There is no doubt in the phrase saying ‘health is wealth.’ And it is highly significant to insure your health to fight all the unforeseen medical emergencies. Investing in health insurance plans guarantees to beat costly medical treatments. There are three ground rules while selecting a health insurance policy- Don’t buy in a hurry; don’t purchase based on a friend’s or agent’s recommendation; and lastly, don’t buy based on cost.
Here is a checklist to go through before selecting medical insurance in India.
1) Adequate coverage:
The first thing to check is that the policy offers sufficient coverage for you and your family. Do not compromise cover to save money on premium. For the same sum assured, premiums may vary across different insurance companies. Instead of merely going for the cheapest plan, compare features. By paying a little extra amount, you may be able to get higher benefits.
2) Pre-existing diseases:
According to the Insurance Regulatory and Development Authority (IRDA), a pre-existing illness is an ailment for which one had signs or symptoms, was diagnosed, or received medical advice or treatment within 48 months before the purchase of the health insurance plan. The waiting period for protecting pre-existing diseases differs from one insurer to another and ranges from two to four years. Make sure you are well versed about the waiting period guidelines of your health insurance company before purchasing the plan.
3) Cashless facility:
It is a wiser option to hold health insurance in India that offers the cashless facility. It is a critical feature that saves the applicant to pay the hospitals from his own pocket. Here, the health insurance company will directly fund the hospital. It also involves limited paperwork and hassle than the reimbursement facility.
4) Health cover for senior citizens:
Some insurance companies provide the best health insurance plans specifically designed and catering to the senior citizens. These policies usually cover both hospitalisation and domiciliary hospitalisation (critical ailments where the patient is bedridden but not hospitalised). If the applicant has bought the policy before 55years of age, companies offer insurance policies renewable up to the age of 75 years.
5) Medical examination:
For a person aged above 45 years need to go through a medical check-up before insurance companies offer health insurance plan. If your medical report is unfavourable, the insurance company may turn you down. The age limit at which a medical examination becomes compulsory varies from company to company.
Here is a checklist to go through before selecting medical insurance in India.
1) Adequate coverage:
The first thing to check is that the policy offers sufficient coverage for you and your family. Do not compromise cover to save money on premium. For the same sum assured, premiums may vary across different insurance companies. Instead of merely going for the cheapest plan, compare features. By paying a little extra amount, you may be able to get higher benefits.
2) Pre-existing diseases:
According to the Insurance Regulatory and Development Authority (IRDA), a pre-existing illness is an ailment for which one had signs or symptoms, was diagnosed, or received medical advice or treatment within 48 months before the purchase of the health insurance plan. The waiting period for protecting pre-existing diseases differs from one insurer to another and ranges from two to four years. Make sure you are well versed about the waiting period guidelines of your health insurance company before purchasing the plan.
3) Cashless facility:
It is a wiser option to hold health insurance in India that offers the cashless facility. It is a critical feature that saves the applicant to pay the hospitals from his own pocket. Here, the health insurance company will directly fund the hospital. It also involves limited paperwork and hassle than the reimbursement facility.
4) Health cover for senior citizens:
Some insurance companies provide the best health insurance plans specifically designed and catering to the senior citizens. These policies usually cover both hospitalisation and domiciliary hospitalisation (critical ailments where the patient is bedridden but not hospitalised). If the applicant has bought the policy before 55years of age, companies offer insurance policies renewable up to the age of 75 years.
5) Medical examination:
For a person aged above 45 years need to go through a medical check-up before insurance companies offer health insurance plan. If your medical report is unfavourable, the insurance company may turn you down. The age limit at which a medical examination becomes compulsory varies from company to company.
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