Health insurance is becoming a necessity in today’s world, with skyrocketing medical care costs. This list o’ 5 looks at various points that one should keep in mind before getting health insurance for their own self (and their family members). It looks at it from a global view, because from experience in the insurance industry, almost every country on the planet has similar health insurance terms and conditions. Read through this list o’ 5 to know what those 5 points are.
- Know the required coverage: Many people, when getting health insurance, try to get the policy with the lowest premium, without realising how expensive that may end up being for him/her/them in the future. Why? The cheapest in insurance may not necessarily be the product with the best coverage. You should understand what kind of coverage you and your family may require. This means whether you would need any coverage for doctoral visits for general check-ups and illnesses. Many insurance providers cover that, which is an added benefit. Think whether you may need dental coverage too, which covers regular visits to the dentists (experts say you should visit your dentist at least once every 6 months);
- Read about inclusions, exclusions, and waiting periods: If you have had some surgery/operation in the past for some body area, then there’s a good chance that your health insurer may exclude that in your coverage. Not declaring such medical history and then it being found later by the insurer may lead to legal trouble (insurance fraud is a serious offence). Also, some insurers may have some waiting periods (which means you cannot claim for some diseases/ailments in this waiting period). Ensure you are about such conditions as well;
- Check historical claim payout of insurer: What does this mean? It means to check if in the past, the insurer has been good at clearing claims of insured clients. The higher the payout ratio, the better the company is at clearing claims of their clients. You do not want a company to not be able to clear your claims (provided your claim is a legitimate one);
- Check reach of insurance coverage: Some insurers blacklist certain doctors, clinics and hospitals because they may have a shady history of submitting fraudulent documents for fraudsters trying to dupe insurance companies. Make sure you know about the inclusion of doctors, clinics and hospitals in and around your town/city of residence, because if you assume it must be covered, and something isn’t, then the medical bills that may show up after the treatment/visit may not be your best moment;
- If in doubt, ask your insurance agent/call up insurance company: This is important, because not everything related to insurance may be understood by a layman/laywoman. It is better to clear any doubts with your local insurance agent or by directly calling up the insurance company. Make sure that you completely understand all terms and conditions (including all points mentioned above) before signing on the dotted line. Most reputed insurers have a certain number of days within which, if you find some points about your insurance policy that you did not know about earlier, you can cancel your insurance coverage without any penalty (deducting for any government taxes/surcharges). It is better to confirm about this with the insurer first.
Good luck with your coverage, and thank you for reading!