8 Health Insurance Policy Facts You Need to Know

The COVID-19 pandemic has highlighted the importance of health care. There is a lot of uncertainty and chaos around. People are becoming aware of the consequences. Hence, it has become an unavoidable need to secure your family’s health and wealth. In such a scenario, a health insurance policy will surely help to relieve stress and ensure peace of mind. Purchasing health insurance can provide some financial security to the family in case of emergencies.

Choosing the best one out of several health insurance policies might seem challenging, but it is the need of the hour. One has to select the right policy that will deliver optimum medical cover at an affordable price. However, there are many important factors to acknowledge before choosing the right health insurance policy.

Economical Premium Rates

The health insurance policies having the lowest premium charges might seem lucrative at times, but there are two sides to it. A policy with a lesser premium is good only if it can provide extensive coverage. The other aspect is that the policy might offer you lower premium rates at the cost of insurance coverage. Therefore, select the health insurance policies that provide you sufficient coverage without compromising on the policy’s benefits and at an affordable premium.

The Age Factor

Age plays a crucial role in selecting one of the best health insurance policies. The premium of the said insurance plan will depend on the eldest family member’s age if you are getting family insurance. The maximum age limit for most medical insurances is set to 70 years, making it imperative to buy an insurance policy for your parents before they cross the age limit. So, select a plan at the right time matching your family’s needs.

Waiting Period

The waiting period has an important role to play in the final decision of purchasing a health policy. The health insurance will not cover the expenses during the waiting period. The period normally ranges between 24 to 48 months, depending on the insurer and the policy chosen. So, choose the health insurance policy that comes with a suitable waiting period, making it possible to claim benefits or coverage during a medical emergency.

Network Hospital

Most health insurance companies have a tie-up with a network of hospitals. Policyholders can avail cashless hospitalization benefits and treatments during a medical emergency. The insurer will relieve you of the tedious paperwork required during the admission procedures and claim processes by paying the sum insured directly to the hospital.

So, choose the policy having the highest network of hospitals under their list, like the Care Health Insurance that has over 15500 cashless healthcare providers in its network.

Maternity Expenses Coverage

The common mistake committed by people while choosing insurance of health is that they ignore the maternity benefits, the rates for which are currently reaching the peaks. The waiting period for the coverage of maternity expenses usually ranges between 2 to 4 years, so buying the policy that covers your unborn child and wife (future wife) will assist you at the time of pregnancy.

Lifetime Renewal Clause

Many health insurance policies do not allow renewal after a certain period. So, it is wise to choose a policy that will offer you a lifetime renewability option to enjoy a stress-free medical treatment at any age.

Pre- and Post-hospitalization benefits

Most insurance policy of health only cover the expenses incurred during the hospitalization. So, choose the best policy that will offer you coverage on pre- and post-hospitalization expenses like ambulance charges, doctor fees, medicines, additional medical tests, etc.

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Claim Policy

Different kinds of insurance exist like life insurance, car insurance, home insurance, travel insurance Make sure that you research health insurance policies that will offer you a smooth claiming process and faster reimbursement options before choosing a policy meeting your needs.

Health insurance policy is essential in today’s world and selecting the right one is as significant as obtaining one. So, take your time, do your research on many health insurance policies and choose the one that meets all your requirements and budget. These policies also provide tax exemptions according to the Income-tax act, so you can plan accordingly.

This post was last modified on July 21, 2021 10:14 AM