Buying Health Insurance For First Time? Check These Hidden Conditions Before Signing Up
Many health insurance providers may charge hidden fees and keep details about coverages and exclusions undisclosed. It’s important to evaluate all key details before buying a plan.
Buying health insurance for the first time can feel confusing and overwhelming because of the lengthy paperwork and uncertainty around getting the best deals. Still, there has been a surge in seeking health and life insurance products recently as people are increasingly becoming aware of their significance.
With growing financial literacy in India, more people are becoming cautious about safeguarding their wealth through strategic investment choices backed up with a health insurance plan. This sentiment has been further boosted by the relaxed regulations and consumer protection policies adopted by the government.
However, buying the right health insurance policy can still be challenging. While a number of companies offer hundreds of products, comparing coverage, premiums and benefits often becomes a stressful task. Many health insurance providers may charge hidden fees and keep details about coverages and exclusions undisclosed. It’s important to evaluate all key details before buying a plan.
One of the easiest ways to choose the right health insurance or any insurance is to start by assessing your medical needs and budget. This acts like the first filter and will help you narrow down the suitable products from the dozens of options available.
Additionally, while comparing the plans, one must check these hidden conditions to ensure that they understand what they are signing up for.
Important Factors To Consider Before Buying A Health Insurance Plan
Waiting period: The customers should understand that buying health insurance does not immediately cover them from unexpected problems. Most insurers have a specified waiting period, typically around two years. It is important to check which health conditions are covered before buying insurance so that you are not caught off guard during claim requests.
Claim settlement ratio: While most people look at the highest claim settlement ratio offered by the insurers, it is also important to check their average settlement ratio. This can help in choosing the right health insurer that can offer you help at the time of need, without delaying the settlements or rejecting the claims.
Premium-coverage balance: It is important to budget your health insurance, but it is also necessary to weigh the benefits provided with a certain premium. Choosing a lower premium may let you skip certain add-on benefits, which may increase your hospital bill in case of an emergency or major illness.
Network hospitals: Insurers frequently update their list of approved network hospitals, which affects where insured individuals can receive treatment. Do check their approved list of hospitals in your neighbourhood before signing up.
No claim bonus: Some insurers offer a no-claim bonus for not claiming the insurance in a certain year. You may be able to avail a discount on your premium payments.
Day-care procedures: Most of the insurance plans will require you to be hospitalised for at least 24 hours to kick off. However, some plans also offer insurance for daycare procedures. Do check the terms before signing the agreement if you want that specific plan included in your policy.
Some other hidden conditions may include terms related to maternity benefits, room-rent limit, etc., which should be checked before signing the agreement.
