Health is Wealth, an idiom that has been with all of us for centuries now. However, how many of us feel the same? I guess only a handful of people. Today, the fast-paced life is full of uncertainties, and with uncertainty comes emergencies specifically “money emergencies.”
Half the population of the country still does not understand the importance of buying health insurance. A sudden illness or unforeseen ailment treatments can burn a hole in your pocket, and the financial burden of a medical emergency is too much to bear. Hence, the best way to safeguard the financial burden is health insurance.
Buying health insurance is different, you cannot just walk into the market and buy the first one you get. Also, with more than a dozen of players in the market, the task becomes more daunting. Hence, to buy meaningful and beneficial health insurance with a robust cover, you need to consider aspects like the claim settlement ratio, the total sum insured, etc.
Also Read: What Does Your Health Insurance Not Cover
Buying health insurance is like shopping for your life. Because along with safeguarding you from any medical emergencies, it also protects you from uncertain expensive medical bills. Hence, it becomes essential to figure out all crucial points before buying one.
Here is the list of the crucial factors you should consider while buying your first health insurance:
The primary thing to know is the total amount insured and the premium to be paid for it. You must understand the finances included thoroughly, as you will have to pay premiums yearly or monthly based on your choice.
Right from your first lab test to identify the ailment to the post-recovery medication, ideal health insurance should cover all. Pre/post-hospitalisation coverage tells you whatever your insurance covers before and after your hospitalisation. Make sure you check these terms before buying health insurance, as various insurers have different conditions for the coverage.
Minimum age for a child to get covered by a health insurance policy usually ranges from 90 days (about three months) to 18 years. For an adult, the eligible age is 18 to 65 years. However, there are many plans for people above 65 as well. Hence, you must consider age as a principal factor as it is one of the deciding factors in determining your health insurance premium.
Health insurance covers various things like AYUSH treatment expenses, daycare expenses etc. However, it does not cover pre-existing diseases, medical emergencies caused by intoxication etc. Hence, you must know all the inclusions and exclusions, which will help you choose the right health insurance.
Most health insurance does not cover pre-existing diseases straight away. The waiting clause is different for different insurers, but it ranges from 9 months to several years. Hence, before you make your final decision and purchase a health insurance policy, read, and get familiar with all the wait-in clauses.
There are various add-ons available that you can add to your health insurance to increase its coverage scope of it. Remember, you need to pay an additional amount as a premium for those add-ons. The co-payment clause tells you the pre-defined percentage of the amount you must pay. These policies cost you less but also offer you fewer covers.
Buying health insurance is crucial but buying an adequate one is even more important. Hence, you must figure out all your requirements and then choose and buy the right plan.