The rising prices have affected all aspects of the modern life, including health care. Nowadays, hospitalization expenses following illness or an injury can make quite a dent in one’s budget. It is in light of this reality that health insurance has become a necessity instead of being just an option. However, health insurance, like any other form of insurance, involves payment of regular premiums, which become an additional expense in one’s budget. Considering that health insurance doesn’t come cheap, it is better to be aware of the nuances involved in the purchase of a health insurance policy. To help you make an informed decision, here is a list of a few do’s and don’ts to keep in mind before you purchase a health insurance policy.
- Find out if the policy comes with any restrictions on the coverage it provides.
- Before you choose a particular policy, make sure you go through all its details with a fine toothed comb. Pay special attention to the terms and conditions, including:
- Clause concerning coverage of pre-existing diseases.
- Waiting period before Coverage begins for certain diseases.
- Any restrictions or caps on expenses relating to hospitalization.
- IF the policy involves co-payment, which means that the policyholder will have to contribute a certain amount towards the claim.
- A pre-conditions governing renewal of the policy.
- Maximum age limit for entry and renewal of the policy.
- You must disclose to the insurer, all details regarding any pre-existing health problems, which include any major illnesses or medical conditions like diabetes or high blood pressure.
- Be prepared to provide the insurer with a range of documents relating to medical tests reports. This is also dependent on your age.
- Find out beforehand where the medical tests require to be done and who shall cover the costs of the test.
- Begin your premium payments only after you ensure that your proposal has been accepted by the company.
- If the policy suits your requirements, ensure that you make your premium payments on a regular basis and renew your policy in time.
- Do not hide any facts regarding your health condition when you are in the process of purchasing a policy as the same could land you in a dispute at the time of claim settlement.
- Do not let a gap, even if it’s a day, come in your policy renewal. This could render your cover useless or insufficient.
GST rate of 18% applicable for all financial services effective July 1, 2017.
Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.