What To Consider Before Buying a Medical Insurance Policy?
Your health is the most important asset of your life that you cannot compromise on. With the current pandemic situation, you cannot possibly take any chances with your health. There are plenty of health issues that can affect your life. However, you can seek medical assistance at the time of emergency, but how do you prepare yourself for the financial needs.
It is true that medical expenses are sky-rocketing, and you need to be prepared for the unexpected. Today, good medical insurance has become the need of the hour. Every individual must invest in health insurance in order to cover all the medical expenses.
Whether it is seeing a medical consultant or getting treatment for your ailments, medical insurance will always get you covered.
Checklist For Buying A Health Insurance
Plenty of insurance companies are offering health insurance that you can take into consideration. But it is essential to find yourself the best among the rest. Here is a quick checklist that you must keep handy while you select a policy.
#1 Age Criteria
Before going any further, you should consider your age; it is the most important criteria for buying a policy. Whether you are buying for yourself or for the entire family, always consider the age. For instance, the minimum age limit for health insurance is 91 days, and the maximum age is 60 years. Check the minimum age limit for the policy before buying it.
#2 Best Premium and Coverage
Premium and coverage both are the crucial factors of a medical insurance policy. You need to get the right combination of premium and coverage to ensure the optimal use of your policy. It would be better if you look for a policy that has lesser premium and maximum coverage. You must look for ways in which you can reduce the premium and get maximum coverage. Check for sub-limits, co-payment deductibles, or any other additional clause.
#3 Waiting Period Clause
Before buying any medical insurance, it is crucial to understand the waiting period clause. The waiting period is the time when an insurer will not be accepting any claims arising from pre-existing illnesses. Each insurance company has a different waiting period clause that ranges from 24 to 48 months depending upon the company policy. It is important to consider the waiting period clause before buying the policy. For instance, if you have a critical illness, you must look for a shorter waiting period.
#4 Cashless Benefit
Most of the insurance companies have a network of hospitals within which they work. They tie up with these hospitals to provide services to their customers. You need to check with which hospitals your insurer is connected to. Cashless treatment is the major benefit of a medical insurance policy. You need to understand in which hospitals you can avail yourself cashless treatment with your current insurance provider. It reduces the strenuous paperwork done to claim the coverage. With cashless treatment, you can just instantly make payments.
#5 Pre and Post Hospitalization Coverage
Hospital expenses are covered in your health insurance. But you need to ensure whether your concerned policy covers both post and pre-hospitalization expenses. You must look out for policies that cover all the expenses related to your health emergencies. Generally, the hospitalization costs include medical tests, diagnosis costs, ambulance charges, doctor fees, etc. Before signing the policy, you must ensure that your insurance will be covering all the hospital expenses and not leave you entangled with any concerns regarding your cover. It would be better if you go through the terms and conditions of the policy to better understand the coverage issues.
The Bottom Line
There are plenty of reasons why people need to consider medical insurance, and before choosing one, you need to consider some important factors. It is important to choose the best policy that can cater to your diverse medical requirements.
Every insurance company offers a wide range of medical insurance policies; the above-mentioned tips will help you select the best policy.
It is a matter of your health cover; never take a decision in haste.
Summary: Health insurance has become the need of the hour. Read in to check the factors to consider while buying a policy.