Health Insurance: Do's and Don'ts before buying

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Health Insurance: Do's and Don'ts before buying
In this fast moving world insuring self and family is very important and necessary as healthcare costs are going up. Along with other expenses illness and hospitalisation may dent your finances. So, before going for health insurance, here are some Do's and Don'ts.

Dos

  • When you buy a health insurance policy you should: 
  • Know that there are restrictions on coverage 
  • Pay special attention to terms and conditions in the policy like:
  • The clause excluding pre-existing diseases 
  • Waiting period before certain diseases can be covered 
  • Restrictions or limits on various expenses relating to hospitalisation 
  • Co-payment, which means you have to share a part of the claim 
  • Pre-conditions for renewal 
  • Upper limits for age at entry and for renewal 
  • Disclose details of all pre-existing health problems including -Major ailments and conditions like high blood pressure or diabetes 
  • The company may want medical test reports depending on age at entry, you should comply with all procedures and documentation requirements 
  • Check where and how the medical tests will be carried out 
  • Check who should bear the cost for the tests 
  • Pay the premium only after the insurer accepts your proposal 
  • Renew the policy meticulously for the rest of your life 

Don'ts

  • Conceal facts or you could face a dispute at the time of a claim 
  • Allow a gap of even one day in your policy renewal or your cover may be insufficient or useless
  • Do not sign a blank proposal form or leave any portion unanswered

Source: IRDA

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Read more about: insurance
Story first published: Tuesday, April 9, 2013, 10:02 [IST]
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