Hyderabad: Financial stress is what we are certain to experience if not fully prepared to meet any unexpected expenditure on account of sudden ill health in the family. For such unforeseen eventualities, everybody should get ready by spending an extra rupee in advance to get sufficiently insured in order to get covered until we regain our health. The best option, obviously, is to take a health insurance policy. But we have to be very careful while selecting one and make sure that it will come to our rescue in times of health emergencies.
As aging sets in, vulnerability to diseases goes up. Especially, lifestyle diseases are on the rise among all sections of late, including young men. Once people cross 30 years of age, they are grappling with a variety of chronic illnesses like diabetes and blood pressure. Even at an early age, heart and kidney ailments are becoming common. In the light of these challenges, we should be very careful while choosing health insurance policies.
In view of the rising medical costs, the key factor nowadays is selection of the amount for which we have to get health insured. Already, many of us are getting group insurance policy from respective offices. In addition to this, we should take our own policy. Before this, we must take a decision whether to go for an individual policy or one to cover the entire family. In this respect, family floater policies are being offered by the companies.
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At the same time, we have to get an overall view of our entire family's health profile and also list our existing diseases, if any. Medical inflation will rise with the passage of time. This should be taken into account while selecting the total amount for which we should take health policies. A policy that takes care of us till the end of life are the best. Also, it is necessary to choose companies that have a good track record in paying claims.
Many people take insurance very casually out of over confidence and often ask whether it is necessary to take a health policy when one is hale and healthy. It is always safer to take health insurance at an early age and without fail while below 30 years of age itself. Pre medical tests are made compulsory before taking a policy. If overweight, companies will hesitate to give policies. Even when they give, they collect high premium. However, there is exemption for such pre existing diseases. But the companies will not give coverage for three to four years. Also, there will not be immediate compensation. Hence, it is better to take health insurance when we are healthy.
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It also makes good sense when we take a right policy at a right time. We should check the terms and conditions of a policy thoroughly before taking it. Policy should cover expenditure without any conditions or sub limits. Some policies say only a certain percentage will be paid towards hospital room, ICU and treatment. Such policies should be scrupulously avoided.
The policyholders should make sure that they get no claim bonus in a year when they have made no claim. The policy should also cover pre-hospitalisation expenditure and also expenses after discharge. Claims should be paid to advanced medical treatment procedures. There should be a facility for getting covered for treatment abroad. Priority should be given to the insurance companies that have the most network hospitals.
