You will find a wide range of policies to choose from if you wish to buy health insurance, online or offline, alike. So, there are a lot of aspects to be examined before you zero in on a plan of your choice.
One of the major benefits that you get when you decide to buy health insurance is exemption from tax. Lack of awareness about its benefits reflects in the low number of insurance holders in India. A lot of times, Indians face sudden major financial crisis due to unexpected medical emergencies, which drain them of their life long savings in a jiffy. Medical insurance ensures such distressful situations to be less traumatic as the aspect of money becomes one less worry.
However, there are certain basics you should go through to buy health insurance for the best experience. So, 5 things to consider before buying health insurance is enlisted below.
1. Selection of the Right Insurance Amount and Policy Period: While selecting a medical insurance, keep in mind the expenditures that you may face according to your age and health. Also, remember to choose multi-year options. The scanning of income level plays a vital role in knowing which health insurance policy is affordable for you. A sufficient amount should be chosen so that during emergencies you do not fall short.
2. Pre/Post Hospitalization: There are certain medical emergencies that require instant hospitalization. Apart from that there are some conditions where regular visits to the doctor, check-ups, tests and having medicines are common before admission. Even after they are discharged, for proper medication purposes, medicines are continued along with scheduled follow-ups with the concerned doctor. Choose one of those health insurance plans that cover such expenses.
3. Pre-existing Diseases: Almost every insurer has a certain waiting period that ranges from 2 to 5 years, for pre-existing diseases. It depends on the policy that you buy. So, to make sure you do not have to wait for a long time after filing your claim for your deserving amount, get your insurance at an early age or buy a top-up that will shorten the waiting time. It is a very important thing to consider when you buy a health insurance.
4. Network of Hospitals: Whether you buy a health insurance online or offline, make sure to check for their links with hospitals. A wider range offers better options during treatment. Also, cashless hospitalization is an aspect you should keep in mind. Direct payment methods are involved in some network hospitals where the company settles the bill directly with the institution so that you do not have to pay out of your pocket.
5. Special Maternity Benefits: With everything become expensive day by day, medical expenses are also on the rise so much that if you do not have the best health insurance in India or any insurance for that matter, without proper planning, you would become bankrupt. Pregnancy costs have become very high as well. So, it has become a necessity, especially for women, to buy a policy that also offer maternity health insurance benefits. The outpatient expenses and the waiting period for claiming such benefits, along with the related exclusions should also be considered.
Health insurance policies are a crucial financial tool that come in handy enormously in times of expected expenditures. Although, if the correct plan is not chosen, you could end up with a handful of expectation that could break your back. Careful observation of the policies should be made before investing any money or energy in it. A health insurance is supposed to be your support during any kind of medical condition. So, choose wisely.