Your health policy should cover all medical costs

Health insurance provides compensation for a wide range of medical costs over and above expenses incurred during hospitalization. A right policy also covers pre-hospitalization, post-hospital expenses, ambulance, day care treatments and advanced treatments and so on. Take a look at what more they offer.

Hyderabad: A plethora of companies are offering a wide variety of health insurance policies. Choose carefully. Comprehensive health insurance coverage will provide great relief in case of hospitalization. We need to choose the right policy that suits our needs. Take a look at the important factors you muster to consider before finalising your policy.

One should be fully aware of the overall benefits while purchasing insurance. It should support you financially when suffering from illness. Some policies may have sub-limits. Others have a waiting period. You should read the policy documents thoroughly to understand them. If necessary ask the help desk of the insurance company. It also helps in avoiding misconceptions in the case of claim payments.

Many people think that health insurance provides compensation for expenses only during hospitalization. The fact is policies now cover pre-hospitalization, post-hospital expenses, ambulance, day care treatments and advanced treatments. Apart from this, check if the policy provides many additional benefits such as cash on admission to the hospital, compensation for home treatment, restoration on completion of the policy, cumulative bonuses, annual health check-ups, health care discounts, and second opinion of medical experts. Analyze whether the policy you have chosen is suitable for all your needs.

Medical treatment costs are increasing day by day. You need a policy that covers maximum medical costs when needed. In this background, the value of the policy is crucial. Looking for a lower premium may not suit your needs. Some amount has to be borne out of pocket during hospitalization. This will affect your savings and investments.

An alternative method of getting a higher sum insured is to opt for a top-up policy. It can be kept in addition to the basic policy. This allows you to get maximum protection at a low premium. How long to wait to get compensation for treatment of pre-existing diseases is key in policy selection. Most policies fix this period for 2 to 4 years.

Policies with minimum waiting periods should be considered. Some insurers are introducing supplementary policies to reduce the waiting period. In addition to this, some amount has to be paid. If the policy is taken when there are no health problems, there will be no such complications.

Family floater policies have a slightly lower premium. So, try to bring all your family members under one policy. When choosing supplemental policies choose only what you actually need. The premium paid for a health insurance policy is never an expense. Look at it as an investment.