When you buy a new product, you learn its features; the same goes for health insurance. However, a health plan gives you 15 days to read the fine print. You can return the plan and get your money back within 15 days if you find a clause that doesn’t suit your needs.
Sadly, most people skip or don’t read the lengthy fine print. If you ignore the fine print, you’ll pay later. Going through each clause in the fine print is better than regretting later.
The main course first
See what the plan covers before reading the fine print. Besides regular coverage, your health insurance should offer these benefits:
- Cashless hospitalisation*
- Pre- and post-hospitalisation*
- Maternity benefit
- Prior coverage
- Home hospitalisation*
- Ambulance fees
Next, the little details
After completing the plan, you can focus on coverage details. Look for value-added health insurance benefits like daily cash, 24×7 medical consultation, free health checkups, medical concierge, restoration benefits, etc.
Know the policy’s maximum renewal age. Some insurance policies are lifelong.
Check the plan’s network hospitals. If the nearest hospital is too far from your home, make sure the plan offers non-network coverage, where the insured can receive treatment in a non-network hospital and be reimbursed later.
Know your limits
Know the sum insured and the upper caps on specific expenses. This includes your health insurance benefits.
If the sum insured is 3 Lakh, the room expense cap is Rs 40,000. If you spent Rs. 2 lakhs, Rs. 60,000 was for your room, and Rs. 1,40,000 was for doctor’s fees, medications, and treatment. The payout will be Rs. 1,40,000 plus 40,000, or Rs. 1,80,000. The insured pays Rs 20,000.
Note exclusions
Be aware of the waiting period. Pre-existing diseases usually have a 4-year waiting period, specific illnesses a 2-year waiting period, and the default a month. Study this carefully before you buy online health insurance.
Most health plans exclude alternatives. It’s good you chose natural healing, but your insurer doesn’t cover it.
Learn about policy exclusions for pre-existing conditions. After four years, such conditions are usually included. However, the fine print excludes certain conditions even after the waiting period.
Ensure you go through every detail in your insurer’s health insurance app.
Dental, vision, alcohol/drug, and cosmetic expenses are standard health insurance exclusions.
Beware of costs
Did you know your insurer may require a co-payment for every claim? It’s like splitting medical costs in an emergency. Loading charges are added to renewal premiums after claims. Newer health plans eliminate the loading charge.
The fine print isn’t just restrictions but often contains valuable benefits. Thus, reading the fine print is not a requirement but a good habit that maximises your health insurance plan. For example, cashless health insurance is another helpful feature with clauses you must check. It can save you if you are short of money and need immediate medical assistance.
Ask your agent or insurer if you need help to understand a fine print clause. Finally, changing the fine print is tricky. The benefits make this one-time pain worthwhile!
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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