Checklist to buy Health Insurance-Watch this before buying Health Insurance

Summary

In this informative video, an insurance advisor outlines 12 essential factors to consider when choosing the best health insurance policy. Key points include avoiding room rent restrictions, co-payments, and sub-limits, as well as ensuring coverage for pre and post-hospitalization expenses. The advisor emphasizes the importance of restoration benefits, daycare procedure coverage, and a strong no-claim bonus. Additionally, the video highlights the necessity of good advisory support and the significance of policies with lifetime renewability and manageable waiting periods for pre-existing conditions. Viewers are encouraged to use this checklist to make informed insurance decisions.

Takeaways

• 😀 **No Room Rent Restrictions**: Choose a policy without caps on room charges to avoid unexpected out-of-pocket costs.
• 😀 **No Co-Payment**: Avoid policies that require you to pay a portion of your claims, which can lead to significant expenses.
• 😀 **No Sub-Limits**: Ensure your policy does not impose limits on specific treatments or diseases for comprehensive coverage.
• 😀 **Restoration of Sum Insured**: Your coverage should be restored after each claim, allowing for multiple utilizations within the policy year.
• 😀 **Pre and Post-Hospitalization Coverage**: Look for coverage that includes expenses before and after hospitalization, ideally for at least 60 and 180 days, respectively.
• 😀 **Coverage for Daycare Procedures**: Ensure your policy covers procedures that don't require a 24-hour hospital stay.
• 😀 **Network Hospital Coverage**: Confirm that your preferred hospitals are part of the insurer's network for cashless treatment options.
• 😀 **Consumerist Coverage**: Check if the policy covers additional expenses like gloves, syringes, and nursing charges.
• 😀 **No Claim Bonus**: Look for a policy that increases your sum insured for each claim-free year, offering significant benefits.
• 😀 **Lifetime Renewability**: Choose a policy that allows you to renew your coverage for life, protecting you as you age.
• 😀 **Pre-existing Condition Coverage**: Seek policies that cover pre-existing conditions from day one or have minimal waiting periods.
• 😀 **Good Insurance Advisor**: A knowledgeable advisor is essential for navigating claims and understanding your policy's terms.

Q & A

What is the most common question asked by insurance advisors regarding health insurance?

The most common question is about which health insurance policy is the best.

What is the significance of having no room rent restrictions in a health insurance policy?

Having no room rent restrictions allows patients to choose any room they wish during hospitalization without financial limitations, avoiding extra out-of-pocket expenses.

What does co-payment mean in health insurance, and why is it important to avoid it?

Co-payment refers to the percentage of a claim that the insured must pay out of pocket. It is important to avoid it because it can lead to substantial expenses for the insured during multiple hospitalizations.

How do sub-limits affect a health insurance policy?

Sub-limits cap the amount an insurer will pay for specific treatments or diseases, which can leave the insured with high costs if they require treatments exceeding these limits.

What is restoration coverage in a health insurance policy?

Restoration coverage allows the insured to reinstate their sum insured after a claim, enabling them to utilize the full coverage amount for subsequent hospitalizations in the same year.

Why is pre and post-hospitalization coverage important?

This coverage ensures that medical expenses incurred before and after hospitalization are reimbursed, which can include consultations and diagnostic tests necessary for recovery.

What are day care procedures, and why should they be included in a policy?

Day care procedures are treatments that do not require a full 24-hour hospitalization. They should be included to ensure that all types of necessary medical care are covered, especially with advancements in medical technology.

What should policyholders check regarding network coverage?

Policyholders should verify that their preferred hospitals and healthcare providers are part of the insurer's network to ensure cashless transactions and easy access to care.

What is the significance of a no claim bonus in health insurance?

A no claim bonus rewards policyholders with an increased sum insured for each year they do not make a claim, helping to offset the effects of medical inflation.

What is meant by lifetime renewability in health insurance?

Lifetime renewability guarantees that a policyholder can renew their health insurance policy for life, without age-related restrictions, ensuring continuous coverage as they grow older.