Although you’ve chosen to buy health insurance to be financially prepared, how you do it and the things you consider while buying health insurance also matters! People frequently encounter situations when claims are delayed or rejected for unknown reasons. It can be because they weren’t aware of a waiting period or a policy exclusion when they bought the health insurance. You must fully comprehend the health insurance plans for family to maximize the opportunity to get the best out of your policy benefits. Here is a list of important elements to consider when purchasing a health insurance policy:

  • Consider inflation when investing in high-sum-assured insurance.

You must choose health insurance for family plans with a substantial sum assured when you purchase it. Policies with INR 300,000 and INR 500,000 in sum assured may no longer be sufficient. A plan with less coverage is insufficient, given the escalating cost of medical procedures, operations, and equipment. The amount may seem adequate, but you must account for inflation when purchasing insurance. A cardiac treatment that costs anywhere between INR 250,000 and 300,000 will eventually cost between INR 800,000 and INR 10,00,000 due to inflation. Therefore, your first objective should be to select a policy with bigger sums assured, and you should consider inflation while you do so.

  • The Age Prerequisite

Age is a key consideration when picking health insurance plans for family. When purchasing medical insurance, the age of the family members who need to be covered should be considered. It is comparable to a family floater insurance plan where the cost is determined by the age of the oldest member.

Purchasing health insurance should also take into account age restrictions. For instance, the maximum age restriction for various health plans is 65 years.  Some plans also have a maximum age as 80 years for the oldest groups.

  • Take into account all of the policy’s inclusions and exclusions.

Most insurance buyers are guilty of skipping over the terms and conditions part of their insurance policies, or the fine print, in their policies. The insurer lists the inclusions and exclusions in this section. For instance, insurance does not cover conditions like HIV, AIDS, and STDs. Additionally, you cannot submit claims for dental work, cataract surgery, or aesthetic procedures (not related to accidents or injuries). To avoid problems while submitting an insurance claim, you must verify which treatments are and are not covered.

  • Waiting Period Provision

You would be better positioned to decide on health insurance if you knew the waiting period rule. During this time, no pre-existing conditions or specific illnesses will be covered. It might be between 24 and 48 months, based on the insurance and the policy you have chosen. You won’t even be able to file a claim for benefits until after this period has expired. Any pre-existing ailments, such as high blood pressure, thyroid issues, diabetes, etc. that a person may have had before buying insurance will be subject to this waiting period. Additionally, it may be used to treat particular medical issues, including varicose veins, cataracts, and arthritis.

Final Words

While your health insurance coverage may not sound like an investment, it will undoubtedly spare you from significant unforeseen medical expenses. So, if you haven’t purchased health insurance for yourself, it’s time to do so.