Questions to Ask Before Buying Health Insurance
Rising healthcare costs in India are clearly hinting at the need to buy health insurance. When we buy a car, a house, or even clothing, the underlying factor that drives the purchase is our unique requirements which set us apart from other buyers. This is true even for health insurance products.
Even within a family, one person’s health condition may differ from another. So, it is extremely important to have a thorough understanding of the health insurance plans available in the industry and finding the right one for you and your family.
The best way to do that is by listing down your questions and seeking answers from your insurance company before finally purchasing the policy. This will prevent you from making serious mistakes and ending up buying a policy that may not be useful to you.
We tell you about the important questions to ask an insurer before picking a health insurance plan.
What is the Best Health Insurance Plan?
Health insurance companies in India, nowadays, offer a range of options based on the diverse needs of people. For instance, there is a family floater that provides coverage for the entire family under a single plan. Then, there is a group Mediclaim, an individual health cover, a health cover for senior citizens, a critical illness cover, etc. It might confuse you like each of these health insurance plans have specified features. So, it is advisable to talk to your insurer to gather information about all such plans and selecting the one that matches your needs.
What are the Policy Features?
If you have finally opted for a specific plan, say a group mediclaim policy, the next step is to get all the details or features that come with it. It is vital to identify the benefits you will be getting along with it. For instance, you must not hesitate to ask if it covers expenses for lab tests, charges for dental treatment or other specific medical treatments. This way you can plan your finances better.
What are the Restrictions in the Policy?
Knowing about the expenses your policy does not cover is equally important in ensuring you are financially prepared for any medical emergency in the future. Often, there are exclusions which are governed by the Insurance Regulatory and Development Authority of India (IRDAI) and health insurance companies are required to adhere to them. Also, your insurer may have specified a waiting period for covering a specific illness. Sometimes, insurers may completely exclude a specific illness cover in a policy. Clear your doubts by putting questions to the representative.
How much is the Premium to be Paid?
Your goal is to save yourself from high expenses and, hence, the total cost incurred matters to you. The payment made by you to buy a health insurance policy is called the premium.
Usually, this is decided by your age and the type of illnesses you might have. If you have no pre-existing illness and are opting for the best mediclaim policy, then your premium will be much lower than for someone who is opting for a critical illness cover. Make sure you inform your insurer about your medical history and know the premium you need to pay.
What is the Procedure to Make a Claim?
You should be aware of the claim settlement process. Hence, ask your insurer everything about making a claim as well as the essential documents viz. the health card, ID proof, pre-authorisation form, etc. that will be required for the same.
Also, seek the details of the person or representative you will be required to contact in case of emergency hospitalization.
It is also important to get the list of network hospitals. In an event, you or your family member is admitted to a non-network hospital, you cannot avail the cashless claim facility offered by your insurer. In such cases, you will have to pay the charges which will be later reimbursed by the insurance company.
Staying well-informed about how health insurance works and the various policies that exist will help you make a decision on the best health insurance plan for you and your family in order to avoid being under-insured.
Browse through the various plans offered by Religare Health Insurance and opt for the right coverage that fits your budget.