Here Is What You Did Not Know About Health Insurance!
As most of you must be aware, a health insurance policy covers the medical and surgical expenses of the insured person. In India, in general a lot of people are not conscious about health insurance policies and the benefits it has to offer.
Here is what you did not known about health insurance
1) Employer health insurance is invalid after retirement
Most of you and your kith and kin are insured by your employer. But that is only as long as you are in service. As soon as you retire you will no longer be covered and that will be a difficult situation for you. Thus, it is better to get your own health insurance from a reliable insurance company when you are still young.
2) Insurance premium paid is less compared to coverage amount
You will be paying a nominal premium annually for your health insurance policy. It seems to be a good bet as in times of medical emergencies you will get a bigger sum.
3) Individual policy and joint policy
Health insurance policies can be joint or individual. You may be wondering whether you should go in for a joint policy for the entire family or an individual policy. If everyone in the family is below 50 years of age, you should go in for a joint health insurance policy. For the members above 50 years of age, it is advisable to buy an individual policy. This is because in old age people have more chances of falling ill.
4) Cashless medical claims
All insurers have the option of a cashless policy. By the term ‘cashless’ it is meant that you need not pay anything to the hospital. It is the insurance company that makes all the payment.
5) Existing disease at the time of purchasing the policy
If you are already suffering from a disease, you should declare it. If you don’t declare the pre-existing disease, the claim will get rejected. Also, there is a waiting period that applies to all health insurance policies.
6) Hospital network covered by the Insurance Company
For cashless medical claim you must check the hospital network that is covered by the Insurance Company. Make sure that the hospital closest to your residence is covered by your policy.
7) Policy advisor should be chosen carefully
It is advisable to choose a policy broker who is honest enough to let you know of all the clauses of the policy. Read all the documents related to the policy.
8) Sum assured should be according to your city
Since healthcare cost is big cities is more than that of smaller cities make sure that the sum insured matches the expenses of your city. Keep this in mind.
9) Is the policy flexible?
The question is whether in times of emergency the company changes its terms or not? There exists a copay option for non- empanelled hospitals through reimbursement. While buying the policy you should know about it.
10) Purchase a policy as early as you can
Don’t delay your purchase of a health insurance policy. You might either cross the age limit or suffer from a disease that will not be covered by any health policy. Insurance companies like ICICI Lombard have some great health insurance policy options.
We hope that this post helped you to know some interesting facts about health insurance! If you don’t have a health insurance, get one soon!
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