A small mistake while buying health insurance may cost you heavily. There are certain aspects you should consider when you have decided to get one. Here is the list of those health insurance top 10 things you should follow.
1.Learn how medical insurance works first
Health insurance is a financial tool designed to provide a financial safety net during medical emergencies. You can buy a health insurance policy and prepare a financial foundation for emergency medical expenses. Pay a premium and activate the plan after the waiting period. You will have to present the insurance details during hospitalisation and get the benefits.
2. Benefits available and unavailable in health insurance
Health insurance bears partial or full medical expenses depending on the plan you choose. Understand the inclusions or coverage of an insurance plan. Find out where the service provider will bear the medical expenses. Check where the service provider is not liable to pay (exclusions).
3. Your and other members’ ages
Consider your and other members’ ages before you buy a health insurance policy. Remember, the premium increases with the age of the members you want to insure. Also, experts suggest that health insurance should be afforded at an early age to reduce the premium and provide more benefits. Once you cross a tagged age, the coverage span goes down, and you will have to bear more from your pocket.
4. Know the claim processing time
Find out the average claim processing time of the top health insurance services. You will also get a good idea of their services by reading the latest reviews online.
5. Find out the waiting period
Most of the health insurance plan has a maturity or waiting period. Some ask you to wait for two years and a handful of them tell you to wait for 9 months. Decide how long you can wait to choose the right plan.
6. Pre-existing diseases covered or not
Always check the terms of pre-existing diseases in health insurance policies. Most policies don’t cover them. Some may cover but have a higher premium than the rest.
7. Balance premium and coverage
Check the premium and compare it with the coverage of an insurance plan. Go through the terms and conditions related to coverage capping, reduced premiums, co-payment, and deductibles.
8. Cashless benefits
Modern health insurance companies offer cashless hospitalisation benefits. It means you can admit a patient and start treatment in cashless mode. The policy will take care of the medical expenses from the beginning.
9. Before and after hospitalisation coverage
Many health insurance plans cover medical expenses before and after hospitalisation. It’s an added benefit that may attract a higher premium.
10. No-claim bonus
Many insurance services offer no-claim bonuses where the coverage amount increases the next year without increasing the premium value.
Keep these ten things in mind and learn how to apply health insurance. Get all queries resolved before you make a buying decision.
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