If you work in a company and because of that you get a health policy, even then you should buy a separate health plan so that in case of job loss, you will not be liable for the cost of treatment. Returns. The health policy taken at the start of the job should last you for life, as it helps you get comprehensive medical coverage at a lower premium. Experts say that people’s expenditure on health is increasing continuously and now lakhs of rupees are being spent in the treatment of even minor diseases. In such a situation, if you buy a health insurance policy (Mediclaim) on time, then you will not have to bear the cost of treatment from your pocket.
Cases get worse due to lack of money
Statistics from the Health Department of the Government of India show that 80% of medical emergency cases in the country worsen due to paucity of money. In the event of an accident, not only do you have to spend money on treatment, but your earning capacity also decreases. Accordingly, the accident person gets a double whammy. Medical insurance can help you a lot in this situation. For health insurance, you can manage yourself for large medical expenses by paying small premiums at regular intervals. It is necessary in today’s era.
Health insurance is not a waste of money
Many people hesitate in the name of paying health insurance premiums. They think it is a waste of money. It is a great thing if you do not need to claim for medical insurance. There is no substitute for staying healthy and well, but it can save your savings from getting wasted if ever you or your family members need it. It is prudent to take a health cover of ₹5-7,00,000 after paying a nominal premium.
Buy health plans wisely
Before taking a health plan, understand its condition carefully. If you do not understand after reading yourself, then read the condition of the plan carefully with the help of an expert. On the online site, you can compare health plans of different companies and get details about them. Pay the premium by carefully understanding every clause of the health policy. Pay the premium for the plan only after understanding the liability of the company in case of critical illnesses, in case of pre-existing diseases and in case of accidents etc.
Benefit of no claim bonus
It is said about investing that early start helps in building big wealth. In the case of health insurance, it is said that if you take the cover at a young age, you will get coverage for a higher amount only after paying a nominal premium. If you take the health cover before the age of 40, then you can get the maximum benefit without any condition. Young people usually have fewer diseases. In this context, the insurance companies keep the premium amount low for them. By renewing the health plan every year, you will continue to get the benefit of No Claim Bonus.
What is not included in the health plan?
Some things are not covered in health insurance. There are many health plans that require hospitalization for at least 24 hours to take advantage of it. Every insurance company has its own rules and accordingly that company designs the health policy. Before buying a health policy, gather information about what is not included in it. In some policies, a cover for critical illnesses can be taken under the rider. There are some health policies in which coverage is not available in case of accidents due to domestic reasons. You decide to buy a help plan only after clearing all these things.
Do not take cover for pre-existing disease
If you have given a Critical Illness Plan, which requires long-term treatment. Claiming in this situation means that your premium will continue to increase. Don’t fall into this trap of getting a new policy. Buy a health policy that can be renewed any time in life. The purpose of buying a health plan is financial protection from the cost of treatment of diseases at an older age, it should be kept in mind. As you get closer to retirement, the attack of diseases is more at that time. Due to being free from work, you do not have much money for treatment at that time, you should buy a health policy keeping these things in mind.
Understand properly what will be covered in the policy
Insurance companies are offering various types of insurance policies. Every insurance company has its own rules. Before buying a health policy, understand how much and what will be covered in it. The policy which covers maximum number of things like test cost and ambulance cost should be taken. So that you do not have to spend money out of pocket.
Keep in mind the claim settlement ratio
If you are planning to buy insurance, then definitely check the claim settlement ratio of the company from which you are taking the policy. It is very important to have a high settlement ratio. A higher settlement ratio means that the insurance company has settled more claims. This shows that the company’s under-writing rules are not very strict. Life insurance companies give claim settlement ratio figures in their annual reports. The claim settlement ratio of the company should be seen for 3 to 5 years.
It is also necessary to see whether pre-existing diseases are covered
All health insurance plans cover pre-existing diseases. But, these are covered only after 48 months. Some cover these after 36 months. However, at the time of buying the policy, one has to mention the pre-existing diseases. This does not cause any problem in claim settlement.
good network of hospitals
Before investing in any health plan make sure that you have considered the network hospitals covered under the plan. Network hospitals are a group of hospitals that allow you to redeem your current health plan. Always go for the same plan which offers maximum network hospital in your area otherwise your investment will not come in handy in times of emergency.
Co-pay will have to be heavy on the pocket
Many times people take the facility of co-pay to save some money and reduce the premium. Co-pay means that in case of a claim, the policyholder will have to pay a certain percentage of the expenses (for example 10 per cent) himself. By opting for Co-pay, the discount on premium is not much. But it can empty your pocket when you fall ill.
Don’t hide your medical history
While taking a health policy, many people do not properly disclose their medical history in the application form. Some people do this because they are aware that reporting these conditions such as diabetes, high blood pressure, etc. may result in rejection of their application. Keep in mind that not disclosing a fact is misunderstood by insurance companies and they can reject your claim.
Do not take a plan with limit or sub-limit
Avoid limits like the rent of a private room in a hospital. It is not necessary for you in which room you will be kept during the treatment. It is not right for you to set limits or sub-limits by the company for expenses. Keep this in mind while taking a policy. Sub-limit refers to fixing the limit of re-imbursement. For example, for hospitalization, the room rent can be capped at 1% of the sum insured. Thus, spending over the limit irrespective of the sum assured of the policy may result in paying hospital bills out of pocket.
Keep in mind the waiting period while taking health insurance
Buying a health insurance policy does not mean that the insurance company will cover you from the very first day of buying the policy. Rather, you will have to wait a few days to make a claim. The waiting period of a health insurance policy is the period from the time you buy the policy until you can claim any benefits from the insurance company. This period can range from 15 to 90 days. You should take a policy from a company whose waiting period is less.
Buy term insurance policy only
Buying a term based insurance policy has its advantages over buying an insurance policy all at once. For one, you pay a very small price for a huge amount. While its risk cover is also good. If you can increase the coverage for critical illness or death.
Avoid insurance policies that are too high or too short
In today’s time, 40 years insurance policy is also available. But in practice, the average retirement age of a human being is 60 to 65 years. In such a situation, if you are 40 years old, then you buy an insurance policy for 20 years only. So that you can get the benefit of it at the time of retirement. According to Naval, CEO, PolicyX.com, “The tenure of your insurance policy should neither be too long nor too short. In both the cases you may be at a loss.
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Compare insurance policies among themselves
You must compare the policies of your insurance policy with other companies on the basis of premium, on the basis of convenience. Apart from this, it is also necessary to check the claim settlement. For example, if your company says that your claim percentage is 91, it means that it is paying only 91 out of 100. For this, you can easily check on the website of the online comparison.
Avoid buying unnecessary riders
There are many riders available with us when we buy an insurance policy. According to Goyal, “Don’t forget to check the fine print of all the riders as they may differ for different insurance companies.