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By: Aquib Nawab
Finance
Age has no relevance with the time you buy health insurance. Lifestyle conditions and medical expenses are on the rise and hence, buying health insurance while you are young is a wise thing to do.
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Contrary to the common belief that health insurance is mainly to cover age-related health issues, it actually provides coverage for accidents and various illnesses too. Securing health insurance early on can lead to lower premiums and discounts for no-claim years.
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People believe that non-disclosure of existing medical conditions or health conditions is fine. Many times, people hide their medical state thinking that disclosing the same will lead to attracting lower premiums. But not disclosing health status can lead to rejection of the claim or cancellation of the policy.
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Health insurance comes with a cap on room rent, deductible, consumables cost, and other sub-limits which may increase your out-of-pocket expense and the insurer can deny you full coverage. It is best to go through the policy documents and then proceed with the policy purchase to ensure you are fully covered.
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Health insurance not only provides coverage for hospitalization for more than 24 hours but also for less than 24 hours. Hospitalization for less than 24 hours is termed as a daycare procedure and is covered under health insurance. Chemotherapy, cataract surgery, etc. are covered under day care procedures.
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Today, almost all insurance companies offer maternity coverage under health insurance. You can also opt to get pregnancy-related coverage as an add-on along with your base health policy. However, maternity coverage can only be opted for after a waiting period of 24-36 months.
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Whether you are purchasing group health insurance or health insurance, it is important to know that you can pay the premium on an EMI basis or even opt to pay in full. Onsurity has introduced monthly subscription health membership which enables you to pay the fee on a monthly basis and get health insurance and wellness benefits for your team.
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Many people think that the best health insurance policy is the one that attracts less premium. While less premium can help you save money, it may not offer you the desired coverage and may come with restricted offerings. It is best to check the coverage and then check on the premium.
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Many assume immediate coverage from the policy start date, but actual coverage kicks in after a waiting period, generally 30 days for the medical conditions mentioned in the policy document. Pre-existing diseases are also covered after a waiting period of 3-4 years and there is a waiting period of 1-2 years for coverage of specific medical conditions such as sinus, hernia, etc.
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