7 Important points to be considered while going for health insurance


This is health insurance important points to be considered if you are going for health insurance

  1. Health Insurance covers for hospitalization from accident, surgery and normal hospitalization required to treat the illness that is listed in the policy. The insurance company will pay (reimburse or cashless) for the expenses and there are no exceptions.
  2. It is always better to stay with one insurer so that if there are any preexisting diseases that the policy holder is suffering at the time of commencement of the policy, the treatment for such health conditions are treated within the policy after 4 years waiting period.
  3. Another advantage is the possibility to receive bonus or discount in premium if policy is kept active with one insurer over a long period.
  4. If accidental policy is taken as a rider with some Term insurance care must be taken that it covers everything what accidental policy should cover. Generally when a policy is offered as a rider it does not cover each and every aspect. For e.g. an accidental policy offers insurance against partial disablement, loss of limbs, hands and many other parts. But in a rider, many insurance companies offer insurance against permanent disablement only and not for partial disablement and loss of body parts. Also note that, because accidental rider is much less if taken with Term Plan as compared to the personal accidental policy taken stand alone. Under term plan, accidental death benefit could be taken for as little as $50 for a cover of up to $20000 where as in a stand-alone policy the same amount will be available for a premium of around $100.
  5. The premium structure of the Medical claim Company is such that either the premium increases every year or there are set premium slabs at various age levels. The current premium can/will increase irrespective of loading after certain age.
  6. It is possible to shift to another hospital for reasons of requirement, of better medical procedure. However, this will be evaluated by the TPA on the merits of the case and as per policy terms and conditions. Note that it would be prudent if you check the network hospital list and go to the best hospital in the beginning itself rather than changing midway.
  7. The Grievance Redressal Cell of the Insurance Regulatory and Development Authority (IRDA) looks into complaints from policyholders. Complaints against Life and Non-life insurers are handled separately. This Cell plays a facilitative role by taking up complaints with the respective insurers. Policyholders who have complaints against insurers are required to first approach the Grievance/ Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s) within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Grievance Cell of the IRDA.

Health Insurance is a must because

  • Health is Wealth! So insuring your health is equivalent to insuring your wealth
  • Any and every medical emergency doesn’t strike with prior warning
  • Costs of Medical treatments are rising in double inflation figures
  • It acts as a safeguard against your assets and investment getting used up to pay for medical expenses
  • So that while getting treated for any illness you are not worried about monetary issues and can concentrate fully on recovery
  • It is proved long-term benefits as you might be fit and healthy now but you don’t know what will happen after a few years
  • Health only deteriorates with age
  • Lastly, because you have read and understood all the above points!