It takes years to save and invest in order to achieve your financial goals. A medical emergency can derail your financial planning and put you in financial stress. This is where a health insurance plan will help manage the financial strain. The plan offers financial coverage in case of accidents and diseases. You need to understand the core features and offerings of a health insurance plan before buying one. Keep the below-mentioned things in mind before buying a policy.
- Choose between individual or family floater
Before buying health insurance, you need to answer whether you need an individual policy or a family floater policy. If you are single, you can opt for an individual health policy. However, if you are married and have dependents, you must choose a family floater plan
- Understand the cover you require
Due to the increasing cost of medication and healthcare, you need to choose a high sum assured keeping the future in mind. The cost of medication is only going to increase and you need to have an adequate cover for a critical illness.
- Check if you need to undergo a medical test
Insurance companies require you to undergo a medical check-up to estimate your risk profile. The risk profile will be higher if your age is over 40. If you are applying for a high sum assured, a medical checkup may be necessary. If you are in your 30s and in good health, you might not need to go through a medical test. However, if you have a pre existing disease, you will have to go through a medical test.
- Understand the waiting period
You need to understand that all diseases included in the health insurance policy will not be covered from the first day of the policy. Insurance providers have a waiting period ranging between 30 days to 90 days after the issue of the policy for any treatment. Accidents are covered from the first day itself. The standard waiting period ranges from two years to four years depending on the type of disease. It is advisable to check the list to ascertain the waiting period if you have any pre-existing illnesses.
- Check the coverage network for claims
There are two ways in which a claim is settled – cashless or through reimbursement. In case of reimbursement, you need to pay for the expenses through your personal funds. The insurer will reimburse the amount you submit all the necessary documents. In case of a cashless claim, you need to visit a hospital, which is within the coverage network of the insurance provider. You will not be required to pay anything out-of-pocket at the hospital, as the insurer directly settles the claim with the hospital. Ensure you choose a provider who has a good network of hospitals not only across the country but also in your locality.
Keep these five things in mind before buying health insurance to ensure that you make the right decision. Bajaj Health Insurance is your best bet if you are looking for a health policy online. With one of the highest claim settlement ratios in the industry, minimal documentation and no third party involvement, Bajaj health insurance is notably the most popular choice among the masses.
