Most Commonly Asked Questions in Health Insurance
Investing in a health plan is essential. While many individuals neglect it because of a number of reasons like it being expensive or something one rarely ends up using, these are all common preconceived notions.
Life is uncertain and no one has an idea about what may happen in the future. Keeping this in mind, investing in a health insurance policy is a wise decision. Here are some of the questions you should be asking before you invest in a health plan.
What does a health insurance policy cover?
Health insurance covers almost everything in which hospitalization is involved. This could be hospitalization owing to an accident or even any kind of disease.
Is there any benefit of sticking to single insurance provider?
Yes, the main advantage is that if you suffer from a pre-existing illness, there is generally two to four years of waiting period before this illness is covered. If you switch insurance providers in between, the waiting period with your new insurance provider is applicable afresh. Which is why sticking to a single insurance provider is always a good idea, especially if you are suffering from a pre-existing illness. Also, after a few years of continuing with the same insurance provider, you begin to enjoy the benefit of discounted premiums.
Is it advisable to invest in two health covers?
This is not necessary unless your current health policy does not offer you certain benefits that another insurance provider is offering. And in case you wish to invest in two policies due to surplus funds, then it is advisable to opt for a higher cover amount in your already existing insurance policy.
What is the difference between a health insurance and a critical insurance policy?
While critical illness policies cover major critical illnesses like kidney failure, strokes, heart attacks, and cancer, a normal health insurance policy covers mainly basic illness like malaria, typhoid, and other such illnesses. Also, the premium of a health policy is higher than that of a critical illness policy, especially if you are younger.
What are the different mediclaim exclusions?
An exclusion is one that is not covered under your mediclaim policy. A few exclusions of most mediclaim policies are as follows:
- • Illnesses that are existing before you invested in the policy
- • An ailment you contracted within the first 30 days of the policy’s inception
- • Any cosmetic surgeries other than for those being undertaken owing to an accident
- • Expenses of contact lenses, glasses and hearing aids
- • Dental surgeries
- • Homeopathy or any other form of alternative treatment
- • Pregnancy and other maternity costs
- • Self-injury or injury caused due to intoxication of drugs or alcohol
If you plan to invest in a health insurance policy, keeping in mind the above mentioned points will help you make an informed decision.