Before Choosing Health Insurance, Here Is Critical Information You Should Know
Introduction to Health Insurance
Health insurance safeguards people against unanticipated expensive medical expenses. Medical insurance for parents above 60 years, as well as children below 10, are available. Even before one reaches their deductible, they are entitled to free preventative care, such as immunizations, screenings, and some check-ups.
Ashok, a banker in his thirties, decided to invest in healthcare insurance for his parents. He did understand what to consider when buying insurance. So, he contacted his friend, who was associated with a company with the top mediclaim policy in India. He explained to Ashok the various factors to consider while choosing a health care plan and its benefits and suggested appropriate healthcare plans.
10 Things To Know Before Buying Health Insurance?
- Age: Before you move to any other information, the primary thing to consider is the age limit for health insurance? Consider the age of the family members who need to be covered when acquiring health insurance. The premium cost would be determined by the age of the eldest family member. There are health insurance plans with a minimum age requirement of 91 days and a maximum age requirement of 60 years. Other plans have a minimum health insurance age limit of 25 years and a maximum age limit of 50 years.
- Premium and Coverage: A policy with a lower premium can be beneficial if it provides comprehensive coverage at a price one can afford. The other benefit is a lower premium for the insurance coverage. Purchase health insurance that provides appropriate coverage without sacrificing features and at a cost.
- Medical Benefits: Health insurance companies provide a network of hospitals with which covered people can receive cashless treatment in a medical emergency. It helps in saving time and effort of filling out papers at the admission and claim. One does not need to organize for finances because the insurer pays the hospital directly the amount covered.
- Waiting Period Clause: This waiting time will apply to any pre-existing conditions such as thyroid disease, high blood pressure, diabetes, and so on that a person may have before purchasing the coverage. It also applies to certain treatments and ailments such as arthritis, varicose veins, cataracts, etc. You can compare and select a plan that has a minimum waiting period for health insurance before you can receive benefits in the event of a medical emergency.
- Maternity Expense Coverage: With the cost of delivery and maternity care already at an all-time high, it’s a good idea to invest in a health insurance plan that includes maternity coverage. Choose a plan that, in addition to the delivery fee, covers the medical expenses of a newborn baby. Look at the restrictions that come with it. Generally, there is a 2- to 4-year waiting time before one can receive benefits.
- Hospitalization Coverage: Medical needs spent during hospitalization are usually covered by most health insurance plans. Purchase a plan that covers expenses both before and after the hospitalization to avoid paying for ambulance services, medical tests, drugs, and physician bills, among other things.
- Preventive health check-ups: Those associated with cardiovascular diseases, MRIs, and cancer screenings are covered in medical insurance for parents above 60 years. Verify the coverage limit for preventative health check-ups when choosing a healthcare insurance policy.
- Co-Payment Clause: It’s essentially the proportion of the total amount you’ll have to pay at the time of claim, with the balance covered by the insurer. Most insurers contain a co-payment clause if someone has any pre-existing medical conditions or has reached a specific age restriction. A co-payment clause could affect the amount of the claim.
- Process of Claim: When it comes to paying health claims for any top mediclaim policy in India, a simple claim process is necessary. Conduct some research, check online customer reviews, and choose a health insurance carrier with a reputation for quick claim settlement.
- No-Claim Bonus: No-claim bonus (NCB) refers to the insurance company’s offer of a discount for all the years one hasn’t submitted a claim. The NCB limit is specified in most health insurance policies. And the amount of the increase in the total covered would be determined by the insurer’s limit.
Health insurance is one of the critical financial backups which you can get for you and your family. The market is filled with insurances that don’t offer minimum waiting period health insurance. So you must perform proper research before purchasing medical insurance for you or your family member.
What is the maximum number of claims you can receive in a single year?
In general, there is no limit to the number of claims you can make in a year as long as they don't exceed your policy's total insured. Insurers also provide cashless services, allowing you to purchase medical insurance without having to pay for it. Inquire about the claim limit with your insurance.
How to budget for health insurance?
Calculate your current costs. Each year, go through your health-related spending. Health insurance premiums, dental checkups, eye exams, prescription drugs, and medical doctor visits will be significant components of your annual expenditure. Include the cost of your medications. Check with your health insurance provider to discover what portion of your prescription drug costs they cover.