Claims: The real test of your health insurance

Health insurance is a necessity in today’s day and age given the rising costs of healthcare and the increase in cases of lifestyle diseases. Buying and renewing your health insurance is important but due diligence before making the purchase is essential to make sure that in the event of a claim, your health insurance policy does not fail.

Health insurance claims are always stressful since more often than not, it is an emergency medical incident. At a time when you are already stressed, if your claim process adds on to the stress it can be very disturbing. By just watching out for a few essential points, you can be sure that your claim is not rejected and you can simply focus on recovery. 

What you must definitely check for

• Gather information before you choose

General lack of awareness about health plans and the competition amongst insurers in the category can make it difficult to find the right policy. Hence it is important to do some independent study of plans with the help of the internet. You can also download a utility app like the Bajaj Finserv App where you can check multiple plans at one go and also compare their features and premiums. 

• Low premium rates may not always be the best solution

A good health insurance policy should provide you with appropriate cover for your medical expenses. The coverage is a more important facet than the premium amount. So, it is important not to settle for a low premium amount by compromising on coverage. Choose a health plan that covers multiple health problems and in case you want to be insured for specific diseases like a stroke or kidney failure, make sure to check that your policy covers critical illnesses. 

• Pre-existing disease coverage

A pre-existing disease is defined as a health condition that an individual has even before they purchase a health insurance policy. Earlier, it was next to impossible to purchase a policy with an existing health condition, however things are fast changing today. Pre-existing diseases maybe covered by health insurance policies with a waiting period in place. However, it is essential for you to be transparent with the insurer about any health conditions that you may already have when purchasing the policy. Also read the policy terms to see if the specific health issue you have is covered under pre-existing diseases and what the specified waiting period is. In the event of a claim for medical expenses related to a pre-existing disease, it will not be processed if it falls earlier than the specified waiting period. 

• Don’t overlook the fine print

All insurance policies have inclusions and exclusions. While it is very important to thoroughly check the plan inclusions, skipping the exclusions can be disastrous. Many a times, we skip reading the fine print and our claim may fall through due to such a situation. When you go through the exclusions you may come across any points that maybe specifically important for you but excluded from the policy. This will help you take an informed decision. 

• Don’t treat health insurance like just a tax saving instrument

It’s very common to purchase health insurance to save taxes. However, this should not be the sole aim. A health insurance policy should be purchased to cover end-to-end medical expenses during an emergency. And most importantly it should be a well thought out and informed decision. Impulsive decision making in this regard can get you in trouble if you do need to raise a claim. 

The points we have shared with you today are aimed at making sure that when you put your health insurance to test during an emergency, it gives you the financial security you need without any hassles. To choose a health insurance plan that’s got you covered well in all these aspects, download and login to the Bajaj Finserv App. 

On the app, you can explore health insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.