It's
almost like medical emergencies have an evil sense of humor. They crop
up when you are most vulnerable, in middle of the night and when you are
low on money. Most people don't understand the value of a good health
insurance right until they are hit by a medical emergency. With rising
hospitalization charges, doctor's fees, and medicine prices, it's not
always possible to be financially prepared for a medical emergency.
However, with more than few options out there selecting a medical
insurance plan is a complicated task. Health insurances today come with
loads of different benefits and features that may or may not help you
when a situation arises. The trick is to know the basic features of all
health insurances and the common loopholes. To help you get the most out
of your health insurance, here's our list of 7 tips before you sign the
dotted line.
Consider
Future Medical Needs: Although some hospitalizations are unexpected,
some can be predicted beforehand. Family medical history and unhealthy
habits can give you an insight about health conditions that may cause an
issue in the future. Make sure the health insurance you opt for covers
all the predicted illnesses. If you are planning to start a family, opt
for an insurance policy that includes maternity coverage.
Get
The Right 'Sum Assured': The rising cost of medical expenses calls for
selecting an insurance policy with a high sum assured. Your insurance
should not only be equipped to deal with medical expenses today but also
be geared up for the future. However, the sum assured should also not
be outlandishly high as it might be difficult to continue paying its
high premium in the years to come.
Check
The List of Network Hospitals: No matter how good a policy might be, it
doesn't really matter if it has limited network or partner hospitals.
Network hospitals are pre-instructed to settle claims and are used to
dealing with patients who have the same insurance policy. This really
speeds up the admission and claim resolution process. Therefore, before
signing the offer document, check if your local hospitals are part of
that group.
Check
The Exclusion List: All health insurance policies have a list of
illnesses and conditions that doesn't fall under their coverage. It's
best to select a policy that has very little exclusions.
Check
Renewability Clause: Some insurance policies can be renewed throughout
lifetime while others are only good enough until you reach a certain
age. Insurances with age capped renewability clause are not recommended
at all. They will end their coverage when you are 70 or 75 exactly when
you would need it the most. Therefore, when selecting an insurance
policy be sure it's renewable till life.
Read
Customer Reviews: This probably the most important tip of all.
Insurance companies are only as good as their payment record. To be
sure, if your health insurance policy is trusted, check for online
reviews of real customers who have the same policy. If a certain policy
has a lot of bad reviews and lawsuits associated with it, it's a good
idea to stay clear from it.