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Top 10 things you must know before buying a Health Insurance Policy

Life is full of uncertainties and we never know what we might have to face ahead in our life. Medical and health issues are one and after the covid-19 pandemic and increasing cost of healthcare services in UAE, buying a HEALTH INSURANCE POLICY has become a necessity today.

There are a lot of health insurance companies offering various  HEALTH INSURANCE POLICIES in the UAE and each has its own USP while one company has affordable rates, the other might have better and comprehensive plans so it’s a difficult task to choose one. You might use a HEALTH INSURANCE CALCULATOR to sort it out to some extent. But you need to know some important points too and you don’t have to be concerned about this as we’ve got you covered.

Let’s take a quick look at 10 things you need to know before choosing any Health Insurance policy:-

Table of Contents:-

1)      Check the basic Policy details thoroughly.

2)      Claim settlement process.

3)      Cashless Hospitalization.

4)      Pre and post hospitalization benefits.

5)      Maternity Coverage.

6)      Waiting period.

7)      Preventive Health check-up facility.

8)      No-Claim Bonus.

9)      Co-payment clause.

10)   Network of Hospitals.

 

Check the basic Policy details thoroughly: - The first and one of the most important steps in buying any health insurance is checking all the basic details of any policy and comparing it with other policies available in the market. Check for the age criteria of the policy as every –policy has a different upper and lower age limit. Check for the premium, coverage, and sum insured as you pay a premium to get a certain amount of coverage as they are interrelated and the amount of sum insured will depend on your amount of premium and vice versa. So, check these details thoroughly.

 

Claim settlement process: - Learn about the Process for claim as it should be quick and convenient. As if some emergency situation arrives and the claim is not quick then it can be a big burden to the patient and family members. So, study the claim process of the company you want to choose in detail.

 

Cashless Hospitalization: - Health insurance companies have tie-ups with hospitals in their network where the insured can avail cashless treatment and benefits. You don’t need to pay any amount or go through tedious paperwork for the claim. The insurer pays the sum directly to the hospital. Check for all the hospitals in the network of the health insurance company in your vicinity that provide cashless hospitalization benefits.

 

Pre and post hospitalization benefits: - Many health insurance plans include coverage for expenses that incur during hospitalization. You must choose a health insurance policy that covers both pre and post-hospitalization expenses including the Ambulance charges, medical tests, medicines, etc.

 

Maternity Coverage: - This point is usually ignored by people but choosing a health insurance policy that covers maternity benefits is very vital. As we already know that the maternity expenses are already reaching the sky so it’s better to buy a health insurance policy that covers maternity coverage as well. Make sure to check the restrictions attached to it too.

 

Waiting period: - You must buy a policy when you are young. Most of the policies have a waiting period for pre-existing diseases, this period can range anywhere from 2 to 5 years. This can reduce your chances of getting a claim during that period. So, you can compare and choose a plan that comes with a minimum waiting period to be able to claim the benefits in case of a health emergency.

 

Preventive Health check-up facility: - This is suitable for those who have a family history of recurring diseases. Also, this facility may be suitable for you as you grow old there is a need to do regular health checkups to make sure our health is optimal. It usually includes the cost of diagnostic tests such as X-rays, MRI, and CT-Scan. Preventive medical care helps you take care of yourself in a better way by keeping the disease at bay.

 

No-Claim Bonus: - No-claim bonus refers to the amount which is added to your total sum-insured if you don’t claim any amount for that period. The amount can be added to the sum insured at the time of policy-renewal you should clarify this before finalizing your policy.

 

Co-payment clause: - A lot of people find this term confusing and tend to ignore it at the time of purchase. It is basically the percentage of the amount that you would need to pay at the time of claim and the rest will be paid by the insurer. So, before you sign your Mediclaim policy check if there is any co-payment clause applicable that might impact your claim amount. If possible buy a plan that does not have sub-limits. However, if you have any pre-existing medical issues or have crossed a certain age limit most insurers would have a co-payment clause.

 

The network of Hospitals: -You must check out the network of hospitals that your insurance company provides you. Make sure the hospitals in the network are well renowned and are within your locality so that in case of emergency situations you can visit any nearby hospital and it will be convenient too

Conclusion:-

So, you must already be knowing why health insurance is mandatory and now you know what it takes before buying an insurance policy. Make sure you read all the policy documents as it’s not possible for your agent to explain everything. Do not hide any existing conditions or critical information and disclose your history of illnesses correctly and get all your doubts clarified from the insurance company.

References:-

1) https://www.etmoney.com/blog/top-10-things-to-know-before-buying-a-health-insurance-policy/

2) https://www.timesnownews.com/business-economy/personal-finance/insurance/article/10-things-you-need-to-know-before-buying-health-insurance/290420

3) https://www.acko.com/10-things-to-consider-before-buying-health-insurance/

 

 

 

 

 

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28-Sep-2021
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