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

Hercules Insurance
2 Nov 202411:22

Summary

TLDRIn 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.

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