ey Points to Look into Before Purchasing Health Insurance Policy
Last year, when there was an upsurge in the pandemic, there was a sudden rise in the number of people looking for health insurance policies. This pandemic had shaken up everyone and made them realize the consequences of not having a health plan. A health insurance plan not only helps an individual in paying medical bills and reducing the financial burden, but it also provides peace of mind. However, before buying a health insurance policy, we should look into certain important points before purchasing a policy.
Some important key points are:
• NUMBER OF DISEASES COVERED AND TO WHAT EXTENT: It is very important to have a clear idea of the number of diseases covered in one’s health insurance plan. One should check beforehand whether dental treatment, cosmetic surgery or Maternity surgery expense or any other treatment/disease which they are looking for, are covered in the plan or not. In case any disability occurs then in what way plan will be useful? So, it is very important to have a clear idea of what all is covered as per the requirement of the individual.
• Cashless facility: This is one of the best facilities given by health insurance companies as it is used at the time of either emergency or when one gets hospitalized. During such time, the cost will be taken care of by the insurer and an individual doesn’t have to run for arrangements of money for the same. So, it is also important to check that while taking a health plan one should opt for a Cashless facility.
• CO-PAYMENT: In the health insurance policy, Co-payment means some percentage of the claim amount is borne by both i.e. insured and insurer. Suppose a person bought a health insurance plan and agreed to a co-payment of 10%. So, if a claim of Rs 2 Lakh is approved then he has to pay 10% of Rs 2 Lakh i.e. Rs 20,000 and the rest will be borne by the insurer. So, it is important to look for the percentage for Co-payment before buying any policy. The lesser the percentage, the better for you.
• WAITING PERIOD: The waiting period is the duration, during which the insured cannot claim benefits from a health insurer. The duration of the waiting period and its terms and conditions varies from company to company, especially in case of Pre-Existing Diseases. So, one should look for a lesser waiting period in the health insurance policy in order to safeguard oneself from bearing medical expenses due to the long waiting period clause of the policy.
CONCLUSION:
So when you buy a health insurance plan, you should choose a plan with adequate coverage and a high sum assured. You need to pick up the policy which is truly valuable in terms of coverage you get and the premium you paid. These key points will help you in the same.
We at Right Value, provide an appropriate Health Insurance Policy. In case you need any support for any health insurance-related query, feel free to contact us.