The importance of health insurance in our life is beyond explanation. The kind of the year 2020 was for everyone, having a health insurance plan was a boon. For those who do not have a health insurance plan, buying a policy is of utmost importance. And those who have health insurance can consider enhancing the coverage amount so that it does not fall short in times of need.
Having adequate health insurance for yourself and your family will protect you against dipping into your savings to cover the sudden medical expenses. Thus, keeping your life savings for the future intact. If you are looking to buy a health insurance plan (such as Bajaj Allianz Health Insurance), here are a few things that you should keep in mind.
Things to Consider When Buying Health Insurance in 2021
The type of health insurance plan
At first, research on the type of health insurance plans available in the market. Several insurers offer a wide range of health insurance plans with different features and benefits. The cost of each policy is different based on your necessity. You can compare multiple health plans online based on the coverage, features, benefits etc., and choose a policy that fulfils yours and your family’s medical needs.
You can then decide whether you want to buy individual health insurance or family health insurance. Besides, there are several disease-specific health insurance plans available in the market. So, evaluate yours and your family’s health concerns and choose accordingly. If you are worried about the cost of the policy, use the health insurance premium calculator to determine the same.
Are there any sub-limits in the health plan?
Sub-limit is an essential clause to look out for when buying health insurance in India. With sub-limits in your policy, you are liable to pay a portion of your claim amount from your pocket. Additional expenses such as doctors fees, nursing charges, ICU charges are associated with the room rent.
Ideally, the room rent is capped at 1% of the total sum insured amount and so are a few other hospital expenses. So that way, if you (the policyholder) opts for a room with higher rent, other expenses are proportionally reduced before the insurer reimburses the amount. To avoid this from happening, choose a room that falls within the allowed limit or a health insurance plan with no sub-limit clause.
Disclose any pre-existing diseases beforehand
Most times, people tend to avoid mentioning their pre-existing health conditions when buying the health insurance plan. What you need to understand here is, insurers do not provide coverage for certain life-threatening diseases from day one of the coverage.
In most cases, pre-existing health concerns are not covered altogether. If the policy covers any pre-existing diseases, it will be after a specific waiting period. The waiting period can be for 2-4 years, depending on the type of ailment.
The coverage for pre-existing diseases will depend if the applicant discloses necessary information regarding the same at the time of buying the policy. Failing to declare any pre-existing health condition will lead to claim rejection in the future. Therefore, make sure that you are honest with your health issues when buying health insurance in India.
