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A Few Things You Must Know Before Buying a Health Insurance Policy

Tuesday, February 9, 2021

The increasing frequency of country refusals to meet health insurance requirements made it mandatory for the buyer to have a complete overview of the purchased health insurance policy. In fact, it is important to make sure in advance that the health insurance policy you are purchasing covers a large number of medical problems.

 

Several years ago, health insurance companies in India did not cover the costs of OPD (Outpatient Department), pre-existing illnesses and critical illnesses such as cancer and heart disease. Of course, the picture has changed a lot today. In fact, competition has intensified with the advent of various health insurance companies on the scene. This is mainly due to the inclusion of factors such as costs before and after hospitalization, maternity costs and medical treatment abroad. Unsurprisingly, the scope for improvement is only expanding.

 

While several insurance companies now offer products that cover major ailments for overseas healthcare providers; it is not wrong to say that higher premiums often give a complete picture of employee insurance Singapore coverage. At the same time, the industry recommends that you ideally purchase comprehensive health insurance for your entire family.

 

One point that is really worth noting is the age at which you decided to purchase health insurance. This is because the age of the proposer is the main factor in determining the amount of the premium that must be paid over the life of the policy. For a person between the ages of 21 and 25, you must pay Rs 10,000-12,000 per year, based on the average premium per rupee. On the other hand, the premium for the same policy would increase to about five percent for a 35-year-old.

 

It is understood that while all of the features listed here can highlight the policy and help the buyer cope with medical emergencies, it is important to note that appropriate coverage must be purchased. A basic coverage of about 10 lakhs is suitable for a family as most medical problems can be resolved with this coverage.

 

Also, when it comes to buying a health insurance policy, people tend to overlook several important points. First, most people are unaware of the waiting period for pre-existing conditions. They don't know that if they have a pre-existing medical condition, chances are they won't be covered by their health insurance plan. Instead, pre-existing conditions are usually covered two or more years after the policy was purchased.

 

Last but not least, even if the person has employer coverage or group insurance; it’s important to buy a separate plan that covers the whole family. This is because after you leave the organization, your insurance will also disappear. In the event that it is possible to transfer the policy after a new job, this may not be considered as having separate coverage for the whole family.

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