7 Questions to Ask Before Buying Medical Insurance
Like an umbrella is essential to shield us from heavy rainfall, similar is a security cover to safeguard from uncertain situations of life.Covid-19 pandemic is an eye-opener and describes how having to deal with a medical emergency without a financial cover can be challenging.It has also encouraged us to stay prepared against such unexpected circumstances with medical insurance.
Even though in 2019,over 472 million people had health insurance plans in India, the pandemic has emphasized its importance. Generally, people take reference from either their friends or family members before buying medical insurance. While it other’s experience must be considered, it is essential to ask yourself questions beforehand.
1. What Type of Medical Insurance Should I Choose?
It is the primary question that you should ask before buying health insurance. There are different policies available that you must consider before arriving at a decision:
• Individual Covers
• Family Floater Plans
• Critical Illness Covers
• Disease-Specific Covers
Before purchasing a plan, it would be wise to evaluate your insurance requirements carefully.
2. What Are My Coverage Requirements?
After you select a medical insurance plan, you will have to decide your sum assured. Most insurance companies have a flexible sum insured options. The premium charges for the covers increase based on the coverage amount chosen. It is a vital decision as it determines that you have adequate coverage for medical emergencies.
3. Are the Network Hospitals in My Vicinity?
Insurance companies have collaboration with the hospital in various parts of the country. Hence, with your chosen medical insurance, you can avail the advantage of cashless treatment.Duringan emergency, instead of worrying about medical expenditure, you can focus on getting the treatment and recovering.
4. How Long is the Waiting Period for Pre-Existing Illnesses?
According to IRDAI regulations,the waiting period for pre-existing diseases cannot exceed four years. However, insurance companies offer different waiting periods. It would be best to opt for medical insurance with a shorter waiting period if you suffer from any pre-existing ailments.
5. Will My Plan Cover Day Care and OPD Treatments?
Most insurers provide coverage for daycare and OPD treatments. The policy document will encompass the list of daycare procedures covered under your medical insurance. Also, it is imperative to check the sub-limits set by your insurer for specific conditions.
6. What Are the Exclusions of My Medical Insurance?
All medical insurance plans provide coverage as per their terms and conditions. Some policies exclude specific features like organ donation, surgery, or ambulance expenses.You must make sure that the exclusions in your chosen plan do not affect your requirement in any way.
7. What is the Claim Procedure?
Many insurance companies facilitate the online claim process for your convenience.You can go through the website of your medical insurance provider and follow the claim procedure in easy steps. However, you can also take help of their customer support if you are facing trouble navigating through the process. It is generally required for reimbursement claim process where bills need to be submitted for its completion. However, you do not have to claim cashless treatment.
Buying a medical insurance plan requires research and awareness about the policies available in the market. The questions mentioned above will help you get a better idea for finalizing your medical insurance plan. It is crucial to learn about the benefits of each plan and the quality of customer service of the insurance company. Reputable insurance companies like Tata AIG offer various benefits like 24x7 assistance, organ donor coverage and an online claim settlement service. Their excellent support service will help you get through any step of the process.