Things to Remember Before Buying Health Insurance in India

First and foremost, like any other insurance, Health insurance is not to make you rich or give you return on investments. Health insurance is just to save you from the sudden or planned health expense, considering the rise in health costs. 

Most of us go for a health insurance in the last moment and hoping that the insurance company will cover the hospital costs. Even agents in the pretext of selling the policies do not stress on the fact that there are certain conditions where health insurance companies do not cover pre-existing diseases and congenital diseases or any cosmetic treatment as well.

So make sure that you know what the diseases that are covered and not covered. From what time will the pre-existing disease be covered? Usually after three or four years of coverage most health insurance companies allow for mediclaim in case of any existing diseases.

The next thing you should be aware of is the network of hospitals the insurance company covers in your area or your preferred place of treatment. Make sure you that you ask for the list of hospitals and you can usually find them on the website of the health insurance companies in India.

In case you are not able to find the hospital of your choice in the medical insurance, you can ask for the company do they accept the bills and discharge summary or any other valid documents as proof to claim the expenses in the future? If so make sure you ask within how many days you should submit the claims.

Buying the policy is only half the job done, remember health insurance is a lifelong commitment and you cannot afford to miss the payment of the premiums. Always ensure to make a note of the health insurance premium due dates. Ideally insurance companies will send out e-mailers and also post you about informing the revival of the policy. Make sure your contact details are updated with the health insurance company so that they can also contact you for any communication.

You need not worry even if you are having a pre-existing disease, now a days health insurance companies also offer coverage for cancer, diabetes patients and even senior citizens. However, make sure you read through the entire terms and conditions, at least make sure you clarify all the doubts and you ask the agent to show the same as a proof in the terms and condition of insurance. Later you cannot argue with the company that the agent had told you so.

However, in some cases health insurance companies might not issue you policy at all. In such cases there is still some hope if you are employed. Most employers provide health insurance to their employees and you can also add your spouse, parents or siblings or dependants. Employee sponsored health insurance plans mostly cover any pre-existing diseases but you will have to pay additional premium to cover them.

You also have the option of choosing to buy individual medical insurance policies for everyone or you can also go for a family floater based on your preference. While individual policies might be a costly affair for everyone in the family it makes sure that everyone has adequate coverage. However, considering that the likelihood of everyone in the family going for a mediclaim at the same period is also highly unlikely you can choose a family floater. So based on your personal calculations you can also go for a family floater which cover the entire family but at a lesser cost.