Health insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the person indemnified. These insure you against several illnesses, while assuring that you remain financially secure should you ever require treatment. They eliminate all your worries about treatment expenses and allow you to focus your energy on more substantial things, like getting better.
Health insurance can either reimburse the person insured for expenses incurred from illness or pay the care provider directly. Don’t get deterred by the many varieties of health insurances available in the market, you just need to be careful about three important things while buying a health insurance. Let us guide you through those three aspects in brief.
Insurance provider networks: Is your doctor or hospital covered under your insurance?
This is one of the most important aspects to keep in mind. At first glance, you might not be able to understand the breadth of a particular plan’s network of doctors and hospitals. You should check thoroughly to ensure that your doctor or preferred hospitals are incorporated under the policy that you plan to buy.
You also need to specifically clarify from the agents about the benefits (if any) you might receive if you or your loved ones are admitted into hospitals, or visit doctors who are not included in the insurance policy.
What medications will the insurance cover and how much you have to pay for them?
Different insurance plans have their own list of drugs and medications that they cover, also known as formularies. You should make sure that the plans you are considering to buy must cover any medications you take already. The insurance plans typically assign covered medications to specific tiers, and then set patients’ cost-sharing for those drugs.
Most importantly, even if a medicine is covered by all plans, it might end up in a higher tier for other policies, leading to potentially high cost differences.
Look for Maximum Renewal Age:
Maximum Renewal age is the age on which the insurance coverage of your health will be discontinued. Depending on product to product, this can include all members or a specific member. Your aim when you buy Health Insurance is to save yourself from mounting healthcare costs right through your life. A product, which ceases renewal, while you are still alive and need it more, is not a worthy one.
Look for products that give you lifetime coverage and rule out all products which do not cover your family members for a reasonable lifetime period. Life expectancy in India is around 70years.
Be aware of the above aspects, when you buy a health insurance for you and your family. The only remaining thing is that you should read the documents very carefully and make sure all your needs are fulfilled before signing on the dotted line.