Buying health insurance? 5 things to keep in mind while buying a policy online

By: |
April 14, 2020 7:21 PM

One should not just choose a plan with few benefits and low premiums, as such plans might not offer an adequate cover. Instead, opt for a policy that has all features and can give wide coverage to the policyholder and his/her family.

Health Insurance, room rent, proportionate deduction, claim settlement, health insurance, COVID-19 Insurance Plans, insurance for coronavirus, ICICI Lombard COVID-19 Protection Cover, Star Novel CoronavirusIt is suggested to check the list of the cashless network hospitals in the policyholder’s area in advance for convenience and better treatment.

With the coronavirus outbreak intensifying, many people are looking to opt for a health insurance plan. The health insurance policies are not necessarily COVID specific health plans, but health policies in general. While buying a health policy an individual should be very careful, warn experts, and not buy in haste.

One should not just choose a plan with few benefits and low premiums, as such plans might not offer an adequate cover. Instead, opt for a policy that has all features and can give wide coverage to the policyholder and his/her family.

Here are a few things to look for while choosing a health insurance policy:

Easy and fast claim process: It is important to know about the claim process of the insurance company, while selecting a health insurance plan, as that is the main point of having an insurance policy. Experts say, if an insurance company does not have a simple and quick claim process, it can be a major stumbling block for the policyholders and his/her family members especially in the case of an emergency.

Limitations and exclusions of policy: It’s important to understand the details of the policy, as every policy has its own limitations and exclusions, before opting for a health insurance plan.
Experts say many people just assume things and buy an insurance policy and later are caught off guard when the assumed promises are not delivered. Hence, it is advised to go through the fine print of the policy, before signing a policy. For instance, a certain type of condition might not require hospitalization for treatment and therefore might not be covered under the standard health insurance policy. Because of such instances, it’s important to check if the particular policy covers in-patient treatment, pre, and post-hospitalization, ambulance cover, etc.

Waiting period: Every policy comes with a fixed waiting period pertaining to coverage of certain illnesses. It is only after the waiting period that the policyholder will be able to get coverage for those illnesses. For instance, illnesses such as diabetics, or pre-existing illnesses, maternity benefits come with a waiting period ranging from 2-4 years. Hence, it’s better to go through the policy fine prints carefully to understand the extent of the coverage. Some policies also come with a waiting period of one month/initial waiting period, which is applicable from the date of commencement of the policy.

Co-payment clause: The co-payment clause is when the policyholder agrees to pay a part of the medical expense out of his/her own pocket, and the insurer pays the rest of the medical expenses. According to industry experts, policyholders should choose the insurance cover that includes the co-payment clause. With that, the policyholders will have to pay a pre-defined per cent of the claim amount from his/her own pocket before the insurer pays the rest of the expenses. Comparatively, policies with co-payment clause come at a low premium.

List of network cashless hospitals: Only in-network hospitals, can policyholders avail cashless treatment. Hence, it is suggested to check the list of the cashless network hospitals in the policyholder’s area in advance for convenience and better treatment.

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