You might be feeling a little confused by all the technical terms and jargon you discover when researching health insurance online or in your policy documents if you’ve just purchased a health insurance policy for the first time or are planning to do so.
But rather than waiting until the last minute to figure things out, we can help you be ready with some of the information you need to know before purchasing health insurance. Knowing all of these facts will assist you in selecting the best health insurance strategy for your needs and lessen any complications and confusion during the claims process. So let’s look more closely at some key terms you need to understand regarding your health insurance.
#10: Is health insurance worth it?
Even though the vast majority of us are aware of the importance of having health insurance in case of an unexpected emergency, only a minority of us actually have coverage. The reason for these low numbers is simply a lack of education: many people are either unaware of how crucial it is to have health insurance, or they falsely believe that they do not need it because they will be fine without it. If you do not currently have health insurance, it is imperative that you spend some time getting acquainted with the following ten things that you should know prior to purchasing health insurance.
#09: The importance of having health insurance
The majority of people are unaware of how much health insurance they should purchase or where they can locate plans that are within their price range, despite the fact that we are all aware of how essential health insurance is. It’s possible that I don’t require as much coverage as you do because I have a family and sufficient savings to cover several months without a job. On the other hand, I don’t want to see my savings go to waste in the event that I become ill or injured. Before you purchase health insurance for yourself or your family, there are ten things you absolutely need to be aware of.
#08: Age Specifications
Age is one of the most significant factors to take into account when purchasing health insurance. When obtaining medical insurance, take the family members’ ages into account who need to be covered. Similar to a family floater insurance, the premium cost would be based on the age of the oldest family member. The age restriction criterion should be taken into account when purchasing health insurance. However, there are some plans that do not have an upper age limit. Therefore, you have the option of choosing the right course of action.
#07: Premium and Coverage
If a policy offers comprehensive coverage at a cost you can afford, a lower premium policy might be advantageous. A cheaper insurance coverage rate is the other advantage.
Investigating the reasons for a lower premium, which shouldn’t be at the expense of insurance coverage, is therefore the best course of action. Verify if there are any extra co-payment, deductible, or sub-limit provisions. If so, you’ll end up paying more when you file a claim. You should purchase insurance that offers sufficient protection without compromising features and at a price you can afford.
#06: Waiting Period
You must wait a certain amount of time before you can submit a claim for any or all benefits under your health insurance policy.
Each company will have a different waiting period and set of terms. There is typically a 30-day initial waiting period before you can use your health insurance in a meaningful way (except for accidental hospitalization). Additionally, there are particular waiting periods for pre-existing conditions, maternity benefits, and some other illnesses.
#05: Paid-up Hospitalisation
Health insurance providers typically keep a network of hospitals with which their clients can receive payment-free care in the event of a medical emergency. You don’t have to spend time and effort filling out paperwork during admission and claim. Additionally, the insurance pays the hospital the full amount insured right away.
As a result, you won’t need to make financial arrangements before requesting reimbursement. Asking your insurance for a list of empanelled hospitals and being aware of every network hospital in your area will be helpful.
#04: Easy Claim Procedure
When tried to file a claim, it’s in the insured party’s best interest for the process to be as straightforward and expeditious as possible. As a consequence of this, these two aspects should be given significant attention when selecting a policy. The provision of satisfactory customer service is an additional advantage to search for. In addition to this, check to see that the policy includes reimbursement for any necessary medical exams.
#03: No-Claim Bonus Lookout
The no-claims bonus, also known as the NCB, is a discount given to you by your insurance provider for the number of years that have passed since you last filed a claim. Your coverage level will be increased at the time of subsequent policy renewals for each year in which you do not file a claim. Nevertheless, the NCB limit is specified in the majority of different health insurance policies. The limit that the insurer sets will also determine how much of an increase there is in the total amount that is covered.
#02: Renewability Factor
Keep an eye out for medical coverage that can be renewed for an unlimited amount of time. Because you are more likely to become afflicted with diseases and illnesses as you get older compared to when you were younger, it is important that you make the investment in a health plan that can be renewed for the remainder of your life.
#01: Co-Payment Clause
Co-payment is the portion of the total cost that you must pay at the time of filing a claim, with the insurer covering the balance. Check for any co-payment clauses that might have an impact on the size of your claim, and if at all possible, choose a plan without sub-limits. However, if you have any pre-existing medical conditions or have reached a certain age threshold, the majority of insurance companies will require a co-payment.