Do's & Don'ts In Health Insurance

Do’s:

·         Find out if the policy comes with any restrictions on the coverage it provides.

·         Before you choose a particular policy, make sure you go through all its details with a fine toothed comb. Pay special attention to the terms and conditions, including:

1. Clause concerning coverage of pre-existing diseases.

2. Waiting period before Coverage begins for certain diseases.

3. Any restrictions or caps on expenses relating to hospitalization.

4. IF the policy involves co-payment, which means that the policyholder will have to contribute a certain amount towards the claim.

5. A pre-conditions governing renewal of the policy.

6. Maximum age limit for entry and renewal of the policy.

·         You must disclose to the insurer, all details regarding any pre-existing health problems, which include any major illnesses or medical conditions like diabetes or high blood pressure.

·         Be prepared to provide the insurer with a range of documents relating to medical tests reports. This is also dependent on your age.

·         Find out beforehand where the medical tests require to be done and who shall cover the costs of the test.

·         Begin your premium payments only after you ensure that your proposal has been accepted by the company.

·         If the policy suits your requirements, ensure that you make your premium payments on a regular basis and renew your policy in time.

Don’ts:

·         Do not hide any facts regarding your health condition when you are in the process of purchasing a policy as the same could land you in a dispute at the time of claim settlement.

·         Do not let a gap, even if it’s a day, come in your policy renewal. This could render your cover useless or insufficient.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.