Be smart while switching your health insurance – Consider these 7 factors

1. All-encompassing features:

   Though no one wants to end up in a situation where they need to use their health insurance policy, emergencies crop up uninvited. However, the degree of health issues can vary each time, and thus, you need a policy that can cover your expenses during all kinds of health distress. Make sure that your health insurance policy covers not just hospitalisation, but also day care and outpatient procedures without any condition of sub-limits so that you can be assured of all-encompassing care and safety.

2. Policy renewal related age restrictions:

   Some policies offer the best of features but do not offer lifetime renewal. This makes the policy redundant as old age is that phase of life when one is most likely to face health issues. So, make sure that the policy you choose and the features and coverage that it offers is not subject to your age. You should be able to renew it for as long as you live.

3. Payment options and features:

    The best health insurance in India will not make you pay for any of your medical expenses and the cover will be completely cashless. In other words, no matter how attractive a policy is, if it requires you to pay first and then present bills later for reimbursement, it is bound to become a hassle later. Switch to a policy that assures cashless and swift payments so that you can truly revel in comfort and safety.

4. A vast network of hospitals and clinics:

    In case of a medical emergency, you won’t have much scope or time to travel far and will ideally want to go to a good hospital nearby. So, while making the switch, make sure that your new policy supports a vast network of hospitals and clinics so that at the time of an emergency you don’t have to wander far for hospitals that your policy approves.

5. Option to increase coverage:

    Health problems usually magnify with age, and thus, while today you are satisfied with your health insurance policy and the cover, tomorrow you might find it to be insufficient. Hence, when you switch, look for a policy that does not have any restrictions on the option to increase coverage as and when required.

6. Medical history:

   While making the switch, your health condition will be examined again, and if you have a history of diabetes or high blood pressure or heart conditions, you will need to consider policies that offer support despite your pre-existing conditions. Your request for switch is bound to get rejected if you fail to mention any of the pre-existing conditions or if you go for a policy that isn’t meant to support pre-existing conditions. With medical history of critical ailments, while you won’t have a wide range of options, you can still look for a good health insurance policy.

7. Waiting period:

    There are 3 types of waiting periods and you need to clearly understand this concept before making the switch. The first type of waiting period is of 30 days for new policies. The second type of waiting period is for those diseases that are covered after a period of 1 or 2 years. These diseases can be kidney stones or appendicitis. The third type of waiting period is of 4 years for pre-existing diseases. These diseases include heart ailments, type 2 diabetes, cancer etc. Make sure to choose a policy wherein the waiting period does not come in the way of your treatment.

Conclusion

Apart from keeping the above pointers in mind while choosing the best health insurance policy in India, make sure you go for an insurer who has a high claim settlement ratio. The process of registering a claim should be easy as well. If you choose well while making the switch, both you and your family can remain safe and stress-free for years to come.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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