10 Best Questions Before Buying Health Insurance
Health insurance is a sort of insurance that pays for unexpected medical costs brought on by a disease. These expenditures may be associated with the price of hospitalization, the price of medications, or the cost of medical visits.
It is an agreement between a person or their sponsor and an insurance provider (such as an insurance company or a government) (that is an employer or a community organization). In the case of private insurance, the contract may be renewable on an annual, monthly, or lifetime basis. In the case of national plans, it may also be required of all citizens. A member contract or “Evidence of Coverage” booklet for private insurance or a national [health policy] for public insurance will detail the categories and dollar amounts of medical expenses that the health insurance provider will cover.
Four Questions you should ask yourself.
- What should be the cover amount?
A lot of people will think in terms of amount, Right way to think about it is in the Number of Hospitalization Days in a year. Wherever you live, there is the expense of hospitalization which differs from state to state, city to city. If you are taking health insurance for your parents then you should take a minimum of 1 month of hospitalization days because they are old they would require better care. If you are taking it your self then go for a minimum of 15-20 hospitalization cover.
- What is the right age to take health insurance?
Don’t think that you are young and you don’t require that. when you are young your premium for the same coverage would be lesser than the later health insurance premiums. so take health insurance as early as possible for yourself and your family. one more point is that you would get no claim bonus if you are young, and hospitalization probability is low until you are not claiming it. it gets added to your cover.
- Should you take same insurance for yourself and your parents?
Recommended is that your insurance should be different from your parents’. because if you take health insurance for the whole family together the premium is on the higher side because it is determined by the eldest member of the family.
- Should you take additional health insurance if you already have corporate health insurance?
Yes, because as soon as you leave the company your health insurance gets collapsed.
Six Questions to ask the insurance company
- Are pre-existing diseases covered in the insurance? IF covered, How long is the waiting period?
Some policies don’t cover pre-existing diseases. While some policies cover after a waiting period. So your insurance cover should have pre-existing diseases covered and the waiting period should be less.
- Is the room rent also covered in the health insurance when hospitalized?
A lot of insurance policies have a limit to them usually 1% of the insurance amount. suppose you have a 5 lakh insurance policy then 5000 would be covered. also in this type of policy pro rata reimbursement would be done, so better to go for no limit policy.
- In a year, how many times I can claim insurance?
There should be unlimited claims allowed on your health insurance. you can’t predict the future and your health.
- How many cashless hospitals are around you?
Companies might claim that they have a wide range of cashless hospitals but you have to see how many such hospitals are around you.
- Does the insurance cover checkups and OPDs?
Majorly, in insurance policies, only hospitalization is covered. there are very less policies where OPDs are covered. so check for policies in which free checkups are there and free OPD consultants,
- How much is the claim settlement ratio?
Every company has a different claim settlement ratio, Go for the company which has more than 95% claim settlement ratio. Also the claim settlement amount ratio.