7 Tips For Buying A Critical Illness Health Insurance Plan

by Agastya K. Finance Blogger

Critical illness is like an unwelcome guest that takes a significant toll on an individual’s health and wealth. Cancer, sclerosis, coma, kidney failure, heart attack, and paralysis are critical illnesses that have become common these days. People hear about the growing epidemic all over the world. Continuous diagnosis, hospitalisation, treatment, dialysis, medicines, and doctors’ fee create a hole in your pocket.

Opt for a comprehensive critical illness health insurance plan. It can protect the person from financial loss. Selecting and choosing the right insurance policy is very crucial for all individuals. Here are some tips for selecting the appropriate policy:

Check how the plan works: Generally, most of the subscribed individuals get a lump sum amount after submitting the diagnosis report to the insurance company. They can pay for treatment costs, hospitalisation fees, doctor’s fees, medicines, etc., from the amount received. The sum assured remains fixed and defined. Get the details about the sum assured from the insurance advisor before making the decision.

Look for maximum coverage: While browsing through various health insurance providers, look for a plan offering maximum coverage. An appropriate critical illness cover includes pre-hospitalisation and post-hospitalisation charges, diagnosis expenses, treatment, and medication. Organ donors, daycare treatment, dialysis cover, ambulance cover, etc., are some of the benefits of medical insurance.

Premium amount: Premium is the sum that the policyholder pays the insurance company against the insurance plan after specified intervals. They can calculate the premium using an online insurance premium calculator available on the lender’s website. In this manner, they can opt for a critical illness medical insurance plan that protects them from financial losses and supports them during challenging times.

Check exclusions: Before buying the medical insurance plan, check the exclusions list of the insurance company. Exclusions are the situations that the insurance company does not include in the plan. See what all conditions do not have the claim amount. Most of the insurance providers offer maximum coverage with minimal exclusions.

Ask for a waiting period: Waiting period means the stipulated time under which the policy is payable. It is advisable to ask for a waiting period before buying a critical illness plan. For critical illnesses, the waiting period is 90 days of the policy’s commencement, and for pre-existing diseases, it is for 48 months. Therefore, consider the insurance plan with a low waiting period.

Sub-limits: It is one of the main features to consider while buying a critical illness plan. There is a sub-limit applicable to the hospital room rent and on specific diseases. Choose the critical illness health insurance policy with sub-limits as per the budget. For a hassle-free claim settlement, read the sub-limit clause in the insurance plan.
Check the age: Before choosing a critical illness health insurance plan for loved ones, check the maximum renewal age. Some cover up to a specified period (not beyond 60 years). Others may provide lifelong coverage.