Health Insurance Checklist
A list all aspects of a quality health insurance plan.
1. Assess caps for certain health issues
This occurs when the insurer provides a substantial coverage amount (e.g., 10 lakhs) at a low cost but imposes limits on how much of this coverage applies to each specific disease. Consequently, you may find that, in practice, only a portion of the 10 lakhs is available for most situations.
2. Cover daycare treatments in policy
Procedures like chemotherapy, dialysis, and even a brief appendectomy can often be completed in less than 24 hours. However, some insurers may not cover these claims if they classify them as "daycare treatments."
3. Ask for coverage restoration details
When you purchase a family policy and make a claim while hospitalized, your coverage can be exhausted. However, if you have a restoration benefit, your insurer may replenish your coverage, at least on one occasion, when another family member falls ill. To explore this option, simply inquire with your insurer.
4. Room allocation and rental constraints
Certain insurers might restrict your choice of rooms. Instead, they impose a cap on room rent. If you exceed this limit, they'll charge you extra for every service provided in the room, not just the rent. This can significantly increase your overall expenses. Therefore, consider a policy with fewer limitations in this regard.
5. Equitably divide shared expenses wisely
Insurers may encourage you to think about a co-payment clause, requiring you to cover a portion of the expenses whenever you file a claim. This could range from 10% to 30% or more of the total bill. So, choosing co-payment may not be the most favorable choice, unless it's your only option.
6. Explore shorter waiting period choices
If you have pre-existing conditions such as diabetes, high blood pressure, or thyroid-related issues, you may need to wait for a specific duration before your insurer covers claims related to these conditions. This waiting period typically ranges from 2 to 4 years. Therefore, it's advisable to choose a policy with a shorter waiting period whenever possible.