In recent times, health has become the forerunner of people’s concerns with the pandemic affecting our lives and changing it forever, as a slow vengeful apocalypse brought to us by our self-destructing capacity. No, it isn’t that grim. We will thrive and do just fine but what really is important at this time is to understand is the importance of health and medical treatment. We cannot take medicine for granted anymore and health insurance is no longer a want but a necessity. So, if you are planning to get health insurance, go for it but you must keep a few things in mind.
5 Things to Note Before You Choose Your Health Insurance
Just as it is with any other insurance product, there are things one needs to keep in mind about health insurance in general:
1. Variety of health insurance: There are a plethora of types of health insurance available in the mediclaim market. While some cover just your hospital bills, there are comprehensive plans that cover you up to the age of 100. They are referred to as, senior-citizen health cover. Of course, the premium prices vary based on the plan you choose. There is health insurance that simply covers critical illness as well.
2. Exclusions in coverage: Generally, this is the last thing to talk about. However, considering that time is a precious commodity, it is wiser to start with the idea of what health insurance doesn’t cover to set your expectations from this product correctly.
- Pre-existing diseases are not treated as soon as you purchase of the policy
- A waiting period is applicable to pre-existing diseases.
- For a few conditions, the amount assured to pay may vary around 10%
- Treatment for the use of intoxicants (alcohol and drugs) are not included in most cases.
- A waiting period for maternity/newborn baby expenses is generally applicable, however, the waiting period time varies based on the providers.
- A waiting period for weight-loss medical procedures such as bariatric surgery may be applicable in some policies.
3. Work and Individual Health Insurance: It is essential to note that while people don’t need to pay for the group health insurance that the employers cover their employees under, it may not be enough if one loses their employment suddenly or has a higher cover amount requirement due to pre-existing diseases. Individual or personal health insurance is essential to be taken in these times to protect yourself financially against any medical issues. You can also buy family health insurance that covers all the members of your family and falls cheaper against individual coverage.
4. Premium costs: The better your lifestyle and the younger you are, the more pocket-friendly your premiums for a health policy will be. However, it is crucial to keep in mind that premium costs also rise with the features and benefits it covers you for. You can always negotiate your way to reduce the premium costs by choosing a plan with lesser features. For example, some health insurance covers you for air-transport to and from the hospital. If you find that unnecessary there are plans which cover you for road ambulance costs as a feature.
5.Read the policy wordings: You cannot be 100% informed about the product you choose unless you make the effort too. So, it is advisable to go through your policy wordings. You don’t want to be troubled at the time of the claim process.
In the end, it boils down to how detailed you want your policy to cover you. If you are looking for options in terms of the type of coverage in health, you can check our health insurance section on our app since we have everything from basic hospital insurance to comprehensive health covers to even critical illness insurance. All you need is to download our app or connect with us.