Considerations to Make Before Purchasing Health Insurance

 It is crucial for the entire family to have complete health insurance coverage because medical inflation is higher than general inflation and is linked to rising hospital prices and medical equipment costs. A 360-degree picture of the medical insurance policy one should purchase is a must due to the country's rising number of health insurance claim denials. In fact, it's crucial to confirm in advance that the health insurance plan one should get covers a wide range of medical conditions.

Prior to a few years ago, Indian health insurance providers did not pay for OPD (out-patient department) costs, pre-existing conditions, or serious illnesses like cancer and heart conditions. Of fact, the situation is currently undergoing significant change. In fact, the competition has grown as more health insurance providers have entered the market. This is the main justification for include aspects like pre- and post-hospitalization costs, maternity costs, and overseas treatment under the insurance net. Unsurprisingly, there is always room for improvement.

While there are currently many insurance firms that offer policies that cover common illnesses to cashless treatment facilities abroad, it is generally true that higher premiums tend to provide a more comprehensive image of the insurance coverage. At the same time, experts in the field advise that one should ideally purchase family health insurance that covers everything.

Similar to this, people typically ignore a number of crucial factors when purchasing health insurance. First and foremost, most people are ignorant of the waiting period for pre-existing conditions. They are unaware that your health plan is unlikely to cover a condition that already exists. Pre-existing conditions are instead typically covered two or more years after the policy is purchased.

Last but not least, it's crucial to purchase a separate plan that covers the complete family even if a person is covered by a group insurance plan through their employment. This is true since if you leave the company, your insurance coverage ends as well. One may think about forgoing getting a separate coverage for the complete family if there is a possibility of transferring it after starting a new work.

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