not Mean that you Do Not Have to Pay Anything

Many people think that getting cashless benefits means that they do not have to pay anything from their pocket in the hospital. But this is not necessarily the case. Cashless means that the payment of the expenses covered by the policy is made directly between the insurance company and the hospital.

For example, some common consumables items like gloves, syringes, masks, PPE kits or other consumables may not be covered under the policy. In some cases, the hospital may charge more than the normal fee for a treatment. If those expenses are not considered reasonable according to the policy rules, you may have to pay a part of them yourself.

2- Check the Room Rent Limit

Make sure to check the room rent limit while buying the policy. This small condition can have a big impact on your claim later. Suppose your policy has a room rent limit of up to a certain limit, but you choose a room that is more expensive than that. In such a case, not only the extra money for room rent, but also other hospital expenses can be deducted from the Proportionate Deduction.

Apart from this, some policies may also have separate limits for treatments using new technologies, such as robotic surgery. So, it is not enough to just look at a policy of Rs 5 or Rs 10 lakh, but also look at the limits on different treatments.

3- Don’t Take the Agent’s Word as the Final Truth

When buying a policy, the agent explains a lot to you. He can tell you what you will get in the policy. But don’t buy a policy just by relying on what your agent said in conversation. What is written in the policy document is the most important thing at the time of claim. So, whatever is said, be sure to check the policy paper.

4- Don’t Hide Information About Any your Pre-existing Diseases

This is one of the most important things. Do not hide your medical history. If you have any pre-existing diseases, such as BP, diabetes or thyroid, then give the correct information while taking the policy. Some people hide pre-existing diseases out of fear of premium increase or not getting the policy. But later on, during the claim, the pre-existing diseases come to light from the hospital records. In such a situation, the claim may be rejected and the company may take action as per the policy rules. Therefore, it is the safest way to provide accurate information about your medical history from the beginning.

5- Don’t Buy a Policy Based Solely on the Lowest Premium

It may seem easy to buy the cheapest plan, but the cheapest policy may not be the best for you. Policies with low premiums often come with some conditions such as co-payments, sub-limits, or waiting periods. A co-payment means that you have to pay a portion of the claim out of your own pocket, while a sub-limit caps the maximum amount the insurer will pay for a specific treatment or illness. Additionally, many policies include waiting periods, during which the costs of some illnesses are only covered after a certain period of time has passed.

Humbly Request To All Visitors!
If you found above both downloading link expired or broken then please must inform admin by fill this Contact Us! Form