The IMP (important) awareness on health insurance policy

The most common question I hear from people is, Should I go for a high or low premium health insurance? Why to opt for a high health insurance policy if I am getting a low premium range?, well to get answer to this query you need to understand the benefits of high premium health insurance policy. Suppose if you get a bill of 20 lakh for your organ transplant and your health insurance coverage is only 10 lakhs, than what is the benefit of having health insurance, you are still drawn away with financial disasters. In present scenario the IMP factor is daily increasing cost of medical treatment due to high rate mortality, new infections occurring, increasing range of fetal diseases in living organism, therefore your health insurance policy should be planned in such a manner that in any case it assures you medical advantage in times of crisis. 

One of my friend, a certified finance planner indicated that ‘people have to prefer premier hospitals in case of serious illnesses these days to get complete treatment under one roof, professional doctors availability and latest medical equipment’s, In health crisis the only important thing is to save life not money’. The high cost premium health insurance policy also includes highly IMP benefits to provide a complete umbrella protection in hazardous conditions. 

Another important aspect of health insurance policy is medical test that is considered as a waste of money by some clients. The general questions are, why do I need a medical, I am fit and fine? Why do I prefer a health insurance that needs medical test if other health insurance policy without medical necessity is available? Well the IMP fact is that, as a customer before making a policy purchase you have to declare that you are medically fit in documentation, even if medical test is been excluded in health insurance policy norms. This situation can raise a risk of serious repercussions in insurance coverage if you have hided your medical illness or unknowingly declared yourself as medically fit. Therefore, instead of becoming Doctor, it is better to get a medical check up done before buying health insurance policy.

The next question that eat ups the mind of customer is, what is waiting period in health insurance policy and why is it needed?. The waiting period is time duration between completion of policy purchase and implementation of health insurance policy. This waiting period show variation from policy to policy depending on the company, health insurance policy, age of customer, medical study and various other factors. The requirement of waiting period is to ensure the policy procedure for further claiming that client can make after the completion of waiting period in health insurance policy. These are certain IMP factors that I was willing to make customer aware of before purchasing any health insurance policy.