Maintaining good health has become difficult nowadays but is essential as always. Rising pollution levels, increasing number of diseases, work stress, etc., are making it imperative for us to take steps towards protecting our health. It is no longer a choice but rather an absolute necessity to buy health insurance.
Listed below are 10 checks you should make while purchasing a health insurance in India:
- Purchasing insurance early in life
People are often unware of what is health insurance
and assume that it is purchased only by individuals in their old age or mid-age. However, it isn’t true. Everyone is prone to an equal amount of health risks. One advantage of buying a health insurance policy early in life is that the chances of you having pre-existing diseases are less and if any waiting periods are present, they have concluded before you would require availing your medical insurance policy.
- Medical policy provided by company
Many companies provide you with a standard health insurance policy. However, the coverage provided isn’t sufficient and if you want good coverage, you require a customized individual health insurance policy. Also, if you change your office, the benefits of your group mediclaim policy will cease.
- Coverage for daycare procedures
Make sure your health insurance policy covers daycare procedures. Some medical treatments are done within a day. You need to look into the policy document to check if treatments like these are covered by your medical plan.
- Understanding your policy details
To avail a health insurance in India
with the coverage of your choice, you also need to pay the premium cost. The premium amount is considered vis-a-vis the sum insured, which is the maximum amount you receive from your insurer if you are hospitalized. Look into the details of your policy very carefully as premium, coverage, and sum insured are all co-related.
- Consider claim settlement ratios
The claim settlement ratio is to be periodically maintained by all Indian insurance companies, i.e. the ratio of claims that they’ve settled vs. rejected from the total claims received. So before you buy medical insurance online,
consider the company’s Claim Settlement Ratio. Higher the ratio, better the chances of your claim getting approved.
- Availing cumulative bonus
If you do not raise a single claim in a given policy term, you receive a concession termed as the Cumulative Bonus (CB) during policy renewal. This concession keeps increasing with every claim-free year.
- Charges for hospital room
See if your insurance policy covers room rent as the hospital bills might increase if the treatment costs more and you need to be kept in an intensive room.
- Number of network hospitals
Insurance companies have hospitals in their network that provide the insured with cashless treatment when needed. Look for an insurer that offers a wide network of hospitals under its plans.
- Coverage for pre- & post-hospitalization expenses
Before you purchase a health insurance policy, check if your policy offers pre- as well as post-hospitalization charges and the coverage duration before and after hospitalization.
- Co-payment & coinsurance clause
Co-payment is an amount that is already fixed if there is a case of hospitalization. Such a policy will cost you less, but will also compensate you less as you have to pay a part of the incurred treatment cost yourself. Coinsurance
, along similar lines, is a certain percentage of the expenses to be split between you and your insurer. These clauses vary with the terms and conditions of your policy.
Always be transparent with your insurance company. Provide all personal and vital information honestly and mention your medical history along with pre-existing conditions (if any). In case you still have doubts regarding your insurance policy, visit your preferred insurer’s website and contact their executives directly.