There are plenty of Health Insurance options currently available in the market that the consumers are more confused than ever to choose an appropriate insurance that suit their needs. Low premium rate should not be the sole criteria in choosing your policy but you must take note of several factors before deciding on a particular insurance company. Here are a few tips to help them get started.
Cashless or reimbursable treatment options
It’s important to know whether the policy offers a cashless settlement of the hospital bills or you’ll have to pay from your pocket and seek reimbursement later. Cashless treatment options are favourable as in the latter case you will have to keep aside a little emergency fund that might be useful in urgent cases. It is also recommended to check that a nearby hospital is included in your health insurance provider’s hospital network. It will save some time in case of emergency both in checking the list of hospital and reaching the nearest hospital.
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Ailments not covered
Another important thing to know about your health insurance is the diseases and procedures that are covered in the policy and, more importantly, which ones aren’t covered. Usually cosmetic and dental surgeries are not covered by the policies. Also, some policies do not cover a few diagnostic procedures, or allow only an economical option of hospital beds.
Time taken in reimbursing
You must find out how long it will take to reimburse the medical costs. Some policies may not reimburse all or a particular ailment like cataract surgery during the first year. You must check if your policy has similar restrictions.
Sub-limits to particular expenses
Some policies despite a good medical cover may have hidden sub-limits to various treatment options or medical expenses. For example, a policy may say that it covers maternity costs only to find out later that it only covers up to a particular amount and rest you have to pay by your own pocket. It’s better to know of the same beforehand than to find out later.
Cooling Off period
Cooling off period is the minimum period after buying a health insurance where your health cover for illnesses is inactive. Though cover for accidents is available since day one mostly. You should inquire about the cooling off period before purchasing your health insurance.
Unrevealed medical conditions
When filling out the details for insurance a new consumer is asked about various pre-existing health issues. If you chose to hide them from your provider, you should know that your policy might not cover that particular missed condition later.
Cap limits for the reimbursement
Most insurance providers have an upper limit on the various treatments and expenses. If your expenditure surpass the limit you’ll be paying everything above the amount from your own pocket. Thus, it is important you know the details of such limits and keep an emergency fund readily available.
There are usually upper limits to the insured person’s age beyond which neither a new consumer can buy a new insurance nor renew existing insurance. Generally this limit is at 65 years of age, ironically the age after which a person is in more need of insurance. You should check the age limits beforehand.
If you’ve properly looked into the details of your health insurance and agree to its terms you shouldn’t have any problem later on. However, in case your insurance provider delays or doesn’t pay up for a condition despite everything in accordance with the terms you may contact IRDA.