Top 10 things to keep in mind while buying health insurance policies

Health insurance is becoming increasingly popular with time, and its demand among people is increasing.

The sale of health policy is not only increasing in metro cities where the level of awareness is higher than it is, but it is also increasing rapidly in small cities and towns.

People in India have come to know that the only way to fight the rising cost of health care and protect oneself from any serious disease is to buy a Comprehensive Health Insurance Plan.

The Corona epidemic in the country is not going away. In such a situation, people are taking health insurance for proper treatment and financial security.

If you, too, have not taken out an insurance plan yet and you are considering a health insurance plan to cover the treatment of corona or other ailments these days, we are telling you what to look for when taking out a health insurance policy.

 

Health insurance in the corona epidemic

The epidemic is on the rise in India, along with the world. As the number of infected people in the country continues to rise, so has the increase in health insurance claims.

According to the General Insurance Council, more than 3.18 lakh claims have been received for a total amount of Rs 4,880 crore as of September 29.

As of September 29, insurance companies have settled 1.97 lakh claims worth Rs 1,964 crore.

 

Top 10 things to keep in mind when buying health insurance Policies

1. Understand exactly what will be covered in the policy

Insurance companies are offering many types of insurance policies. Each insurance company has its own rules according to which they make the policy.

things keep in mind while buying health insurance

Understand how much and what will be covered before buying a health policy.

A policy covering a maximum of items such as test costs and ambulance costs should be taken out. So you don’t have to spend money out of pocket.

 

2. Network of hospitals

Before investing in any health plan, make sure you consider the network hospitals that come under the plan.

network hospital in health insurance

Network hospitals are a group of hospitals that allow you to redeem your current health plan.

Always in the same plan, which offers maximum and good network hospitals in your area, otherwise your investment in an emergency will not work.

 

3. Upgrade the policy cover to 'Super Top Up.'

Seeing the rising cost of treatment and the Covid-19 epidemic, people feel that the insurance cover amount is not enough. The cover can be upgraded from 'Super Top Up.'

The Super Top Up Health Plan offers extra coverage for people who already have a health policy. It is available at a much lower price.

This is a good option for those who already have insurance cover as they get more cover at a lower price.

 

4. Treating all health plans as equal

Today, there are many health policies in the market, such as a staple health plan, accident policy, special cover for critical illness, etc.

things to keep in mind while buying health insurance

The benefits available in every policy type are different, so do not choose a plan without reading the details of its benefits.

 

5. Do not hide your medical history

Many people do not properly disclose their medical history in the application form when taking out a health policy.

things to keep in mind while buying health insurance

Some people do this because they know that reporting a condition like diabetes, high blood pressure can lead to rejection of their application.

Failure to provide information about your medical history will result in insurance companies deeming you false and may reject your claim.

 

6. Relying on employer health plan

Some companies offer health plans to their employees. Thus, many people feel that there is no need to take a separate health insurance plan.

Understand that the group cover given by the employer ends when you leave your job.

 

7. Claiming for small expenses

Some people consider the health insurance policy an ATM that will pay their daily medical and treatment expenses. This is also a misconception.

things to keep in mind while buying health insurance

If the policyholder claims repeatedly, he loses the No Claim Bonus (NCB) on renewal.

This bonus percentage is added every claim-free year, and the discount becomes as high as 50 percent of the premium.

 

8. Hoping to get your money back

For many people, insurance is still an option for fixed deposits and mutual funds. People search for health plans that give them back some of the premia on maturity.

money back

We should not expect some such features in the health plan. Its purpose is to save lakh rupees' expenditure instead of saving a few thousand rupees in premium.

 

9. Whether pre-existing diseases will be covered or not

All health insurance plans cover all previous illnesses. But they are only covered after 48 months. Some cover it after 36 months.

However, it is important to state the pre-existing illnesses when purchasing a policy. This does not cause any difficulty in claim settlement.

 

10. The choice of co-pay can be overwhelming

People often take a co-pay facility to save some money and reduce the premium. Co-pay means that you will have to pay the policyholder some% of the cost (for example, 10%).

Choosing a co-pay doesn't have much of a premium discount; it can empty your pockets if you get sick.

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