10 Things You Should Consider While Buying A Health Insurance

While choosing a health insurance plan, it has become inevitable to study many factors that become the main standpoints as with regards to why we need to buy health insurance in Dubai. The strenuous lifestyle and rising medical cost all aggravate the need to buy a health insurance plan at a much younger age. Selecting any plan without taking into account an informed decision could lead to a wrong turn. The benefits of buying a health insurance plan when you are young are many-

1) No medical checkups involved.

2) Lower chances of getting rejected by the insurance company when trying to buy the plan.

3) Coverage for most diseases with lesser exceptions.

4) Hassle free policy renewal.

Compiled are 10 questions that you need to ask your insurance provider before opting for a health insurance plan.

1) What are my requirements?

Many a times the number of family members and their age is crucial for taking a particular insurance cover. A young family with no senior citizens can opt for a basic cover while a family with aged parents needs to look at a larger cover.

2) What kind of plans do you offer?

There are all kinds of plans from basic plans to premium plans. These three kinds of plans namely fixed benefit; mediclaim and critical illness benefit are common. Out of which critical illness health insurance plans offers cover for certain critical illness mentioned in the plan. Indemnity plans pay for only a certain percentage of the medical cost and the remaining is borne by the insured. Go through the benefits of each.

3) Are you locally or internationally covered?

Some local plans may cover only the emirate you reside in while there are others that includes the whole UAE. Regional plans may cover the whole of GCC or the MENA region while international plans as available in the UAE may or may not cover US and Canada within the term worldwide coverage.

4) Are there any co-pay or sub limits?

Insurance companies have introduced co-pay and sub limits to prevent hospitals from billing them unreasonable room rents. The insurer will be asked to pay a predetermined percentage of the claim amount also called as deductibles. You have to pay a part of the expenses regardless of the sum insured. In this the insurer will have a cut off cost that he will have to take care of when the bill goes beyond this limit. For eg: If there is 10% co-pay in a policy, the insurer will pay 90% while the insured has to bear the balance. Many treatments are capped by insurers to reduce hospital claims. These are also called as sub limits. Choose a policy with fewer sub limits.

5) Does the plan offer cashless facility?

It is always better to opt for a health insurance policy with a cashless facility. These policies cover the expense of the treatment mostly everything that are medical in nature. Most insurers provide list of items that the policy won’t pay for. With this facility you are assured of the best possible treatment even if you don’t have the money to pay for it. Some facilities offered here are In-patient care, no claim bonus, complimentary health check up, daily cash benefits, cover for ambulance charges, cover for critical illness like cancer, heart attack, stroke etc.

6) Are pre-illness covered and what am I excluded from?

Most people assume that their health insurance policy covers pre-existing conditions but this is not true as most policies do not cover such conditions. Pre-existing conditions impacts the overall premium of the policy. Make a mental note of the exclusions listed in the policy. For eg: If you are a diabetic whilst taking the policy, ailments related to the kidney, nerves may be excluded from the list as it may be as a result of diabetes.

7) What about the waiting period?

Most insurers have a waiting period for certain ailments. They differ for different treatments. They are mostly applicable for dental treatments, preventive screening tests, and alternative medicine in thefuture etc.

8) Are all hospitals and clinics covered?

It becomes critical to check the list of hospitals and clinics that operate under an insurance company’s medical network. Usually the more expensive the health insurance policy the wider will be the network of hospitals and clinics. It is advisable to choose an insurance policy which covers major hospitals near your home

9) Does your insurance provider settle claims?

It is important to track if the insurance company settles claims smoothly. Study about how many claims have been settled, been time efficient and well networked.

10) Am I entitled to a discount?

Check with your insurer if he can offer you a discount on the premium. Some providers may offer you a no-claims discount if you have been successful in renewing without having made even a single claim in the previous year. Buying a health insurance for your large family also may entitle you to a discount.

Most health insurance plans look identical;hence reading the fine prints cannot be done away with. In case you need more details, consult an experienced health insurance advisor who can help get you sorted.