Choosing a well-suited health insurance policy from the many options available in the market could feel like a herculean task.
You need to take into consideration many factors before making a purchase. But with so many confusing details, it is easy to get bogged down, and you may make a hasty decision and end up with a product that does not suit you at all!
To make it easier and help you, we have listed down the important tips to factor to choose the best personal health Insurance.
What’s on this page?
Opting for the Right coverage amount
You should always forecast for the future to understand what coverage value will be sufficient to take care of the hospitalization needs. This is very important as we see medical inflation going very high in India.
Always Have a Personal Policy though you have Corporate Insurance
There is no compulsion on the corporate companies to provide you group health insurance cover and the cover your company is providing may not be sufficient for the major health uncertainties. Having a personal health insurance policy will help you even if you wish to come out of the job sector at any point in time.
Room Rent Limit
Make sure to get a policy with at least a single AC room or with the No Room Rent Limit option. Your entire hospitalization bill is based on the room rental you opt into. If your policy has an amount limit you may be penalized with a proportionate deduction clause on the final amount when you opt for a higher room than your limit.
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Pre-existing Disease Clause
You need to be careful while deciding on the health insurance policy. The Pre-Existing diseases cover comes with a waiting period ranging from 12 Months to 48 Months. It is always recommended to go for a lesser waiting period if you are above 40 years. If you are young and healthy you may choose to go for a higher waiting period to reduce the burden of paying higher premiums.
Sub-Limits on Diseases
Some policies will have limitations on certain diseases. For example Cataract – Mostly the Insurers will put a cap of 15-30k per eye, similarly, you may see the limitations on planned procedures like Cataract, Piles, Kidney stone removal, Knee replacement procedure, etc., Ensure that you are aware of these limits in the policy that you are planning to buy.
This is the % of the amount you will have to pay from your pocket in the event of a claim. Always check the policy conditions if any co-payment is involved in it. Most of the insurers put a 10-20% co-payment for those over 60, and some insurers have put a co-payment clause irrespective of age. Having a co-payment clause also reduces the premium, so if your policy is cheap, make sure to go through the terms and check if there is such a clause included.
Each policy is different and has advantages and disadvantages too. You will have to take the right decision based on your calculations.
Always give complete and correct information on the proposal form that you submit to the insurer, and make sure that you declare all the family members’ medical histories truthfully to avoid claims rejection or policy cancellation by the insurer.