Selecting a medical insurance is tedious!
Here are 10 important clauses that should be checked before buying a medical insurance.
These clauses & valuable information & tips about health insurance are available in the book "Let's Talk Money" by @monikahalan.
A thread 🧵
Here are 10 important clauses that should be checked before buying a medical insurance.
These clauses & valuable information & tips about health insurance are available in the book "Let's Talk Money" by @monikahalan.
A thread 🧵
1. Co-pay clause
You will have to pay some percentage of the medical expense that along with the insurance provider.
That is, all the expenses are not being paid by the insurance provider.
You will have to pay some percentage of the medical expense that along with the insurance provider.
That is, all the expenses are not being paid by the insurance provider.
2. No sub-limits
Some expenses have a limit as a percentage of total covered amount
2 common examples:
~ Room rent
~ Specific treatments
Some expenses have a limit as a percentage of total covered amount
2 common examples:
~ Room rent
~ Specific treatments
3. Room rent capping
Some policies have a direct limit on the amount of money for the room.
e.g.
A single deluxe room having a cap of 5000 Rs. may not be affordable in a good hospital of a metro city!
Some policies have a direct limit on the amount of money for the room.
e.g.
A single deluxe room having a cap of 5000 Rs. may not be affordable in a good hospital of a metro city!
5. Waiting period
After you buy a policy, some diseases or expenses may not be covered immediately.
e.g.
Maternity benefits are shall be paid only if the policy has been in effect for 2 years.
After you buy a policy, some diseases or expenses may not be covered immediately.
e.g.
Maternity benefits are shall be paid only if the policy has been in effect for 2 years.
6. Exclusions
Your policy may not cover following:
~ Particular disease e.g. Neurosurgery
~ Treatments e.g. Physiotherapy
~ Medical Services e.g. Ambulance service
Check for such exclusions in the policy document!
Your policy may not cover following:
~ Particular disease e.g. Neurosurgery
~ Treatments e.g. Physiotherapy
~ Medical Services e.g. Ambulance service
Check for such exclusions in the policy document!
7. Day care procedures
Certain procedures e.g. a dislocation surgery do not need hospitalisation.
Check which procedures are covered and the cover provided for them, by the insurer.
Certain procedures e.g. a dislocation surgery do not need hospitalisation.
Check which procedures are covered and the cover provided for them, by the insurer.
8. Cost covered before & after hospitalisation
Before being hospitalised for treatment e.g. for a surgery;
patient usually has to undergo diagnostic tests.
Post discharge from hospital patient may need to undergo further treatment or tests.
Before being hospitalised for treatment e.g. for a surgery;
patient usually has to undergo diagnostic tests.
Post discharge from hospital patient may need to undergo further treatment or tests.
9. No claims bonus
There would be a year when you don't fall ill or aren't hospitalised. You thus raise no claim in that year.
A no claims bonus will increase your existing cover by a certain % of original cover.
You won't be charged any additional premium for this!
There would be a year when you don't fall ill or aren't hospitalised. You thus raise no claim in that year.
A no claims bonus will increase your existing cover by a certain % of original cover.
You won't be charged any additional premium for this!
10. Claims history
Check the number of claims settled. Generally it's a ratio out of 100. This data is available readily on many websites.
Also check, the number of complaints against the number of claims made.
Check the number of claims settled. Generally it's a ratio out of 100. This data is available readily on many websites.
Also check, the number of complaints against the number of claims made.
If you found this thread valuable do re-tweet the first tweet in this thread 👇👇
for the benefit of those who intend to buy a health insurance.
for the benefit of those who intend to buy a health insurance.
https://twitter.com/Finalysis20/status/1421279650639060998?s=20
If you haven't yet read the book, do give it a read!
Let's Talk Money is a treasure trove of information about all topics of personal finance & investments!
Here's a link to buy the book:
amzn.to/3j7XYfH
Let's Talk Money is a treasure trove of information about all topics of personal finance & investments!
Here's a link to buy the book:
amzn.to/3j7XYfH
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