Deciding which one to buy from a vast number of health insurance policies in India is like running towards an endless route.
Finally, we land into a lot of confusion and end up buying without knowing the critical things or we may postpone completely.
To make it easier and help you, we have listed down the important TIPS to factor in while buying Health Insurance.
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 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 having a Single AC Room or with No Room Rent limit option. Your entire hospitalization bill is based on the Room Rent you opt-in Hospital. If your policy is having 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 Diseases 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 pay from your pocket. Always check the policy conditions if any co-payment is involved in it. Most of the Insurers have put a 10-20% co-payment for the above 60 years and some Insurers have put co-payment clause irrespective of age. This is also one of the reasons to see the lesser premium quoted by the particular insurer.
Each policy is different and has advantages & disadvantages too. You will have to take the right decision basis on your calculations.
Ensure to give the complete and right information on the proposal form you sign and share it with the Insurer and make sure you declare all the family members’ medical history if they have undergone any or on-going treatment to avoid the claims rejection and policy cancellation.
#Ethikainsurance can help you to pick the right policy.
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