How to buy the right health insurance policy

In case of a pre-existing disease or certain procedures or maternity benefits, there is a waiting period applicable. It is not possible to claim that disease or procedure during this period. So, check the waiting periods while evaluating a product.

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Every insurance company has tie-ups with certain hospitals and this list can easily be viewed on the company or TPA website. These network hospitals offer a cashless claim facility wherein the insurance company directly settles the claim with the hospital. One should check whether a nearby hospital is covered under this list.

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It is important to check the various coverages of the policy, the limits of each cover, and whether modern or alternative types of treatment, pre and post-hospitalisation costs with respect to diagnostic tests, check-ups, etc are covered. Also, check whether the policy covers daycare procedures.

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A hassle-free and fast claims process plays a crucial role in selecting an insurance company. It should have responsive customer support and a quick resolution mechanism.

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1) It is necessary to disclose all health-related information to the insurance company with respect to pre-existing diseases and other health-related factors.
2) There is a free-look period of 15 days from the date of receipt of the policy, during which the insured can cancel the policy if not found suitable, without any charges being levied.

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