Taking a Health insurance can be a quite confusing task in India & not having it can burn a hole in your pocket. Plenty of options are available to choose from, when it comes to health insurance policies in India.
Choosing the right one among so many can be quite overwhelming. The right way to choose the suitable health insurance policy is to make a checklist of your questions which you want to ask and move accordingly.
Here down below, we will deal with some of the important questions that you need to ask before buying a health insurance policy.
What Type of Plan Is It?
Try to find out whether it is an Indemnity health plan or a Managed care system. With indemnity health plans, you and the insurance company will split the medical costs on defined terms and here, you are allowed to choose your own doctors.
With managed care - meaning either a Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO) – you won’t have to pay many expenses. If you choose HMO; you or your employer pays a fixed monthly fee for health-care services, but you can only go to a doctor who is under contract with this plan. Through a PPO, you or your employer avails a discount if you consult professionals within the plan. You may choose your own doctor, but you'll have to pay the surplus fee yourself.
How Much Will I Have to Pay for Medical Care?
Find out the premium amount of the plan you wish to take. Some of the plans have deductibles; an amount that you have to pay prior to the policy starts covering the medical costs and later starts getting deducted as a part, from your regular premium amount. Enquire about all this, and find out the costs that will be covered by the plan.
Will I Be Able to Use My Current Doctors?
Find out which hospitals are within their contract. Ask for a list to decide and act accordingly. Try to know everything in detail and written and authentic proof like, brochures, pamphlets etc to avoid the circumstances later.
What Benefits will get covered within the plan?
Ask the provider about what benefits are covered & left by the plan. Try to know, if the plan covers dental, vision care, or other special services that you might need. Ask about prescriptions & routine check-ups to be sure and not over expect from a plan.
What are the Plan's Restrictions on Pre-Existing Conditions?
If at all you are suffering a chronic condition, the policy may or may not cover the medical costs for a period of time or ever. Ask for the survival period and the cases in which the policy will trigger. Along with this, find out how much is the EMI for the same if we consider adding it in.
How Disputes over Claims are handled?
All insurance plans have proper procedure to go about the denied claims if re-filed. Many of them require that you consult an arbitrator, or an independent person who hears both sides and makes a decision about the claim. Ask what the company's average turn-around time is for resolving disputes.
Health insurance is a matter of great importance and needs to be treated that critically. Opt for such a plan which stretches all through your retirement. Being an informed and educated citizen always ask as many questions as you can while choosing a health insurance plan. In addition to that you can even go for such a plan which includes retirement in the tenure. But particularly, with these set of questions you will be able to get a better understanding of what do you actually want out of your health insurance plan.
Food 4 Thought
“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future.
- Alexa Von Tobel ”
DID YOU KNOW
87% of adults say they are not confident about having money for a comfortable retirement.