The cost of healthcare is increasing every day. Illness and hospitalization affect our finances, our earning capacity and our everyday life. In such a situation, buying health insurance is a wise step.
If you are also planning to buy health insurance, then you must consider the special things related to it before buying the policy. It is very important to understand what to do and what not to do in this. Let us discuss these things here.
What to do
- Try to find out what kind of restrictions are there on the coverage.
- Pay special attention to the terms and conditions in the policy such as:
- Pre-existing illnesses excluded clause
- Waiting period before certain illnesses are covered
- Restrictions or limits on various expenses related to hospitalization
- Co-payment, which means you have to share a part of the claim
- Pre-conditions for renewal
- Age upper limit for entry and renewal
- Disclose details of all pre-existing health problems including
- Major illnesses
- Conditions like hypertension or diabetes
- The company may seek medical test reports based on age at the time of policy entry, you must comply with all procedures and documentation requirements.
- Check where and how the medical tests will be conducted
- Check who will bear the cost of the tests
- Pay the premium only after the insurer accepts your proposal.
- Renew the policy carefully for the rest of your life.
What not to do
Do not hide facts otherwise you may face dispute at the time of claim.
Do not leave a gap of even a day in your policy renewal otherwise your cover may become inadequate or useless.
Insurance is a complex product that promises to pay compensation to the insured or a third party as per specified terms and conditions in the event of a covered emergency. Most insurance transactions usually have an intermediary – an insurance agent (individual or corporate) or an insurance agent.
