Even though medical science has progressed, the cost of health care has skyrocketed to a great extent. The common man should not spend his hard-earned money on the treatment of diseases, that is why health insurance is most needed today.
There is a saying that if the body remains healthy then half of the suffering in life goes away. However, looking at the rapidly changing lifestyle, one can say that today the chances of someone getting diseases are highest. Even though medical science has progressed, the cost of health care has skyrocketed to a great extent.
The common man should not spend his hard-earned money on the treatment of diseases, that is why health insurance is most needed today. In view of the ever increasing cases of diseases, health insurance is a necessity today. However, there are several things to keep in mind when purchasing health insurance.
1. Ensure whether the health insurance policy covers the pre-existing disease and its incidental/related conditions.
2. Don’t hide information. This is one of the main reasons for claim rejection. Every policy is underwritten differently, and if there is misleading information about health and other important factors, such as age, occupation, pre-existing diseases, etc., chances are high that the claim will be rejected. Therefore, always disclose accurate and complete information while purchasing an insurance policy.
3. A thorough understanding of the terms and conditions of the waiting period for the disease is necessary. Please check this before purchasing any insurance. As a standard in the health insurance industry, all health insurance plans come with a waiting period of minimum 1 month and maximum 90 days.
4. The policyholder should read the policy documents carefully and understand whether any limits or exclusions such as co-payments, sub-limits or deductibles apply to pre-existing conditions.
5. Some policies do not cover or limit coverage for certain procedures or treatments for these pre-existing conditions. Being aware of these limitations helps a person make right decisions about his health security.
6. Persons with pre-existing diseases should declare all their medical conditions while filing the proposal form or during the underwriting process.
7. Some people may have to pay higher premiums than others with such conditions. Therefore, it becomes important to carefully compare the premiums and terms and conditions of different insurers and products to find the most suitable plan at an affordable price.
8. Hospital network is an important aspect that you should check before purchasing the policy. If the hospital near your home is not affiliated with the insurance company’s network of hospitals, you will face problems in claims. No doubt, when an emergency occurs, a person will approach the hospital or clinic nearest to his home for treatment.
But since medical expenses can burn a hole in your pocket, one should ensure whether the hospital where he or she is getting admitted is included in the network of hospitals mentioned in the policy or not.
9. Another important thing that one should not forget is the ‘time limit’ for filing the claim. Insurance companies mention the time limit within which one has to make a claim in their policy documents. Usually, this happens within 30 days from the date of hospitalization. If a claim is made after the stipulated period, the insurance company may reject it.
