Smart Checks To Conduct Before Buying A Health Insurance Policy
The health-care segment in India has been making a slow but steady entry into a brand new era
. The quality of care being offered has seen some rapid growth and people the nation are starting to benefit from the same. This growth has not just been limited to the major metropolitan areas, but is also spreading to the other, smaller towns as well. The off-shoot of this has been that medical bills have been rising correspondingly as well.As a result, there have been many instances where hospitalization costs have taken a huge chunk out of peoples savings. In some extreme cases, there are reports of people having to liquidate their assets and watch their loved ones suffering due to the harsh circumstances. To avoid such grim situations, there are only the following solutions:
1.Make tons of money: So that you can afford the best of treatment for themselves and their loved ones. The number of people that have the resources that could suffice for quality medical treatment without compromising upon everyday expenses would be in a minority
2.Never fall ill: Experts say that eating healthy and following all the good health advice to a T helps one avoid the burden of hospitalization. But, we all know that it is humanly impossible to live without being unwell at some point in time or the other. Besides, even the experts agree that the human body is prone to wear and tear, and that medical intervention in such cases would be inevitable. This then brings us to the last and the most agreeable option and that is
3.Health Insurance: Just as the other insurance products on offer in the market today, health insurance is a great way to insure oneself from the shock of medical treatment costs. Not only that, but it also offers one the opportunity to provide their loved ones with better medical care, something that they perhaps would have not been able to offer with their own liquid savings
Sadly, there are still many in the country who do not give health insurance the importance that it deserves. Either they consider it to be superfluous and unnecessary, or worse; they opt for insurance thats available at the cheapest possible cost. This exposes such people to grave danger in case of an emergency, with them either having inadequate or inappropriate insurance cover. This is why, one must carry out some smart checks like the ones below, before they narrow down on their choice of health insurance in India:
1.Age Restrictions: Every insurance provider in India has their own calculation based on age limits for their insurance offerings. Do bear in mind that health tends to weaken as one ages; hence policies that offer insurance cover for a longer time period should be preferred
2.Going Cashless: The older practice that involved the patient or their representatives settling the medical bills before being reimbursed by the insurance company at a later date has become irrelevant. Today, pretty much every established insurance company operating in India offers customers the option of going cashless. Now people can simply walk out post treatment with the insurance company settling the bills with the treatment provider on their behalf. The main differentiating criteria when deciding upon insurers on this aspect is the list of hospitals and medical centers that have been empaneled with the insurance provider. One of should check for the number of service providers, they should be present in the preferred geographical area and they should match the care quality levels
3.Under Insurance: There are many that tend to under-insure themselves when opting for medical insurance policies. Reasons for such a development can range from people being uninformed about the total coverage that they would require to the lure of lower insurance premiums. But, such a practice can be extremely critical during emergencies where the cumulative protective power of health insurance gets undermined
4.Exclusions & Limitations: Every insurer has their own criteria for covering or excluding medical conditions under a chosen health insurance policy. Examples could range from pre-existing medical conditions like diabetes and hypertension to a cap on the hospital room charges and other allied aspects. One must therefore carry out a detailed inspection of the read the terms and conditions mentioned in the offer document before signing on the dotted line
Purchase Options: There are plenty of ways to get oneself medically insured. Traditionally, people would prefer dealing with their local insurance agent. However, with the advances in life and technology the purchase avenues too have undergone a sea change. Besides talking to company representatives, there are a growing number of people that are opting to purchase health insurance online. Apart from the whole convenience factor, where people can purchase get insured while sitting in their own home or workplace, there is also the cost benefits that are a part of online purchases. Insurers too are looking to reduce their operational overheads and hence pushing for increased adoption of online purchases. They are rolling out online specific insurance packages that offer special sops, anytime purchases, quick renewals and many more benefits
Web connectivity is growing by leaps and bounds. As more and more Indians get technologically savvy, the adoption of web-enabled smart devices is rising fast. This spells good news for insurers that are continuously improving security in their transactions.
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