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Top 10 Tips to Buy a Health Insurance Policy

Many diseases that were formerly considered critical have become relatively prevalent in today’s world. As a result, the expense of medical procedures has risen, potentially depleting one’s life savings. Hence, having a health insurance policy is now required to protect yourself from the financial strain of costly medical procedures.

Most companies provide their employees with a Group Medical Insurance Plan that covers their dependents, such as parents and spouses. However, the coverage offered is not enough for everyone.

10 important suggestions you should be aware of before purchasing a Health Insurance Policy.

  1. Coverage and Premium Amount: Based on your medical demands in the next years, you must compare and select a suitable health insurance plan. You must consider the sum insured that would appropriately protect you and your family when choosing a plan.
  2. Waiting Period: Certain diseases or illnesses are subject to a waiting period in some medical insurance coverage.
  3. Number of Dependents: When purchasing medical insurance coverage, this is an important part to consider.
  4. Network Hospitals:  It is critical to review the list of network hospitals affiliated with the insurers from which you plan to purchase a mediclaim policy. Take a look at the ones in your area and make an informed decision.
  5. Read the Fine Print: Most of us don’t bother to study the mediclaim policy’s “terms and conditions.” We only realize how important it is when we file a claim and discover that our claim may be denied due to a clause that we overlooked at the time of purchasing the policy.
  6. Convalescence Advantage: Under this section, often known as recuperating or recovery benefit, insurers pay the insured’s recovery costs. Some plans also pay related fees, such as compassionate visits from family members.
  7. Medical Concierge Services: The small items can be the most aggravating. Medical concierge services might help you save time and money. This feature is still catching up in India.
  8. Organ Donor Expenses: A kidney transplant might cost anything between Rs 3 lakhs and Rs 5 lakhs. Having insurance in place means you won’t have to worry about paying for medical expenses before having an organ transplant. Some insurance will reimburse the entire amount, while others will put a cap or include it as a bonus. Insurers, on the other hand, only cover the cost of organ replacement surgery. The insurer does not cover fees such as donor hospitalization, post-surgical problems, or testing.
  9. No Loading Charge:  It would be preferable if you weren’t in charge of claim-based loading. Even if you make a claim during the policy period, some of the plans contain a benefit that keeps you from incurring further loading charges.
  10. Reinstatement of Insured Fund: As a result, while the insured is in the hospital, he or she continues to receive financial help. That’s what we mean when we talk about good value for money.

Takeaway

With rising stress levels, demanding schedules, and lifestyle difficulties, having medical insurance coverage is becoming more of a necessity than a want. As a result, it’s best to compare and select the mediclaim policy that best matches your health demands.

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