Top Questions to ask your Insurance Provider

It is no secret that healthcare in India can get exorbitant. A single visit to the hospital can deplete your savings substantially. But instead of paying for these expenses yourself, you can purchase a health insurance policy. Here, you pay a premium to the medical insurance provider regularly, and in turn, you are protected from the costs of medical treatment. But before selecting a health insurance policy, here are some common questions you need to ask your insurance provider.

• What are the different policies available?

You can choose from a number of different health insurance policies. Each plan is designed to meet specific requirements. For example, a regular health insurance plan covers most diseases and illness. A critical illness plan covers grave illnesses including cancer, heart attack, and paralysis and kidney failure among other critical health issues.

 Similarly, you can go for an individual health insurance policy if you are single and have no dependents. But if you are married and have kids, you can opt for a family floater plan that covers all your family members under a single policy umbrella. Based on your requirements, you need to ask the insurance provider on the type of plans you are being offered.

• What’s the cost of my policy?

One of the first things you need to question your medical insurance plan is the premium. Find out how much your policy would cost you. Most insurance companies in India require you to pay premiums every year. It can be tempting to select a plan that costs the least but in case of any medical emergency, it may not help to meet all the various expenses. Insurance providers mention the cost of each policy on their websites. So, check the different available options and examine the one that fits your requirements the best.

• What diseases does the plan cover?

Every health plan covers a certain number of ailments and medical conditions. Some policies cover only surgeries and accidental injuries while others cover pre/post hospitalisation charges, ambulance costs and prescription medicine charges. Find out what your plan covers so you know exactly what you are paying for when you purchase health insurance. You may also want to find out the diseases that your plan does not cover. This way, you know exactly what you are paying for when you select a health insurance policy.

• Are routine check-ups covered?

After you hit 40, it is necessary to get annual check-ups. This is a preventive measure that doctors recommend. However, some health policies cover routine (yearly) check-ups while others don’t. Some check-ups can cost a significant sum of money. And if your plan does not include them, you may have to bear the expenses yourself.

•  Which hospitals provide cashless treatment?

Health insurance companies partner with a list of network hospitals where you can receive cash-less treatment. Check if your preferred doctor (and hospital) comes under this list. This is an essential factor to consider when you choose a health insurance policy. This is because in times of emergency, travelling a long distance to a network hospital may not be a good idea. Instead, receiving treatment by your preferred doctor at a nearby hospital is the best option possible.

• Is it possible to make more than one claim in a year?

There is no limit on the number of claims you can make during a year. However, there is a limit to the amount of money you receive. For example, if you have health insurance for a sum insured of Rs. 10 lakh, you can make any number of claims during the year until the sum insured amount becomes zero. However, before you receive the amount, your claim needs to be processed and proven valid by the insurance company.

• Are pre-existing conditions covered?

Most health insurance companies cover pre-existing conditions like diabetes or cancer. However, they impose a waiting period before you can avail its benefits. This can be anywhere between 12 months to 36 months. Find out the waiting period for your pre-existing illness to see how quickly you can be covered. The sooner you avail health coverage, the better.

Conclusion

Look into the many factors you need to consider before you select a health insurance plan. And by asking the above questions, your health insurance provider can clear up your queries regarding the policies you are being offered. This can allow you to select a plan that matches your requirements and fits your insurance budget.

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Created on Jun 5th 2019 03:02. Viewed 405 times.

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