The prospects of buying a health insurance policy can be intimidating. Although there are many amazing choices, this doesn’t help to tame the fears that already exist, and in some instances may make you avoid buying life coverage completely. However, if you deal with your worries and list down the hard questions that you need to ask about health insurance, then you will be able to protect yourself against the unforeseen challenges that life offers.
Here are questions that you need to ask before you buy health insurance.
1. Can the company be relied on to meet its obligations?
Health insurance is something that requires some seriousness, and you need to understand the company that you will be buying a policy from. Look at the financial records of the insurer and figure out if they can meet their financial obligation at the time of payouts. Remember that you will be entering into a long-term contract, so work with a provider who can manage market fluctuations. You shouldn’t be duped to buy insurance based on the price of the product alone.
2. What type of health plan are you buying?
Ask your insurance company about the type of health insurance that is best for you. Among the most common types that exist today are critical illness, medical cover, and fixed benefit. Ensure that the providers of the insurance policies explain what they offer before you choose one that suits your needs. It may be worth the effort trying to compare what’s offered by two or three reputable insurance companies and you will find the best cover.
3. What is covered by the policy?
What an average health insurance policy covers include hospitalization charges, ambulance services, laboratory tests, organ donor charges, and prescription drugs. You should read the policy documents with care and comprehend what the cover offers in detail.
4. What is not covered?
After knowing what the health insurance policy that is offered covers, you should dig deeper and seek to know what the available insurance policy doesn’t cover. There is no uniformity in exclusion by the insurance companies, so check and choose the one that is acceptable to you.
5. The cost of the health coverage
Remember that even if you search harder, you will only be able to buy a health insurance cover that you can afford. You should be able to balance between what is offered and the cost of the coverage. Know that costs vary, and depending on how much you push the envelope while searching, you may be able to get the best value for your money.
6. The process that you will follow to file a claim
Make sure that you have an idea about the process of filing for claims. This is because e emergencies may occur, and some of them may not allow you the time to learn. Also, there are a few insurers who offer cashless facilities where you may access medical care without being asked to pay.
7. How many claims can you make per year?
It’s normal for insurers not to restrict the number of claims per year, given that the cost will not be more than your policy’s sum assured. It’s worth knowing this before you buy a policy.
