With time, both the need and importance of health insurance are increasing rapidly. It protects us from unexpected expenses in case of an accident or illness and also keeps our hard-earned savings safe. But, it is extremely important to keep some things in mind while buying health insurance so that you can choose the best policy according to your needs. Let us know some important questions that you must ask the insurance agent or company while buying health insurance so that you do not have any regrets in the future and your health can be protected.
Which diseases will be covered
The first and most important question is which diseases are covered in your policy. Make sure that you understand all the diseases and conditions included in it thoroughly so that you do not have any regrets later.
Extensive Coverage
Some policies offer comprehensive coverage, while some cover only a limited number of illnesses.
Exclusions
It is also important to know which illnesses or conditions are not covered in the policy. This will save you from any unpleasant surprises in the future.
How much No-Claim Bonus (NCB) you will get
If you do not make any claim in a policy year, insurance companies increase your sum insured the next year. This is called the No-Claim Bonus (NCB). When buying insurance, make sure to ask how much No-Claim Bonus the company offers. This is a fantastic way to increase your coverage over time, without paying an additional premium.
Enhanced Benefits
This ensures that your sum insured keeps increasing, which will help deal with rising medical costs. Effect on changing policy: If you change the policy, also know about the transfer rules of NCB.
What is the waiting period
Most policies have a waiting period for coverage of pre-existing diseases. As per the rules, the maximum waiting period for chronic diseases can be 3 years, but many companies start providing coverage after 2 years only. When buying a policy, make sure to know after how many years you will start getting coverage for any of your diseases.
Different types of waiting periods
This can include an initial waiting period, a specific disease waiting period, and a maternity waiting period. Know about each one.
What is not covered in the policy
Every insurance policy has some exclusions, that is, some things that are not covered. It is very important to know what will not be covered in the policy you have bought. This will help you avoid problems like claim rejection in the future.
General Exclusions
Usually, the exclusions include cosmetic surgery, dental treatment (unless caused by an accident), war or terrorism-related injuries, etc.
Policy Documents
Read your policy document carefully and understand all the exclusions.
What is Claim Settlement Ratio
This is a very important factor. It is very important to know what is the Claim Settlement Ratio (CSR) of the company from which you are buying the policy. It tells how efficient and reliable the company is in settling the claims of its customers. Always buy policies from companies that have a good claim settlement ratio (usually above 90%).
Which are the partner hospitals
Insurance companies partner with hundreds of hospitals, called Network Hospitals. However, it is important to find out whether your policy covers a hospital near your home or a better hospital of your choice. It is possible that the policy you have bought may not have a convenient and good hospital available for you, especially in an emergency.