Health insurance is a necessity in today’s world, with the rising costs of medical treatments and hospitalization. With the increasing demand for health insurance, there are various policies available in the market that offer different benefits and features. Hence, choosing the right health insurance policy can be a challenging task. In this blog post, we will discuss the important things that you should check before buying a health insurance policy.
- Coverage The first and foremost thing that you should check before buying health insurance is the coverage offered by the policy. It is important to ensure that the policy covers all the medical expenses that you may incur during hospitalization. The coverage should include expenses such as room rent, doctor’s fees, surgical charges, and other expenses such as diagnostic tests, ambulance charges, and medication costs.
- Waiting period Most health insurance policies have a waiting period before you can make a claim. The waiting period can vary from policy to policy and can range from 30 days to 4 years. It is important to check the waiting period before buying health insurance, as it can have a significant impact on your coverage.
- Co-payment and deductibles Co-payment and deductibles are additional costs that you may have to bear while making a claim. Co-payment is the percentage of the claim amount that you have to pay, while the insurer pays the rest. Deductibles are the fixed amount that you have to pay before the insurer pays the rest. It is important to check the co-payment and deductibles of the policy, as they can affect the premium amount and the coverage.
- Network hospitals Most health insurance policies have tie-ups with network hospitals, where the policyholder can avail cashless hospitalization. It is important to check the network hospitals of the policy, as it can affect the convenience and ease of availing the benefits of the policy.
- Exclusions Health insurance policies come with certain exclusions, which are medical conditions or treatments that are not covered by the policy. It is important to check the exclusions of the policy, as they can have a significant impact on the coverage and the benefits of the policy.
- Pre-existing conditions If you have pre-existing medical conditions, it is important to check if the policy covers them. Most health insurance policies have a waiting period before pre-existing conditions are covered. It is important to check the waiting period and the coverage offered for pre-existing conditions before buying health insurance.
- Renewal policy It is important to check the renewal policy of the health insurance policy before buying it. The renewal policy should be clear and easy to understand. It is important to check if the policy offers lifetime renewability, as it can have a significant impact on the coverage and the benefits of the policy.
- Premium The premium of the health insurance policy is an important factor to consider before buying it. It is important to compare the premium of different policies and choose the one that offers the best coverage at an affordable premium.
- Claim settlement ratio The claim settlement ratio of the insurer is an important factor to consider before buying health insurance. The claim settlement ratio is the percentage of claims settled by the insurer in a given period. It is important to choose an insurer with a high claim settlement ratio, as it indicates the reliability and trustworthiness of the insurer.
- Customer service Good customer service is an important factor to consider while buying health insurance. It is important to choose an insurer that offers good customer service, as it can help you in case of any issues or queries related to the policy.
Health insurance is an important investment in today’s world, where medical treatments and hospitalization costs are on the rise. Before buying health insurance, it is important to check the coverage, waiting period, co-payment and deductibles,