HOW TO BUY HEALTH INSURANCE

Before reading about this post, my suggestion is to read completely about terms and conditions of any health insurance you take.

I have written my previous post based on why we need a separate health insurance apart from company's? Click on the link to read.

Collected these suggestions from a front desk executive of an insurance company.

Even after a chit chat with my friend, one question still rolling in my mind, so posting this for you to clear the doubts of everyone.

This post is purely for 

What are the things to consider while taking a health insurance?

• First ask yourself, why you need a health insurance.
• Pick the places you are staying and find the hospitals near by are in the insurance network list.
• Ensure your health insurance should cover more day care treatments (treatments doesn't require to admit)
• Max allowance for a hospital room.
• Most coverage on pre and post hospitalization expenses.
• Check the applicable sub-limits
• Some policies provide more treatments, but check whether treatments are suitable for you.
• Pick the insurance with lower waiting period.
• Zero co-payment charges (That means, if the bill is 10,000, you need to some amount and the remaining will pay by insurance)
• Life time renewability(Some insurances cannot renew if you cross the age 60)
• Have a list of medical conditions or expenses not covered in the insurance
• Women required more insurance as they are more prone to the different diseases post maternity.

By taking consideration each above point, will help to choose the best health insurance plan.

Let's see in detail now,

First ask yourself, why you need a health insurance:

This seems to be a most basic question? But there is an in-depth analysis behind this, as the premium changes based on your answers.

List down for whom you need to take insurance along with you like children or parents.

Finalize which type of health insurance will suit for you, eg., does a family health insurance suffice for you, or does it require any specific health insurance for your parents, if aged above 60.

These answers will help to take the proper health insurance for you and your family.

Hospital Network List:

It is always safe whether the near by hospitals you are staying are in the network list.

Recommended, where you and your parents are staying and the network list should cover all the major hospitals near by.

Cover Day Care Treatments:

Sometimes, you will not stay in the hospital for more than 24 hours to claim insurance. But, the bill may be high. So, ensure your health insurance covers more Day Card Treatments.

Allowed Room Rent:

Some insurance companies, will provide only particular type of rooms. Eg Single Private Room. Full amount in the Insurance will not cover if you joined in another category of rooms.

Pre and Post hospitilization expenses:

There is a limit on the number of days on the pre-hospitilization and post-hospitilization expenses and also all the expenses will not cover as hospitilization expenses.

Sub-Limits:

Like said, all the expenses in the bill will not cover for insurance, there will be sub-limits for each category of your hospital bill.

Know the sub-limits of different categories before taking insurance.

Don't fall for un-necessary treatments coverage:

For attracting customers, some insurances offer all the treatments which are most common, but it may not be useful for all the customers.

List your family hereditary problems, to avoid these type of pitfalls.

Waiting period:

This is the most over-looked while taking the insurance. Once you take the insurance, you are not allowed to claim the insurance the next day/within a month.

There will be waiting period for every insurnace. Pick the lowest one.

Co-Payment Charges:

In Insurance, all the expenses will not bear by the insurance companies, some of them need to bear by the insurer in percentages.

Like 10% of the bill need to pay by insurer and remaining by the insurance company.

Go go for zero co-payment charges plan.

Renewability:

Now all the insurances are allowing for life time renewability. If your insurance is not a life time renewability, call your agent.

Expenses Not Covered in Insurance:

Get to know the list of expenses not covered as part of insurance, this will help to avoid the sudden surprises.

Some Important FAQ's on health insurance:

What happens if you not paid premium?

There will be a grace period of 30 days, and insurance will be cancelled if not paid with grace period.

How many people can avail in family plan?

Usually there will be 6 people (Max - 2 adults, 4 - Children)

Whether the insurance will cover for my children forever?

No, once your child reaches age of 25, they will not cover under policy.

What is the benefit of taking an insurance for more than a year?

There will be discount on premium if you bought the policy for more than a year.

Shall I take mulitple insurance polices and can claim from both?

You can take mulitple insurances but cannot claim from both.

Bookmark this page, as more information is in-progress.

If you have any more queries, post it in comments section.