When you buy a health insurance policy it is important to read all terms and conditions specified in the policy very carefully. You, as a customer should be aware about all the benefits being provided by the policy as well as the limit of those benefits.
Some of the key points to keep in mind before buying the health policy are:
- Claim settlement procedure of the insurance company selected. This is of tantamount importance and it is what ultimately will come to your rescue at the time of emergency.
- Premium vs Coverage. Keep in mind your health insurance requirements before buying the policy. You may be getting maternity benefit within your policy but if you don’t need that cover then it is money waisted. Likewise, your health insurance policy should not miss out on covers that you may need.
- Pre-existing Illnesses and Initial Waiting Period Clause. The most insurer place a waiting period of 24 months or 48 months, before accepting pre-existing disease risk. This waiting period shall apply to pre-existing illnesses like thyroid, blood pressure, diabetes, etc. that one may have before buying the policy. Additionally, it is applicable to certain specific treatments and illnesses like arthritis, varicose veins, cataract, etc. So, you can compare and choose a plan that comes with a minimum waiting period to be able to claim the benefits in case of a health emergency.
- Cashless Hospitalization Benefits. Health Insurance companies have a tie up with network hospitals to facilitate cashless claim processing. It is advisable to check the list of hospitals which fall under network hospitals to see if your preferred hospitals are within the list.
- Coverage of Maternity Expenses: Depending on the need for this cover, adequate sum insured for maternity should be opted.
- No-Claim-Bonus/No-Claim-Discount. Insurance companies provide No Claim Bonus to clients for all the years that you have not filed a claim. This reflects as increased sum insured or coverage amount in the renewal policy. However, most health insurance provides specify the NCB limit. And the increase in the sum insured would depend on the limit that is specified by the insurer.
- Co-Payment Clause. It is basically the percentage of the amount that you would need to pay at the time of claim and the rest will be borne by the insurer. However, if you have any pre-existing medical issues or have crossed a certain age limit most insurers make co-payment compulsory.
This is not an exhaustive list but some of the main points anyone should keep in mind before buying a health cover.
