check crucial factors before buying a health insurance policy
DESCRIPTION
Cashless Network of Hospitals: This refers to the list of hospitals tied up with the insurance company wherein you need not pay hospitalization expenses at the time of discharge from hospital. You should always check this list before choosing an insurer and should always prefer an insurer that has a tie-up with your preferred hospital. Understand Exclusions in the policy: Before you buy a health insurance, always read the exclusions of the policy i.e. features that are not covered under the policy. The exclusions vary as per the plan you choose. Always read these conditions before you pick any insurance plan to avoid chaos at the time of claim. Furthermore, you should make it a point to ask for sample policy wordings so as to get in depth knowledge about certain definitions, terms and conditions, exclusions and benefits being offered while comparing different insurance policies offered by other companies. Scope of the insurance policy: Always check the complete list of ailment/ disease covered under the policy. Insurance company can reject even your cashless claim if the disease for which the hospitalization is required, is not covered under the scope of the insurance policy. Renewability: Renewability refers to the maximum age till you can get your insurance policy renewed and can claim the features and benefits of that policy. You should always prefer taking a policy that has a lifelong renewability because old age is the time when you need your policy the most. Waiting Period: Waiting Period is also known as cooling period. It is a period during which the insurance company is not liable to pay any claims to the insured. When you sign up for a new health insurance policy, there is a wait time of 30-90 days (although the wait time is different for each insurer and each insurance plan). This means when you buy a health insurance plan, your policy does not get implemented with immediate effect. You have to wait till the cooling period to apply for any claims. So before you sign up for a medical/ health insurance plan, always remember to check to waiting period for your plan. Pre-existing Diseases: A pre-existing disease refers to any medical condition/ ailment/ disease of an individual prior to the commencement of the policy. Pre-existing diseases may not be covered in the first 2-4 years of the policy depending on your age and the nature of the policy. Individual insurance policy Vs family floater policy: You must also consider whether you want to buy individual policies for all family members or a family floater policy for all. In case of a young nuclear family, it is better to opt for a family floater policy that extents coverage to two adults and two children. Compared to individual plans, family floater plans come at a marginally incremental premium. Source:http://blog.bankbazaar.com/factors-consider-before-buying-health-insurance-policy/TRANSCRIPT
Source:blog.bankbazaar.com
Check Crucial Factors Before Buying Life Insurance
Important Factors of Health Insurance
• Cashless Network of Hospitals
• Understand Exclusions in the policy
• Scope of the insurance policy
• Renewability
• Waiting Period
• Pre-existing Diseases
• Individual insurance policy Vs family floater policy
Source:blog.bankbazaar.com
Source:blog.bankbazaar.com
Cashless Network of Hospitals
This refers to the list of hospitals tied up with the insurance company wherein you need not pay hospitalization expenses at the time of discharge from hospital. You should always check this list before choosing an insurer and should always prefer an insurer that has a tie-up with your preferred hospital.
Source:blog.bankbazaar.com
Understand Exclusions in the policy
Before you buy a health insurance, always read the exclusions of the policy i.e. features that are not covered under the policy. The exclusions vary as per the plan you choose. Always read these conditions before you pick any insurance plan to avoid chaos at the time of claim. Furthermore, you should make it a point to ask for sample policy wordings so as to get in depth knowledge about certain definitions, terms and conditions, exclusions and benefits being offered while comparing different insurance policies offered by other companies.
Source:blog.bankbazaar.com
Scope of the insurance policy
Always check the complete list of ailment/ disease covered under the policy. Insurance company can reject even your cashless claim if the disease for which the hospitalization is required, is not covered under the scope of the insurance policy
Source:blog.bankbazaar.com
Renewability
Renewability refers to the maximum age till you can get your insurance policy renewed and can claim the features and benefits of that policy. You should always prefer taking a policy that has a lifelong renewability because old age is the time when you need your policy the most.
Source:blog.bankbazaar.com
Waiting Period
is also known as cooling period. It is a period during which the insurance company is not liable to pay any claims to the insured. When you sign up for a new health insurance policy, there is a wait time of 30-90 days (although the wait time is different for each insurer and each insurance plan). This means when you buy a health insurance plan, your policy does not get implemented with immediate effect. You have to wait till the cooling period to apply for any claims. So before you sign up for a medical/ health insurance plan, always remember to check to waiting period for your plan.
Source:blog.bankbazaar.com
Pre-existing Diseases
A pre-existing disease refers to any medical condition/ ailment/ disease of an individual prior to the commencement of the policy. Pre-existing diseases may not be covered in the first 2-4 years of the policy depending on your age and the nature of the policy.
Source:blog.bankbazaar.com
Individual insurance policy Vs family floater policy
You must also consider whether you want to buy individual policies for all family members or a family floater policy for all. In case of a young nuclear family, it is better to opt for a family floater policy that extents coverage to two adults and two children. Compared to individual plans, family floater plans come at a marginally incremental premium.