Things to keep in mind before going for health insurance
1. Don’t consider insurance as an investment option, it should be purely considered as a protection cover against any bad excegencies.
2. Firstly recognize your needs, make a list of your needs before choosing any company or product for the best results. For instance:
Ø Do you or a family member require specialists or specific treatments?
Ø Does someone in your family need chronic care or costly medication?
Ø Will the location of the doctors make transportation an issue?
Ø Do you prefer to use a nearby hospital? Not every plan uses the nearest hospital.
Ø Do you or family members require mental health benefits?
Ø What other factors are important to you?
Ø …a specific doctor?
…direct access to a specific gynecologist or pediatrician?
…a clinic that is open in the evenings?
…no or low drug co-payments?
…direct access to a specific gynecologist or pediatrician?
…a clinic that is open in the evenings?
…no or low drug co-payments?
Ø Do you need ancillary services such as vision, dental or medical equipment? Will you require home health coverage?
3. Check out for any genetic/hereditary diseases prevalent in your family tree that you may carry forward.. For ex: heart diseases, diabetes etc.
4. Always try to buy a combo insurance plan which covers both your general insurance need as well as medical cover. If you are an only earning person in your family you need to check whether your elder ones in family are covered with medical expenses.
5. Don’t think of ULIP plans unless you are covered in both general and medical insurance.
6. Stick to your needs, there may be a case that the agent may cajole you.
7. Don’t entertain any promotion call from call centers or agencies who are promoting product which u won’t require.
8. Remember not to be carried away by persuasive agents and publicity.
9. Once a product meets your requirements clarify all the doubts and match your specifications with the product. Although insurance agents would help you in choosing your insurance coverage plan, ultimately, you are the one who would have to select among the many plans offered to you.
10. Do a thorough research on what other companies are offering for the same insurance plan. Investigating for the price of the same policy from different insurance companies will allow you to choose the cheapest one.
11. Once you settle down on the product and vending company, investigate for its feedback through various sources like internet, peers experience etc.
12. As far as possible meet the agent in person rather than having a telephonic conversation. Workout on all the possibilities and then agree on buying the policy.
13. If you are in need of regular prescriptions, you must opt for policy which covers prescriptions also.
14. If you wish to visit a any specialist, chiropractor or an acupuncturist or a psychiatrist in the future, you would have to check if that is included in the plan you are looking at. If visits to these types of doctors are not covered, you would have to pay for them from your own
15. Check for emergency care. Would they cover only injury and broken bones during an accident or would they also cover health problems that can be treated in the emergency room? If you are required to stay in the hospital after the emergency, would the plan cover the medical expenses as well?
16. It may be a pain, but scan and interpret the entire policy document to make sure nothing is overlooked.
17. Cross verify your doubts and take immediate actions if the policy document varies with the verbal commitment by the agent.
The above mentioned things are from my personal experience and thanks to very good friend of mine vijay for his contribution to this post.
