Health Insurance: Most people understand the importance of health insurance after being hit by a major illness. But by then it is too late.
Health Insurance: Generally people do not understand the importance of health insurance and ignore it. People think that they cannot get any serious illness, so they do not need a health insurance policy. Experts believe that a health insurance policy is very important for everyone.
Indranil Chatterjee, co-founder of RenewBuy, says that most people understand this when they are in the grip of some major or serious disease. But by then it is too late and they have to spend part of their savings for health.
The COVID-19 pandemic has proved that the health crisis not only affects everyone personally but also has a huge impact on the economy at large. If you are thinking of buying a health insurance policy, then here we have told some important things for you. Keep these things in mind before buying a policy.
claim settlement
One of the most important aspects of insurance is claim settlement. If an insurance policy does not provide claim settlement to the consumer at the time of need with an easy process, then it is of no use. “The industry today is working collaboratively on claim settlement, with the traditional-digital model coming together for faster settlement,” says Chatterjee.
Experts say that policyholders should also be aware of some tips and tricks so that they do not face any kind of problem in claim settlement. Do note that if you want speedy claim settlement, then understand all the policy terms and conditions and use digital insurance.
waiting period
There are policies that cover pre-existing diseases after a waiting period of one or two years, but some companies cover them only after four years. Also, there is a specific waiting period for specific diseases, so says Chatterjee, “You should opt for a policy that has a minimum waiting period but offers comprehensive health coverage.”
Policy Terms and Conditions:
It is very important to understand its terms and conditions before buying a policy. Experts say that many people do not read the terms and conditions properly and make big mistakes in the process. It is during claim settlement that they come to know that some important things were not known to them. “Choosing the right amount for insurance is also important,” says Chatterjee. It is also very important to take care of things like inclusion of family members in the policy, critical illness and new age services like telemedicine, homecare, domiciliary and daycare.
