The Covid-19 pandemic has led to an increase in awareness towards protection against health issues with the help of insurance. This has also led to an increase in the sales of health insurance policies. If you are looking to buy health insurance for your family and self, here are few things you should consider before buying it:
Premium and coverage
The premium cost of a health insurance policy depends mainly on the coverage and risk factors. If you have senior citizens among your family members, you would be asked to pay more in comparison to someone who does not have a senior citizen in his/her family. It's mainly so because the older we get, the more vulnerable we are to health issues. Also, the wider coverage you opt for, the higher the premium would be. While buying a health insurance policy, it's important not to only look for the cheapest option but the one that provides you the perfect balance between coverage and cost. Your policy should offer adequate coverage according to your risks and requirements, without compromising on benefits and at an affordable price.
Waiting period
Health insurance policies generally have a waiting period ranging between 24 and 48 months during which the insurer will not accept claims because of pre-existing illnesses or specific illnesses. The list of pre-existing, specific illnesses includes blood pressure, diabetes, arthritis, cataract, etc. You should look for a plan that suits your requirements and comes with a minimum waiting period.
Cashless hospitalisation
Health insurers usually have a long list of empanelled hospitals where you can avail of medical services without making payments. This not only helps you in avoiding paperwork but also comes as a massive financial relief during medical emergencies. Before buying a health insurance policy, you must check the tie-ups the insurers have with network hospitals and which one falls closer to your residence.
Pre and post hospitalisation costs
Health insurance policies cover expenses incurred during hospitalisation but there are some plans which also cover pre and post hospitalisation costs. You should opt for such a plan considering it suits all your other requirements.
Maternity expenses
There are a lot of health insurance plans that do not cover maternity expenses. But there are some that do. Medical inflation is at an all-time high, so it's important to have a policy that covers maternity expenses. It's important to note that normally the policies have a waiting period of two to four years for maternity claims.
Co-payment clause
A co-payment clause means a percentage of the claim would need to be paid by your own pocket. So, it's important to check at the time of buying the policy that there are no sub-limits. However, if you have pre-existing diseases or if you are a senior citizen, avoiding a co-payment clause would be impossible.
Claim process
It's important to read the terms and conditions of the health insurance policy carefully before buying it. The claim process is one of the most important parts of health insurance and it's important to buy a policy that offers a seamless claim process. If required, some research should be done to find out about the quality of the claim process services of an insurer.
