Understand your health insurance policy before purchase
In this world filled with uncertainties, inflating costs and aspiring lifestyle every wants to give the best possible amenities to their family, especially, when it comes to health. You will look to arrange the best health care for them, which offers quality services and right medical treatment. Access to quality health care at an affordable price is the biggest challenge for everyone today. The rising health care costs, treatment procedures and complex health issues are undoubtedly an issue for most of us. Therefore, in this situation you will need health insurance policies that will take care of your family requirements. It is important that you have sufficient amount of health cover inorder to meet medical emergencies. It is equally important to understand the provisions of any health insurance cover that you have, to avoid unexpected surprises at the time of making a claim. Here are a few points to remember before buying health insurance policies from insurance markets. Coverage
The amount of health cover depends on various factors like number of family members, their ages, any pre-existing disease, hereditary disorders, income source, place of working and living conditions. All these parameters prove vital to decide upon the coverage amount. Waiting Period All health insurance plans come with a waiting period. It is the period before which your pre-existing diseases are covered under the policies. For the health plans offered by general insurers the waiting period is 2 to 3 years. The critical illness cover from a life insurer usually specifies a waiting period of 30 to 90 days. So, during this period you will not be covered. Minimum Hospitalization In order to claim any hospitalization benefits, the insured person should have been hospitalized for a minimum period of 24 hours (or as per the policy terms). The condition is excused during the case of hospitalization due to accident. Cashless/Reimburesment In cashless claim all you need to do is visit any of the empanelled hospitals during medical emergencies, do the treatment within your covered amount, give the policy details at the counter and walk out without paying a penny. In reimbursement, initially you will have to pay for the hospitals, submit the bills to the insurer who will then reimburse the amount for your treatment. In case of cashless hospitalization, you need to give intimation of hospitalization to the TPA within 24 hours of hospitalization. Exclusions
It is important to read the policy documents and understand the exclusion parameters under the health insurance polices. Besides, pre-existing illnesses, certain specified illnesses may be excluded in the first year. There are certain standard exclusions across all health insurance plans such as the cost of dental treatment, venereal disease, AIDS, congenital diseases, intentional self-injury, etc. So, its better to take a note on this pre-hand. Grace Period A grace period helps individual to pay the premium within a certain period of time after the premium payment due date. It is usually allowed up to 15 days, in health insurance products offered by general insurance companies. Riders Riders are the best way to bridge the policy when it needs. It covers individual with specific needs such as critical illness, accident cover, waiver of premium rider, long-term care rider, disability income rider, etc. Surgeries & Illness A critical illness policy will cover illness which is specified in the policy documents. Surgical cash benefit covers specified surgeries. It is important to read the policy document and get aware of the illness and surgeries which are incorporated in the policy.