Buying a medical insurance policy is an important decision that can provide you with security and peace of mind in times of need. Before signing up for a medical insurance policy, it is important to understand the details and the benefits that come with it.
Here are 10 things you need to know before buying a medical insurance policy in India.
Know the different types of medical insurance policies
There are various types of medical insurance policies available in India. These include individual and family health insurance plans, senior citizen health insurance plans, senior citizen health insurance plans, and critical illness insurance plans. It is important to understand the features and benefits of each type of policy so that you can choose the one that best suits your needs.
Understand your coverage and exclusions
When you are buying a medical insurance policy, it is important to understand the coverage and exclusions. Check for inclusions such as pre- and post-hospitalization expenses, daycare procedures, ambulance charges, and more. It is also important to check for exclusions such as pre-existing conditions, certain treatments, and other restrictions.
Many medical insurance policies come with a co-payment clause. This means that you will have to pay a certain percentage of the medical bill out of your own pocket. It is important to check for this clause so that you know how much you will have to pay in case of a medical emergency.
Check the claim settlement process
It is important to understand the claim settlement process before you buy a medical insurance policy. Check for the time taken to process a claim and the documents required for filing a claim. This will help you know what to expect in case of a medical emergency.
Check for sub-limits
Many medical insurance policies come with sub-limits. This means that there is a limit on the amount that will be paid for certain treatments or procedures. For example, the sublimit may be Rs. 1 lakh for a particular treatment. It is important to check for sub-limits before signing up for a policy.
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