Life is a journey that is full of uncertainty and making plans to live life will sometimes make you disappointed. Medical emergencies are one of these uncertainties and you have to be prepared for that.
The cost of health insurance is rising day by day; you need to know some things when you are about to register for health insurance. With so many options available in the market, things tend to get confusing when buying such insurance.
One of the biggest questions will come in mind: What should you know about registering for health insurance? You need not worry as this is a common question and lots of people get confused about it. All you need to pay attention to is that the insurance works right for you.
What follows are some of the things you should keep in mind while registering for health insurance:
Pick the Correct Insurer
Before you choose what type of insurance you need; you need to choose the right insurer for you. As choosing the right health insurer is as crucial as choosing a health policy. If you choose a provider with a lower claim settlement ratio then you could face a problem or two during emergencies. The insurer’s track record of financial strength and payout ratio are also very essential points to keep in order as it will help you avoid a difficult scenario while claiming the assured sum.
The Age Norms
When it comes to acquiring health insurance, age is one of the crucial deciding factors. It is very important to keep in mind the age of the family members who need to be insured while purchasing a medical policy.
Also, you need to check out the age limit criterion when registering for health insurance. For instance, there are health plans that have the minimum entry age limit of 91 days and the maximum entry age limit of up to 60 years. And some plans have a minimum age limit of 25 years up to a maximum of 50 years. However, some plans do not have any restrictions on the entry age. So, you need to look for the right option, evaluate the age factor and choose the right health policy.
Get the Complete Coverage
Before buying any health insurance policy, it is essential to ensure that your chosen policy gives you complete coverage. As most of the health insurance policies provided by the employers come with co-payments. These co-payments do not guarantee the complete coverage of the treatment and you may end up paying a certain percentage of the claim amount or the medical expenses. These kinds of insurance plans often come cheap but make sure you don’t get yourself stuck in this illusion as you may find it difficult to gather funds in emergencies.
Waiting Period Clause
It is one of the most important things to keep in mind while registering for health insurance. As the knowledge of the waiting period clause will put you in a better position to make a decision. Waiting period clause states that the insurer will not accept any claim arising out of pre-existing illnesses or specific illnesses during this period.
It can range anywhere between 2 years and 3 years, depending on the insurer and the plan that you have preferred. Besides, you will be able to claim the benefits only when this period is over. Pre-existing illnesses like thyroid, blood pressure, and diabetes come under this waiting period.
Hence, before you buy a health policy, ensure that you compare and choose a plan that comes with a minimum waiting period to be able to claim the benefits in case of a health emergency.
Co-payment is one of the most misunderstood and confusing words and a term that tends to be ignored by lots of people at the time of purchase. It means the percentage of the amount that you would need to pay at the time of claim and the rest amount will be covered by the insurer.
Therefore, before signing your mediclaim policy, make sure that you check for any co-payment clause applicable in your policy that might impact your claim amount. If possible, go for a plan that does not have any sub-limits.
However, if you have any pre-existing medical issues or have crossed a certain age limit, then most insurers would include a co-payment clause in your medical insurance plan.
The Cashless Network is the Future
There are lots of reasons why cashless pay-out health insurance works better than cash pay-out while claiming the policy. It saves you from the tedious paperwork that is required at the time of admission and claim. It offers the ease of speedy reimbursement while saving your time too.
Health Insurance companies usually have a tie-up with network hospitals where the insured members can avail cashless treatment in case of a medical emergency. Moreover, the insurer pays the sum insured directly to the hospital.
Check with your insurer for the list of empanelled hospitals and know what all network hospitals are there in your locale.
The claim process is indeed the most important thing that you should know about while registering for health insurance. Make sure that you check the policy wordings and go through the health insurance claim process that is followed by the insurance company. A smooth claim procedure is a boon at the time of settling health claims. Do some research, read customer reviews online and then select a health insurance provider that is known for its seamless claim settlement services.
Now, you are aware of things that you should know while registering for health insurance, and then don’t wait for the emergency to happen! Follow this advice and register for health insurance ASAP.