“In the end, it’s not the years in your life that count. It’s the life in your years.”
—Abraham Lincoln
Buying health insurance is like a back-up plan for your life. Health insurance covers the whole or a part of the medical expenses incurred by you. Various insurance companies are offering numerous policies. The need for health cover is increasingly becoming more critical, and hence choosing the right health plan is essential.
Here are a few points that you need to check before you pick up a Health Insurance:
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Lifetime renewability:
The regulating authority of health insurance companies is IRDA (Insurance Regulatory Development Authority of India). As per IRDA regulations, health insurance companies are mandatorily required to offer health insurance for up to 65 years. Most of the private companies do not have any such age limits in their plans. Once the policy is issued, individuals will be solely responsible for renewing the policy timely. If the individual fails to renew the policy, at the time of claiming, they will lose the real benefits of such a lapsed policy.
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Pre-existing ailment/ diseases
A few health insurances are for pre-existing illnesses. The coverage of pre-existing is conditional depending upon the individual’s honesty while making the medical disclosure at the time of buying the policy. In case, if the insurance company suspects that the individual is aware of his pre-existing disease at the time of purchasing the policy, then the company may refuse to issue the policy. Thus, it’s essential, to be honest, and disclose any pre-existing diseases at the time of buying a policy.
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Sub-limits
Sub-limits in health insurance has become a vital feature to keep an eye on. The total medical cost includes the doctor’s fee, room rent, and other operating charges. Sub-limits refer to limiting reimbursement under each cost head or a limitation on what the company will pay out for a specific purpose. Hence, always look for the policy with no sub-limits.
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Exclusions
Before buying a policy, always look for the diseases that the policy will cover, terms and conditions, the medical services that the policy does not cover.
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Disease waiting period
Health insurance companies will have a period during which they will not pay any claim. It’s good to know about the diseases covered under this clause before buying the policy.
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Daycare procedures
Daycare procedures is an essential requirement for health insurance claims. Many health insurance plans have started covering claims for daycare expenses such as dialysis, chemotherapy, etc. Check for the daycare clause and know how much will be paid.
Thus, while choosing a health cover, you should start comparing two different companies plans. You should have a close look at the inclusions and exclusions offered by the company. Do not choose a policy based on the premium amount; instead, look for the plans with simple conditions and restrictions.
