With healthcare costs – along with lifestyle diseases – rising like never before, health insurance has become a necessity for every individual today. More because medical emergencies can eat into all one’s savings if one is not adequately insured. However, buying the right policy from the array of options available in the market is not easy. Apart from pricing, there are many important factors that should also be taken into account.
“It is highly recommended that the decision of buying a health Insurance product should not be based solely on the premium pricing. In addition to the price, other factors like ease of policy purchase and renewal, servicing, add-on covers etc should also be kept in mind,” says Rajiv Kumar, MD & CEO, Universal Sompo General Insurance.
Here are 10 important things that you must look for before you buy a health insurance cover:
1) Add-on covers: First of all, you need to check whether the policy you are planning to buy is offering add-on covers or not. Many health insurance products offer add-on covers, which may prove to be beneficial for the insured and his/her family in times of distress. Critical Illness add-on, for instance, pays the sum insured as a benefit amount for listed critical illnesses, e.g. first heart attack of specified severity, cancer of specified severity, permanent paralysis of limbs, open chest CABG, open heart replacement or repair of heart valves, coma of specified severity, kidney failure, bone marrow transplant, multiple sclerosis, motor neurone disease etc. “The number of Critical Illness covers may vary from product to product and requires attention while making purchase decisions. Other additional covers generally available with health products are Personal Accident Cover, Hospital Cash Benefit, among others, which you may opt as per your needs and get a seamless comprehensive cover at payment of an extra price,” says Kumar.
via 10 things to look for while buying health insurance – The Financial Express
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