Author: Siddharth PriyadarshiPublish Date: Mon, 11 Jul 2022 06:04 PM (IST)Updated Date: Mon, 11 Jul 2022 06:04 PM (IST)
New Delhi, Business Desk. Usually, while taking a medical insurance policy, we do not consider it necessary to investigate all the things related to it and buy insurance blindly without researching. At the most, our focus is only on things like cheap premium and cashless cover. Have you ever wondered why your base premium keeps increasing over time? Do you know what diseases are covered by your medical insurance? Do you know what is the waiting period for diseases in your medical insurance? If the answer to any of these questions is ‘no’, it means that you are not taking medical insurance very seriously. That is why it is important to know these five things while buying medical insurance.
What is included in a medical insurance policy?
Health insurance is very important for the financial security of an individual or his family. With medical costs becoming more expensive in India at a rate of 15 per cent year on year, it has become imperative to opt for a comprehensive health insurance plan for the entire family, so as to avoid hospitalization expenses. A comprehensive health insurance plan is a type of indemnity plan that pays for all expenses incurred during hospitalization. It usually covers expenses related to illness, injury or accident. In a Comprehensive Medical Policy, everything like cost of ambulance, room rent, medicines, tests, surgeries/transplants will be covered under inpatient hospital admission. Apart from this, it covers all the small and big things after being discharged from the hospital. Many policies also cover things like organ donation. There are other benefits of a comprehensive medical policy as well, such as free annual medical check-up, the ability to restore the sum assured, maternity and other covers. You can further enhance the Aadhaar coverage by purchasing add-ons like Personal Accident and Critical Illness coverage.
How much do you understand premium
Your premium will increase over time and it depends on the age group, claim and other factors. So any health insurance plan you choose, its premium will increase almost every year or maximum every 5 years depending on your age, health condition etc. In such a situation, it will be a natural question in everyone’s mind that is it so important to take medical insurance? The answer is- yes. In view of the way people fell ill and needed hospitalization in the second wave of COVID-19, medical policy for all is very important. With the rise in lifestyle diseases, cases of diabetes, obesity, digestive diseases and hypertension are on the rise. With the youth coming in the grip of it fast, it is very important to take a comprehensive medical policy.
The sooner you choose a health insurance plan, the less likely you are to have a pre-existing disease. Since young people are usually less likely to need hospitalization, the waiting period for an illness will also end earlier.
Is it necessary to mention diseases while taking the policy?
The answer is- yes. Even if you have thyroid, BP or sugar, you can take mediclaim policy. Health insurance coverage is available to everyone. You keep your insurance provider informed about your illness. Your claim may be rejected for hiding any illness or providing false information. So if you also have high blood pressure or diabetes, do not forget to mention it along with the list of medicines prescribed for you. The policy giving company will assess your risk and fix the premium accordingly.
What is NOT covered in a medical policy
Some conditions are not covered by health insurance policies. In these cases the insurance provider will not accept any claim. However, you can include some of these things in the add-on package.
- Any pre-existing disease, which you have not mentioned at the time of taking the policy
- lifestyle diseases
- Maternal complications, including treatment and childbirth
- suicide attempt
- congenital disease
- wounded in battle
- Dentistry and eye diseases
- Naturopathy, Magnetic or Acupressure etc.
Corporate Policy Vs Personal Cover
Even if you work for a large company, a personal medical policy may be a better option for you. Corporate policies come with limited coverage. The coverage available in this may also reduce over time. Your policy is also not renewed once you rejoin or retire. In such a situation, after retirement, you have to opt for limited coverage. Individual health insurance plans offer the flexibility to choose the right cover and better coverage.
Edited By: Siddharth Priyadarshi