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

Updated: Tuesday, April 9, 2013, 10:08 [IST]

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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