Health insurance policy: how to choose the right health insurance policy
In the event of a pre-existing condition or certain maternity procedures or benefits, a waiting period applies. It is not possible to make a claim for this illness or procedure during this period. So, check the waiting times when evaluating a product.
Each insurance company has ties to certain hospitals and this list can easily be viewed on the company’s or TPA’s website. These network hospitals offer a cashless claim service in which the insurance company settles the claim directly with the hospital. Check if a nearby hospital is covered by this list.
It is important to check the different guarantees of the policy, the limits of each cover, and whether modern or alternative treatments, pre and post-hospitalization costs related to diagnostic tests, health checks, etc. are covered. Also check to see if the policy covers daycare procedures.
A quick and simple claims process plays a crucial role in choosing an insurance company. It should have responsive customer support and a quick resolution mechanism.
Points to note
- It is necessary to disclose all health-related information to the insurance company regarding pre-existing conditions and other health-related factors.
- There is a reflection period of 15 days from the date of receipt of the contract, during which the insured can terminate the contract if he does not deem it appropriate, without any fees being charged.
Content on this page is courtesy of the Center for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.