3 important things to consider when buying a health insurance policy

Today, health insurance is no longer an option, it has been included as a mandatory part of financial inclusion by experts.

Indraneel Chatterjee, co-founder of RenewBuy, says: “Consumers generally overlook the need for health insurance, thinking that no critical health situation can affect them. In most cases, people feel the need for insurance when an unforeseen circumstance has already happened and they are paying out of pocket, burning through their savings.

Covid 19 has been a testament to the fact that a health crisis can cripple not just the individual financial pyramid, but a nation’s economy.

In order to protect the heritage created, health insurance is a necessity for every individual.

Chatterjee says, “For people who have never purchased a health insurance policy, it’s never too late to start. What is most important is for people to be aware of their particular needs and requirements, based on their medical history, family needs, life stage and family income.

As a beginner, take note of these parameters before taking out health insurance;

Complaint settlements: One of the most important aspects of insurance is claims settlement. No insurance policy can fulfill its purpose until it provides appropriate claims settlement to consumers, followed by a smooth process. “Today, the industry is working collaboratively in claims resolution, where traditional digital models come together for faster and more transparent claims,” says Chatterjee.

Experts say policyholders should also know a few tips and tricks so they can settle claims on their own without hassle. Note that providing correct information, understanding all policy terms and conditions, and using digital insurance are key consumer metrics for faster claims settlement.

Waiting time: There are policies that cover pre-existing conditions after a waiting period of one or two years, but some companies only cover them after four years.

There are also specific waiting periods for specific illnesses, therefore, Chatterjee explains, “one should opt for a policy that offers a minimum waiting period but offers comprehensive health coverage.”

Policy terms and conditions:

Understanding the terms and conditions of the policy is important for buying the right type of policy. Experts say that many consumers choose to read terms and conditions superficially and make the biggest mistake in the process. It is during claims settlement that they learn that they have missed some valuable points.

Chatterjee says, “Choosing the right sum insured amount is also crucial, which should be followed by age range and lifestyle. Include family members in the policy; critical illnesses and new age services like telemedicine, home care, home care, and daycare are also important metrics on today’s date.

He further adds, “It can be difficult for consumers to figure out all of the aforementioned parameters on their own; therefore, it is always advisable to follow the path of digital insurance advisors, from new era InsurTech aggregators, who can provide unbiased advice to consumers in choosing the best policy.