5 Things You Did Not Check When Buying Health Insurance

A health insurance policy is important for everyone as the ongoing global pandemic has put people in a condition of financial strain due to which they have lost their loved ones. With the rapid rise in inflation in the health sector, the cost of quality treatment has become expensive and can potentially burn a hole in your pocket. A health insurance policy provides financial aid to the policyholders and ensures them quality treatment without worrying about the money. The first and essential step to get a suitable health insurance policy is analyzing your requirements and comparing various plans before investing.

Sometimes people tend to ignore the important factors that affect the choice of a health insurance plan. There are some credentials that must be considered before buying a health insurance policy. Every individual must go through these factors and consider them wisely to make sure that the policy is suitable for the customer. After the purchase of the plan, it is vital to go through the terms of the policy to make sure that necessary inclusions and exclusions have been made under the cover, as this avoids any confusion at the time of claim settlement process.

5 Things That You Did Not Check While Buying A Health Insurance Plan

Policyholders often ignore certain factors which must be looked for before buying a health insurance plan. Therefore, following are some of the key points that you must have missed to consider while investing in a health insurance policy:

1. Considering The Age Criteria

When buying a health insurance policy you must carefully consider the age of the applicants, especially in case of a family floater plan. In a family plan, the premium rate depends on the age of the eldest member of the family. It is usually advised to buy a separate plan for the senior citizens of the family as they are at a risk of contracting life-threatening diseases. Almost in all the policy covers, age is the prime factor that decides the premium rate of the policy. The age limit of the policies differ from one insurer to the other. For some insurers the age limit to buy a policy is 91 days to 60 years, while for others it can be 25 years to 50 years, therefore this eligibility must be checked before insuring yourself and your family members under a certain health insurance cover.

Must Read: 5 Must Know Things About Health Insurance

2. Check The Waiting Period of The Plan

The health insurance plans come with a waiting period, during which the benefits of the policy cannot be claimed under certain terms and conditions. Therefore, it is advised to invest in a health insurance policy as soon as you start earning, to get a lower premium and overcome the waiting period of the plan. For pre-existing diseases the waiting period may range from 2 to 5 years, while for COVID-19 specific plans it is around 15 days. Under maternity benefit health insurance plans, pregnancy while buying a policy is considered a pre-existing condition and it is not liable for claims before the waiting period. Therefore, you must get the policy way before you plan on claiming it.

3. Cashless Claim Benefits

You must be aware of the nearby network hospitals of your health insurance provider company, to avail the cashless claim benefits. Under this benefit, the claims are settled with the hospital by the insurer directly without involving you or any third party, thus making the claim settlement process quick, smooth, and hassle free. This benefit can save you from rigorous paperwork in case of a medical emergency.

4. No Claim Bonus

Policyholders are provided with no claim bonus and cumulative bonus on their sum assured for every claim free year in a policy tenure. The limit of the no claim bonus is specified by the insurer and you must go through this discount terms carefully to avail it.

5. Co-Payment Clause

Under this clause, a portion of the medical expenses is paid by the policyholder. The cost of treatment is shared between the insurer and the customer. Under the clause the percentage of the copayment is specified. With the increase in the co-payment, the premium rate decreases. Therefore, you must choose to pay a certain amount as co-payment depending on your financial budget.

Conclusion

The above-mentioned key points are some of the factors that are usually not considered by the customers. The ignorance of these factors can cause inconvenience to the policyholder at the time of claim settlement process. Therefore, being a customer you must check for all these factors.

Also Read: 5 Things to Consider Before Buying Cancer Insurance Plans

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.