5 Points to Ensure Before you Buy a Health Insurance Policy

Health insurance policy

A family Health insurance is always a great investment for you to make. Because at the end of the day, no one can know what future holds. A medical insurance will cover you and your families health care expenses in case you need them. The insurance will take off the yoke of expenses from your back, at least in as far as medical expenses are covered. But, wait, before you buy an insurance policy make sure you take special notice of the following factors of the insurance. This means you shouldn’t simply buy a policy for its lowest monthly premium, even though it is a factor to be considered, among other things.

1. Insurer’s track record

Before buying the policy from any insurance company, do a little research about their past and history. Specifically, look for things that will tell you how often the company has been reasonable about providing the promised coverage. Most insurance companies allows you to claim the insurance only if the cases are proved medically unavoidable because ultimately they are running a business. There are companies out there which are more than often not reluctant about paying for the medical expenses. We all have heard of the huge legal battles that individuals fought against health insurance companies at times. The check will help you ensure that the policy will always benefit you when need arises.

2. Exceptions and Limits

As in everything, there will exceptions and limitations to the coverage. For example all most all of the companies have an exception policy on ore-existing illnesses. If you have already had any medical conditions prior to buying the insurance, the expenses for these might not be taken care of by the company. Any insurance buyer with a pre-existing medical condition will be left to a four year waiting period before they are given the insurance coverage. Also, the insurance policy will only cover a part of the costs of medical care. The percentage of coverage will depend on the seriousness of the disease or its costliness.

3. You family requirements

Check on what exactly your family needs from the insurance policy. You have to keep mind the munger of members in your family. Choose the policy according to the necessities of your family. Their ages an important deciding factor in life insurance policies.

4. Cashless network hospitals

Every company will have their own network of cashless hospitals as part of the insurance coverage. Check which are these hospitals and their convenience from your residence. During a ,medical emergency if you get admitted to one of these network hospitals, the insurance com9any will directly settle all the bills to the hospital. You need not be bothered about consultancy charges or medicine bills.

5. Lifetime Renewals

A lifetime renewal policy is something you should definitely get for your family. No one can be sure of being healthy all the time. As you grow old , you might not be able to get coverages with new policies owing to the pre-existing illness conditions of the companies. So while you buy, ensure that it is a policy with lifetime renewal schemes.

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

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