Questions you need to ask before buying Health Insurance
As per the latest report related to insurance department, including government and corporate health insurance plans only 35% of the population of India is covered under the health insurance schemes.
However, if you have not opted for a health insurance plan yet, the best solution would be to list down the questions and get the answers from your insurance company before choosing any policy.
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Questions you need to ask before buying Health Insurance
Here we have some short of health insurance questions answers. It will help you from making mistakes and ending up buying the wrong policy:
1. What does your Health Insurance policy cover?
The first and foremost question you can ask your health insurance provider to know what the facilities are you paying for. Usually, the plan covers In-patient hospitalization expenses, Pre as well as post-hospitalization, health check-ups, daycare procedures, maternity, ambulance charges, annual health check-ups, wellness benefits, etc.
Many insurance companies provide insurance benefits under the policy where a fitness mentor or coach is assigned to you who will guide you with the right amount of diet, nutrition, healthy tips, etc. without any additional cost such as gym membership, yoga classes, wellness discounts, etc.
NOTE: Take the details of the doctors and hospital and use them for your preventive healthcare checkup and other coverage details, so that the claim is hassle-free.
2. How does the No Claim Bonus work and how does it carry forward?
The policyholder is qualified to cumulate the benefit under a no-claim bonus, wherein the sum insured increases by a specific NCB percentage in every claim-free year. The percentage will vary from company to company. For any year, if you do not claim then, the bonus keeps on adding.
NOTE: This feature in the health policy helps the policyholder to get additional coverage and get support during medical emergencies to access quality treatments with no worry. So, do ask your provider the percentage and how it will work.
3. When can you claim the Health Insurance policy?
Claiming a health insurance plan when needed is the primary reason for opting for the plan, right? So, you surely need to know the different waiting periods during which you will not be allowed to file a claim for the specific treatments.
“In India, the health policy comes with a strict rule of a waiting period to avoid fraud. So, you must know the types and time limit of the waiting period in your policy such as:
- An initial waiting period of 30 to 90 days for filing any claim, other than accidental claims
- A disease-specific waiting period of 2 years for filing claims such as cataract operation, gall bladder surgery, hernia, prostate, etc.
- A pre-existing disease waiting period of up to 4 years for ailments existing before the policy inception such as hypertension, diabetes, thyroid, etc.
- A maternity waiting period of up to 4 years for any maternity and childbirth-related claim.
NOTE:
The waiting period, the lower the better. So, while choosing any plan, compare the waiting period and select the minimum waiting period to maximize the benefit in a health emergency.
4.What is the claim settlement process?
You will never know when an emergency can arise, so for that, you have to understand the process of claim initiation. You must understand all the relevant processes for filing the claim. Health insurance claim can be Cashless, i.e. bill directly settled with the hospital or Reimbursement, i.e. you need to first pay and then get it reimbursed
NOTE: The most important aspect of the claim settlement process is to know about the relevant documents. For cashless claims, the documents are taken care of by the hospital. However, for reimbursement claims, you need to provide all original bills and receipts at the time of claim along with the claim form, insurance card and bank account details.
5. What is your room rent or other sub-limits?
A sub-limit or a room rent cap means the insurance company will reimburse your hospitalization costs but up to the limit only. The rest of the expenses need to be borne by you. If you have a sub-limit in your health plan, your out-of-pocket expenses rise, as a significant amount would have to be paid from your own pocket, which would not be payable by the insurance company, unless you get admitted in a room within the specified limit. Every year 7 % of India’s population gets pushed into poverty due to high out-of-pocket health care expenses, which mainly constitutes medicines.
Co-pay refers to the percentage of the claim amount that has to be borne by you. For instance, if you choose a 10% co-payment, it means at the time of claim settlement, a maximum of 90% of the claim can be paid by the insurer.
NOTE: Try and opt for a plan with no sub-limits or co-pay even if that makes the plan slightly more expensive, so that your out-of-pocket expenses are not high at the time of claim.
Premium plays an important role while purchasing the health insurance plan. You have to ask the provider the premium and how much it will rise. As the premium changes at the time of renewal, it is affected by several reasons like an increasing expense for treatment, the company’s claim experience, your age, change in health benefits, etc.
NOTE: While selecting any policy, check with the insurer to get an approximate idea of the premium hike. This could go for multiple reasons such as age slabs and the insurer’s claim experience. So, you need to be mentally prepared for the same.
7. What additional benefits can be added at an extra cost?
After getting all the complete information on the policies, ask your insurer what other benefits can add at an extra cost. There are different additional benefits you can buy as a rider in your policy.
For example, you can get an accidental policy by adding an extra amount and, you can take a critical illness cover, etc.
NOTE: So, it is necessary to ask the insurer about the types of additional benefits you can avail of with your policy and, as per your requirement, select them carefully.
Reasons why to Buy a Term Insurance Plan Online?
Payment Security by online process
Not only are there multiple quick and convenient online premium payment options when you buy a term insurance plan online, but you can be sure that your insurance provider protects your personal and financial information by partnering with trusted payment gateways and platforms for your safety.
They are Customizable
There are a variety of online term insurance policies as you can choose the policy term, premium, and sum assured as per your needs. And if you need to enhance your plan’s coverage further, you can opt for one or more optional riders for an extra premium and protect yourself against financial emergencies.
Term Plans are Affordable
Purchasing a term insurance plan online can be quite affordable and cost-effective since you can calculate the term insurance premiums with an online term insurance premium calculator before you buy a term insurance plan online. Moreover, there are no overhead costs online.
Reliable and Transparent
All the information related to your online term insurance policy you need is available on your insurance provider’s website. You can read about the features, term plan benefits, and offerings of various term plans online. Moreover, you can download the policy brochure and also calculate your term insurance premiums online.