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Dos and Don'ts for Health Insurance

Healthcare costs are going up everyday and illness and hospitalisation affect our finances, our earning capacity and our daily lives,

Here are some Dos and Don’ts for buying Health insurance

 


When you buy a health insurance policy you should:

  • Know that there are restrictions on coverage
  • Pay special attention to terms and conditions in the policy like:
  • The clause excluding pre-existing diseases
  • Waiting period before certain diseases can be covered
  • Restrictions or limits on various expenses relating to hospitalisation
  • Co-payment, which means you have to share a part of the claim
  • Pre-conditions for renewal
  • Upper limits for age at entry and for renewal
  • Disclose details of all pre-existing health problems
  • The company may want medical test reports depending on age at entry, you should comply with all procedures and documentation requirements
  • Check where and how the medical tests will be carried out
  • Check who should bear the cost for the tests
  • Renew the policy meticulously for the rest of your life




  • Conceal facts or you could face a dispute at the time of a claim
  • Allow a gap of even one day in your policy renewal or your cover may be insufficient or useless

Here are some Dos and Don’ts for buying Overseas Health Policy




Insure well ahead of your travel dates ensuring you have time for medical tests if required by the company
Ensure you cover your entire period of stay abroad and all the countries you will be visiting
Be aware of what your policy covers and does not cover. these policies cover not only hospitalisation but could also cover travel related risks like:

  •         Loss of passport
  •         Loss of cash
  •         Loss of baggage and
  •         Repatriation expenses
  • Disclose details of all pre-existing health problems including
  •         Major ailments
  •         Conditions like high blood pressure or diabetes
  • Comply with all procedures and documentation requirements the company may want including medical test reports depending on age at entry.
  • Check where and how the medical tests will be carried out
  • Check who should bear the cost for the tests



   

  • Conceal facts or you could face a dispute at the time of a claim

General Advice for Health Insurance

When you decide to buy an insurance policy:

  •     Check if the company selling the policy is registered with IRDA
  •     Make sure you buy the policy through a licensed agent or broker.
  •     You can also buy policies from the company directly.
  •     Read the policy brochure carefully and get to know about policy exclusions and inclusions.

 

 

Take care