Health, Wealth and Me - Questions to ask before picking a health insurance policy
Insurance is confusing, messy and for most of the time, we’re left asking “Wait..What?” 🤯
If you’re reading this - it’s probably because after MUCH deliberation you’ve finally decided to buy or upgrade your health insurance plan - so congratulations! 🎂 You’ve taken the first and the most important step.
To spare you any more turmoil, we’ve put together a handy guide to ensure you ask the right questions before picking a health insurance policy. So let’s get to it, shall we?
1. Premiums, premiums, premiums - for any insurance policy to kick in, you have to pay regular, and timely premiums to ensure that you get money from the insurance company when you need it. Make sure to ask “how much premium do I have to pay for the total cover and benefits that I’m getting” - that’s the first point of consideration. You want a policy that has adequate coverage with the premium that you are paying. Think of it as a balancing act!
2. Talking about benefits, make sure you check what’s covered in the policy and what’s not 🤔 There could be several diseases and treatments that your insurance won’t cover. This could also include preventative health check-ups like MRIs, heart checkups, etc. - and it’s good to be aware of this before you click buy!
3. Up next, insurance companies will have a waiting period for pre-existing illnesses. Basically, for certain illnesses and procedures there will be a predetermined time-span before which you cannot file a claim. The lower the waiting period, the sooner you’ll be able to get coverage.
4. Insurance companies will have a network of hospitals that are available under the coverage - check which hospitals are included across the country and especially, around your residence. Premiums also vary across different pincodes!
5. Does my coverage include a cashless facility? - a critical question to ask before buying that policy. With cashless facility, the insurance company will directly pay your expenses to the hospital, so you don’t have to worry about it 🥳!
6. While we’re talking about hospital expenses, you also want to check any clauses on the room category and per day expenses. For example, if your insurance covers a room under ₹2,000, and you choose a room that costs ₹3,000, the additional cost will have to come out of your pocket. Further, make sure that the policy covers both pre and post hospitalization expenses. This will help you save on expenses such as medical tests, medicines, doctors fees, etc.
7. While going through a medical emergency, you definitely want a smooth claims process - that’s the last thing you want to be worried about. Before buying, you can check the insurance company’s Claims Settlement Ratio, which will tell you the number of claims cleared by the company, for every 100 claims made. The higher ⬆️ the ratio, the more efficient the insurance company.
8. Ask - what are the rewards for a healthy lifestyle 🧘🏽♀️? Many insurers offer a No-Claims Benefit for the years that you don’t make a claim on your coverage. Read the fine print to avail the best benefits. Some of them also offer you a discount for maintaining good health year on year!
9. Does my age matter? Yes! Keep in mind your age, as well as that of family members if they’re being insured on the same coverage. There could be restrictions, and it would affect your premiums as well. Make sure you check this before making any decision!
Last but not the least, choose an insurance company that is credible and customer centric. Check out those handy reviews, and the company’s track record - we wouldn’t recommend going for a company that has been in the business for less than 5 years.
We know it’s a lot, but trust us, it’s not that hard! What’s more, with Basis you can get a personalized recommendation from an insurance advisor at your fingertips. Head over to the “Advisory Section” to learn more 🚀(Android only).