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Health Insurance Checklist: Know What Your Policy Must Cover

20 July, 2017


With the rising concern for health issues, it is inevitable that you have some form of protection for your health, a personal health plan or an employer offered one. If not, you will end up shelling a lot of money when a medical emergency strikes.

 

While you do not have much control over your employer’s health benefit, when it comes to buying a personal health insurance, you do. Make sure you utilise this control by buying a plan which has these must-have features.

 

1.     Cover for Pre-existing diseases

When you buy a health policy, you will be asked to list our any pre-existing diseases you suffer from. Insurance firms do not cover these diseases from day one and have a waiting period for them. The period ranges from two to four years and during this time, the insurer will not entertain any claims with regard to pre-existing illnesses or diseases. Try and look for insurance firms which have a minimal waiting period.

 

2.     Day care procedures

A lot of health insurers require hospitalization for at least 24 hours before accepting a claim. However, thanks to progress in medical technology, many procedures are completed within a few hours and do not require hospitalization. It is in your best interest to find an insurer who covers the maximum number of day care procedures. 

 

3.     No Claim Bonus

For every claim free year, the insurer rewards you with a No Claim Bonus (NCB). The reward is a discount in premium. The NCB can range from 10% to and go up to 50%. One can accumulate the bonuses as well. Look for insurance providers which offer the highest NCB for a claim free year.

 

4.     Network Hospitals

Network Hospitals have a tie up with your insurer. In the case of hospitalization or medical emergencies, at these hospitals, you can file for a cashless claim where the insurer directly settles the medical bill with the hospital. Therefore, when you are buying a health insurance plan, go for insurers with a large number of network hospitals.

 

5.     Pre and Post Hospitalization Charges

Medical expenses incurred before and after hospitalization are known as pre and post hospitalization charges. Most insurance firms offer 30 days for pre and 60 days for post hospitalization charges. However, search and find a health plan which covers more days.

 

Most people have a health insurance plan. However, only a few buy the right plan. The right one has these features, go ahead and buy the one that is best for you.  

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