Things to check before buying a health insurance policy: The pandemic has highlighted the risks and underscored the importance of risk mitigation. People are now beginning to understand the importance of Insurance, as they have understood the financial consequences of not having Insurance.
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Rakesh Jain, CEO & CEO, Reliance General Insurance, says: “The pandemic has highlighted the risks and underscored the importance of risk mitigation. People are now beginning to understand the importance of Insurance, as they have understood the financial consequences of not having Insurance. Keep in mind that Insurance is the best tool to recover without making a financial dent in savings.”
Health Insurance Policy: Important Keynotes to Check Before Applying
1. Social Demographics:
the city you are living in, and the average cost of hospitalization in your area; Your demographics should be considered when choosing your health insurance coverage. For example, experts say that if you have a high standard of living and expect coverage in better hospital rooms and modern treatments, you should choose a policy with a higher coverage limit.
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2. Coverage needed:
Check your policy to see if there are limits or limits on the expenses associated with anticipation, especially with surgical procedures. Choose a policy that offers the most benefits, such as ambulance service, pre-existing coverage, etc. Jain says: “Try to avoid floating policies with fewer insureds – in the current pandemic scenario, these schemes have not performed well. Choose a policy that doesn’t limit treatment options.”
3. Cashless claim option:
First, take a look at the hospital network of the insurer and consider whether the facilities offered are included in the cashless claim options. Experts say it’s difficult to pay upfront during medical emergencies, so choose a coverage that allows for cashless claims.
4. Premium Value:
Never choose a policy based only on low premium cost. Jain says: “You should choose a cover that suits your needs and find out how to reduce premiums. Explore ways to reduce your premiums by using discounts offered by the insurer, such as 2 Discount while opting for a higher policy term of /3 years.” Apart from availing of discounts online, you can also choose to buy a policy from Insurance. Directly from the insurer’s website.
5. Fees and other coverage:
Consider the age and pre-existing health conditions of your dependents before purchasing the policy. If you wish to upgrade, you can also consider opting for a Super Recharge policy for additional coverage with a deductible of up to your existing health policy. Experts say that you should choose a policy that covers your pre and post-hospitalization expenses for an optimal period.
6. Waiting Period:
If you have a pre-existing disease or a serious illness, the waiting period plays an important role. So, check the waiting period that is applicable within your policy, and experts say to choose policies that are for fewer years so that you can get coverage at the earliest.