10 Key things to check before buying Health insurance policy

Health insurance policies are a crucial investment in today’s world, where medical expenses are skyrocketing. However, it is essential to be extra careful while choosing a health insurance policy to ensure that you get the best coverage for your needs.

Here are some things you should consider before taking a health insurance policy:

1. Age Criteria: Age is one of the most important factors to consider when purchasing a health insurance policy. The cost of the premium depends on the age of the eldest family member in a family floater policy. Additionally, you should check the age limit criterion when buying a health insurance cover. Some plans have a minimum entry age limit of 91 days and a maximum entry age limit of up to 60 years. Other plans have a minimum age limit of 25 years up to a maximum of 50 years. However, some plans do not have any restrictions on the entry age.
2. Premium and Coverage: While it can be tempting to buy health insurance with the lowest premium, it is essential to consider the right combination of premium and coverage. A policy with a lower premium can be good if it offers extensive coverage at a premium that you can pay. However, a lower premium can also mean reduced insurance coverage. Therefore, it is crucial to look for the reasons behind a reduced premium. Check if there are any additional clauses of co-payment, deductibles, and sub-limits, and if so, you may end up paying more at the time of claim. You should buy a policy that offers adequate coverage without compromising on the benefits and at a premium that you can afford.
3. Waiting Period Clause: It is essential to be aware of the waiting period clause when purchasing a health insurance policy. The insurer will not accept any claim arising out of pre-existing illnesses or specific illnesses during this period. This waiting period can range anywhere between 24 months and 48 months, depending on the insurer and the plan that you have chosen. Moreover, you will be able to claim the benefits only when this period is over. This waiting period applies to pre-existing illnesses like thyroid, blood pressure, diabetes, etc., that one may have before buying the policy. Additionally, it is applicable to certain specific treatments and illnesses like arthritis, varicose veins, cataract, etc.
4. Network Hospitals: It is essential to check the list of network hospitals before purchasing a health insurance policy. Network hospitals are those hospitals that have a tie-up with the insurance company. If you get hospitalized in one of these hospitals, you can avail of cashless treatment. Therefore, it is crucial to check the list of network hospitals in your area before purchasing a health insurance policy.
5. Exclusions: It is essential to be aware of the exclusions when purchasing a health insurance policy. Exclusions are those illnesses or treatments that are not covered under the policy. You must have total clarity about both before purchasing health insurance. Being unaware of the coverages can lead to an increase in out-of-pocket expenses. And being unaware of the exclusions can lead to claim rejection.
6. Renewal Policy: It is essential to check the renewal policy before purchasing a health insurance policy. Some policies have a lifetime renewal option, while others have a limited renewal option. Additionally, some policies offer a no-claim bonus, which means that if you do not make any claims during the policy period, you will get a discount on the premium during the renewal period.
7. Claim Settlement Ratio: It is essential to check the claim settlement ratio of the insurance company before purchasing a health insurance policy. The claim settlement ratio is the percentage of claims settled by the insurance company. A higher claim settlement ratio indicates that the insurance company is more reliable and trustworthy.
8. Sum Insured: It is essential to choose the sum insured carefully when purchasing a health insurance policy. The sum insured is the maximum amount that the insurance company will pay in case of hospitalization. You should choose the sum insured based on your medical history, age, and lifestyle.
9. Co-payment: It is essential to check the co-payment clause before purchasing a health insurance policy. Co-payment is the percentage of the claim amount that you will have to pay from your pocket. Some policies have a co-payment clause, while others do not. Therefore, it is crucial to check the co-payment clause before purchasing a health insurance policy.
10. Policy Terms and Conditions: It is essential to read the policy terms and conditions carefully before purchasing a health insurance policy. The policy terms and conditions contain all the details about the policy, including the coverage, exclusions, waiting period, etc. Therefore, it is crucial to read the policy terms and conditions carefully before purchasing a health insurance policy.

In conclusion, purchasing a health insurance policy is a crucial decision that requires careful consideration. By keeping these things in mind, you can choose the best health insurance policy for yourself and your family.