How to Buy Health Insurance or Mediclaim Policy
We are deeply concerned about health of our family and would like to buy an umbrella to protect our family from any financial drain in case of any unforeseen event. While most of those who are in job have health coverage provided by the employer as part of their CTC, people who are in working on their own or working for small companies have to fend for themselves. People who are covered by employer take the same for granted and when they are in between the jobs or suffer from health disease or are near retirement suddenly realize the importance of having a independent cover.
The objective of Health Insurance is to cover expenses incurred for treatment of ill-health arising due to accident or disease. It does not cover self inflicted injury (like suicide) Most important: One must be hospitalized for minimum 24 hours for the treatment of ill-health. With advancement of medical science, treatment (surgical procedure) of certain diseases today does not require 24 hour hospitalization. This is realized by most of the Insurance companies and they cover day care surgeries.
The basic questions asked while buying a Health Insurance Plan are:
- How much coverage should I go for?
- What product (individual or floater) or category (Mediclaim or Hospital Cash) should I go for?
- What is covered and what is not?
- What does the term Warming Period mean for health insurance policy?
- What are liability limits?
- Is there any minimum or maximum age of entry?
- What is Cashless Facility?
- What are the details on Maternity Coverage?
- Does health insurance have policy portability?
- How are pre-existing diseases treated for a health insurance policy?
- Hospital Room Eligibility in a health insurance policy?
- What are other charges one must consider?
- Have a question – Need advice?
This blog will aim to answer the questions listed above and more. For details, one should refer to the detailed product brochure as well as Policy wording offered by various companies. The views expressed by author are his personal views. Author may refer to product of few companies, which not necessarily means they are the best. If you have a specific query or question, do not hesitate to contact us with your query / question and I will be glad to answer it for you!