One of the remarkable ways to deal with the costs of medical problems is to purchase health insurance. Instead of waiting till the last minute to buy insurance, be ready with enough coverage to guarantee a smooth ride through the medical emergency. Let us assist you in buying an online health insurance plan before a medical emergency arises. Before purchasing health insurance, keep the following factors in mind.
What should you take into account when purchasing health insurance?
A health insurance policy is a legal agreement between you and the insurer. In this case, the insurer has agreed to contribute to your financial burden in the event of a medical emergency. You should therefore be careful in selecting the best health insurance policy and provider.
- Plan inclusions and exclusions
The extent of the policy is determined by the conditions for which a claim cannot be filed (exclusions) and the coverage provided by the health insurance plan (inclusions). Before buying health insurance, you must fully understand both. Unawareness of the coverages may result in higher out-of-pocket costs. Additionally, a claim may be rejected if the exclusions are not known.*
- Buy health insurance as soon as possible.
It’s wise to have the best health insurance policy early in life. You shouldn’t start looking for the best health insurance plans when you reach a particular age. You’ll probably make fewer claims now than you may when you’re older.
- Select a good health insurance provider
When it comes to health insurance, the insurance company is crucial. You should only choose an insurer based on their claim processing times which may differ between them. Today, finding a reputable online health insurance provider is simple, thanks to the internet. To learn more about the services provided, read their client reviews.
- Waiting time
During the waiting period, you may not be able to file a claim. Depending on the insurance provider and the plan you want to buy, it could last anywhere from nine months to a few years. Before purchasing, make sure to check the applicable waiting time on your health insurance plan.
- Policy cost and insured amount
You must pay a premium to get a health insurance plan with a particular level of coverage. The premium cost increases with higher and more complete coverage. When purchasing health insurance, be sure to fully understand the information regarding the coverage and the premium cost.*
- The daycare procedure
Today, several medical procedures can be finished in a single day. It is crucial to confirm whether your health insurance policy covers such treatments.*
- Specific ailments and therapies
Some specific ailments and treatments are listed in medical insurance plans as being covered after a certain amount of time. For example, many plans only offer coverage for piles, fistulas, hernias, etc., after the first two policy years. These conditions are referred to as specific diseases. If you have any questions about the availability of this coverage, contact the insurance provider.*
- Alternative medicine
Alternative medical practices include Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH). Ensure that your health insurance plans cover non-allopathic treatments up to a predetermined amount.
- Room rent cap
If the patient is admitted to a room that costs more than the permitted maximum, the cost of the treatment may increase. The room rent limit in health insurance specifies the maximum amount of room rent coverage permitted by the policy. The insured would be required to pay a proportionate amount of the total hospital bill if he selected a hospital room with a higher rent.*
Now that you know, be sure to do your research and conduct a health insurance policy comparison before buying a plan.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.