Points To Keep In Mind While Taking Medical Insurance

It is important to read the fine print to ensure that you get adequate support when you need it the most

Health issues and medical emergencies can drain you financially. So, even after you recover, you may feel burdened with the financial liabilities. That is why it is important to take medical insurance, also referred to as health insurance. To ensure you choose the correct option, here are some points to keep in mind while taking medical insurance.

Cashless treatment – If you have to initially pay from your pocket, the claims filed later will have limited benefits. You need to ensure that your medical insurance provides cashless treatment. This is the only way you can protect your savings and avoid taking any loans from friends or a financial institution.

Wide coverage of network hospitals – The health insurer should have a wide network of hospitals that provide cashless treatment. This is necessary because you want to get stuck with a hospital that does not suit your needs. If you prefer going to a specific hospital, make sure that it is part of the network of hospitals being offered by the health insurer.

Prior health issues – Many health insurance companies do not cover treatment related to prior health issues. You need to example the insurance policy to understand what all is covered and what’ not. When talking to a health insurance consultant, make sure you mention all of your prior health issues. Hiding pre-existing conditions can lead to rejection of claims.

Daycare procedures – You should ensure that your health insurance policy covers daycare procedures. That is because these too can be quite costly. Many insurers cover only hospitalization, which can be a disadvantage. Some of the costly daycare procedures include cataract surgery, chemotherapy, dialysis, radiotherapy, endoscopy, lithotripsy, angiography, etc.

Room rent – In premium hospitals, room rent itself can be quite expensive. If you want the best doctors and the best equipment, you may have to choose these premium hospitals. Make sure that your medical insurance policy covers room rent of the hospital. Most health insurers have a top limit for room rent, which means that anything above that limit will be paid by you.

Pre and post hospitalization expenses – Before you undergo a treatment, a wide variety of tests will be conducted. And expenses during the recovery period can also be quite high. Keeping these factors in mind, choose an insurance policy that covers these expenses. Please note that the premium will be usually higher for such health insurance policies.

No claim bonus or discount – This will be your reward for staying healthy. When you do not file any claims in a year, your insurer may offer you a no claim bonus or no claim discount. It will be advantageous if you choose a medical insurance policy that has this option.

High claim settlement ratio – You need to choose a health insurer that has a high claim settlement ratio. Claims are essentially expenses for insurance companies. From a business perspective, a company will always try to reduce its expenses. A health insurer with a high claim settlement ratio indicates that there is less risk of your claim getting rejected.