Availing health insurance policy is a very important step in financial planning. As medical expenses are rising each day, not having health insurance can burn a hole in your pocket. You cannot predict when a person will fall ill. Anything can happen to you or your family at any point in time, which means expensive medical treatment. So, you must be always prepared by availing a health insurance policy.
Many people simply depend on the group health insurance policy, provided by their employer. But the fact is, it is not sufficient to meet today's medical costs. You will be left uninsured in case you leave your job. So, it is very important to avail a separate health insurance plan. Now, let us understand what health insurance is and how exactly it helps you.
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A health insurance policy is insurance which covers hospitalization expenses for the premiums paid. Health insurance plan pays your hospitalization expenses, if you have hospitalized for at least 24 hours. You can also avail health insurance plan to cover all family members called family floater health insurance plan.
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Medical expenses are increasing each day. If you do not have a health insurance policy, you will have to spend all your savings to meet medical bills. This means high out of pocket expenses.
Now, it’s clear what’s health insurance and why it is necessary to avail health insurance. Availing a random health insurance plan will not help you meet insurance needs. So, there are certain things which you need to consider, before availing a health insurance plan. We will discuss some important points which you need to consider while availing health insurance plans.
Almost all the insurers have a waiting period for pre-existing diseases or for some specific diseases. The diseases which exist at the time of availing insurance are called pre-existing diseases. These will not be covered by insurance companies for a certain period of time. The waiting period varies across insurers. Usually, it’s around 2 to 4 years. So while availing an insurance policy, you must compare and opt for the insurer with the shortest waiting period.
Network hospitals are those hospitals which have partnerships with the insurers. Network hospitals offer the cashless facility. So, before availing a health insurance plan, you must look at the list of network hospitals and choose the insurer which has a wide coverage of network hospitals.
Almost all the insurance policies have exclusions. Exclusions are diseases and conditions which are not covered by the policy. For instance, self-inflicted injuries or accidental injuries suffered while racing and so on, will not be covered by most of the insurers. So while availing a health insurance policy, you must compare and opt for the insurance plan, which has less number of exclusions.
While availing a health insurance plan, you must consider the claim settlement ratio of the insurer. Make sure the insurer where you avail an insurance policy, has a high claim settlement ratio. If the insurer has a high claim settlement ratio, it’s likely the nominee claims will be settled.
To avoid getting cheated by your insurance agent, you must fill the insurance proposal form, yourself. While filling the form you must read the terms and conditions of the health insurance policy, carefully. By filling the proposal form yourself, you can avoid errors vis-a-vis name, DOB and other relevant details.
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