The unexpected arrival of Covid-19 disease has made it extremely necessary for everyone to have a medical insurance policy. Since there is no arrival of any vaccine in hindsight, it will be beneficial to be prepared for uncertain situations.
Medical insurance for emergencies provides financial support when needed. If you do not have one or plan to buy a new one, you should note some pointers.
Consider these factors before buying a medical insurance policy:
- Cashless Network of Hospitals:
Before you purchase a medical insurance policy, it is essential to check if they offer this facility. It refers to the list of hospitals tied up with the insurance company wherein you need not pay hospitalization expenses. You should check this list to opt for an insurer that has a tie-up with renowned hospitals near you.
- Exclusions of the Policy
It is vital to always read the exclusions of the plan before selecting one. These exclusions vary as per the scheme you choose. Make sure that you know these conditions before you pick any insurance plan to avoid chaos at the time of the claim.
It will be beneficial for you to get in-depth knowledge about the terms and conditions and the benefits being offered. Thismakes it easier to compare various insurance policies from different insurers.
- Scope of Covering Pre-Existing Conditions
Make sure to check the complete list of pre-existing diseases covered under the policy. You should clearly mention the pre-existing conditionsat the time of the medical insurance policy purchase. A clear disclosure will help you with the claim support when needed. Insurers can reject even your cashless claim if the disease for which hospitalization is required is not covered under your plan.
- Check the Sub-limits
As per this factor, the amount that is to be reimbursed is capped under certain cost-heads. The insurer will pay only the amount fixed under such a limit,notwithstandingyour amenity expense. Since not all insurance companies offer such complexities, you should opt for those plans and avoidpaying for expenses out of your pocket.
- Renewability
The renewability factor refers to the maximum age till you can get your insurance policy renewed. It also determines the time till you can claim the features and benefits of the scheme. It will help if you prefertaking a policy that has lifelong renewability or till the age of 65-70. Since you cannot predict what will happen next, it is vital to be prepared beforehand.
- Waiting Period
Also known as the cooling period, waiting period is the time during which the insurance provider is not liable to pay for any claims. When you opt for a new medical insurance policy, there is a wait time of a minimum of 30-90 days. This waiting period is different for each insurance company and plan.
For pre-existing diseases,it may vary from 36-48 months. Before you purchase any plan, compare the different insurers’ waiting periods.
- Domiciliary Treatment
Generally, insurance providers cover all hospitalization costs. But in a situation where you are unable to travel to the hospital and need to be treated at home, you will need coverage for domiciliary treatment. To claim this coverage, you need to have the doctor’s approval to get the treatment done at home. The domiciliary treatment clause also works in your favor when you cannot get the treatment done in the hospital because of the room’s non-availability.
Medical Insurance Policy: A Necessity during Covid-19
Prevention is always better than cure. Keeping this proverb in mind, it will be a wise decision to purchase a comprehensive medical insurance policy. You can check reputable insurance providers like Tata AIG that offer numerous plans suiting individual needs. Visit the website and explore the different plans to choose the one that best suits your profile.
