Gradually, more and more people are learning about the benefits of health insurance and opting for it. However, first-time buyers may feel lost and not know what to look for when buying health insurance.
Hence, if you are a first-time buyer, carefully read the tips mentioned in the following section before you opt for health insurance.
Also read: How Health Insurance Can Help Manage Healthcare Cost
15 Things to Keep in Mind When Buying Health Insurance for the First Time
Go through the following 15 tips if you are planning to buy health insurance online or offline for the first time:
Buying health insurance early is good; there are better ideas than scouting for the best health policies when you have turned older. However, buying health insurance early will lead to fewer claims than buying at an older age.
This refers to the time period before which claims cannot be made against the health insurance policy. It is generally applied to maternity benefits and pre-existing diseases, which may extend from 9 months to a few years.
Some health insurance covers specific diseases and treatments, such as fistula, plies, etc., for which a claim can be made after a specified time. Ask the insurance provider if you need clarification on any policy clause.
Medical science has excelled over time and developed new treatments. Ensure that your health insurance policy covers modern treatment procedures such as robotic surgery and stem cell therapy.
5. Co-Payment Clause
According to the co-payment clause, the policyholder must pay a certain amount of the hospital bill. Even though these policies cost less, they also offer less compensation as the company does not cover part of the bill. Read this part in detail before opting for insurance.
Cashless health insurance has recently gained popularity, and the insured enjoys certain benefits such as minimum documentation, reduced financial stress, a list of extensive network hospitals, professional claim handling, etc. Make sure that your health insurance policy covers this aspect as well.
Age is one of the crucial factors to consider when buying health insurance, as the premiums are based on it. In group insurance, the eldest individual’s age will determine the premium amount.
The claim process should be easy and fast to access your insurance in an emergency. You must not hide any critical information about the buyer from your insurance provider, and you must go through the terms and conditions well before applying.
The newer policies have included non-allopathic treatments such as Unani, Siddha, and Homeopathy. However, some companies cover them only up to a certain limit, so you should be thorough with the conditions.
There are various types of health insurance available on the market today. Hence, it is very important to assess your needs and requirements and choose a policy based on that. The two critical points to consider are age and the number of people.
The conditions under which the claims can be made and those under which they cannot be made should be understood thoroughly. Ignoring these terms might increase out-of-pocket expenditures.
A health insurance policy is purchased by paying a premium and a certain coverage. Hence, the better the coverage, the higher the premium amount. Go through the details meticulously before deciding on one policy.
Treatment procedures, such as cataract surgery or tonsillectomy, can be completed within a day. Hence, it is essential to check the terms and conditions of the health insurance policy to see whether these treatments are covered.
Room rent might sound trivial, but the reality is that it depends on the type of hospital. The plans specify the amount of money that can be spent on room rent, which, on exceeding, will have to be paid by the policyholder.
The pre and post-hospitalisation charges cover the treatment, tests, doctor visits, etc., held before and after the admission. Different companies have different conditions regarding this topic. Hence, this part is to be checked thoroughly.
Health insurance is a vital investment that protects you and your family in any unfortunate event. Hence, choose the correct one based on your budget and requirements. However, you may also seek advice from an expert before deciding on one.