6 Things to Consider Before Buying a Health Insurance

 

Heraclitus, the Greek philosopher who lived during the 6^th and 5^th Centuries before Christ, had made a profound observation that ‘Change is the only constant’. This adage holds true today in every aspect of life. At a cellular level, according to researchers at Stanford University, a human body replaces itself with a new set of cells every 7 to 10 years. If change is happening at such a fundamental level, don’t you think you should also look at its impact on other aspects of life, especially financial? For instance, when health insurance is purchased, the policy holder usually continues with the same plan for a long time without reviewing whether any changes are required. But it is important to audit one’s health insurance policy.

Here are six critical points to look at if you are health insurance policy holder

Does it have a critical illness cover?

In the last two and a half decades, deaths due to heart diseases have increased by 35%. In fact, rural India has overtaken urban India when it comes to heart disease related deaths. Cancer isn’t far behind when it comes to being responsible for human mortality in India. In 2016 alone, there were close to 4 million cases of cancer registered. If you haven’t purchased critical illness cover to augment your health insurance policy, it is about time that you do so. A critical illness plan will offer several benefits such as income replacement and peace of mind. In certain cases it can also provide coverage if you need treatment abroad.

Read the fine print

Reading, listing down and thoroughly understanding the fine print in your health insurance policy is vital. One can begin by checking the following:

• Whether certain medical conditions are excluded from the coverage

• Whether special conditions are covered

• Whether there are age limits

• Whether there are any hospitalization clauses

• Whether your preferred hospital is covered under the TPA (third party administration) network

You can do this a month before you are about to renew your health insurance policy so that this exercise can help you decide whether you need to change your plan or continue with the same.

Review existing medical costs

Bought your health insurance policy a few years ago? According to a survey , cost of healthcare will increase by a rate which is double that than of inflation. It is quite possible that the cover which your health insurance policy offered you 5 years ago is no longer enough.

Check whether your habits have changed

Bought your health insurance policy when you weren’t a smoker or a drinker of alcohol? But, over the last few years, thanks to changes in lifestyle you have started indulging in these? The vice versa also could have happened and you may be paying a higher premium even though you have stopped consuming alcohol or smoking since the last few years. In either cases, it makes sense to update your habits with your health insurance policy provider during the time of renewal.

Have your financial dependents increased?

From the time you bought health insurance policy till as of date, there may have been an increase in the number of dependents. You may have got married to a non-working spouse and have kids. This may require you to include them in your health insurance policy. If you have a young family to take care of, you may also want to take a call on whether you wish to buy an individual health plan for your spouse or purchase a family floater plan to cover children and spouse. It is a good idea to explore the Click 2 Protect Health insurance plan for covering your family and you.

Check whether your preferred hospital has been excluded from the network

Sometimes, due to disciplinary issues such a fraudulent claim history, a hospital that you prefer may be excluded from your insurer’s hospital network. In such a case you wouldn’t be able to avail of cashless claims. From the perspective of a policy holder, it is better to get admitted in a preferred hospital as Insurance companies end up having a better equation with preferred hospitals which results in a hassle free experience for policy holder.

It is a good idea to start checking your health insurance plan 45 to 60 days before its renewal date to sort out these points.

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