Dos
1. Disclose All Pre-existing Conditions
Always provide complete and accurate information about your medical history, including chronic illnesses like diabetes or hypertension. Non-disclosure can lead to claim rejections.
2. Understand Policy Terms Thoroughly
Familiarize yourself with key policy details such as waiting periods, exclusions, co-payment clauses, and sub-limits on room rent or specific treatments. This ensures clarity on what is covered.
3. Compare Multiple Policies
Evaluate different health insurance plans based on coverage, network hospitals, claim settlement ratios, and premium costs to select the most suitable option for your needs.
4. Opt for Adequate Sum Insured
Considering rising medical costs, choose a sum insured that sufficiently covers potential hospitalization expenses for you and your family.
5. Renew Policies Promptly
Ensure timely renewal of your health insurance policy to maintain continuous coverage and avoid losing benefits like the no-claim bonus.
6. Utilize Portability Options
If unsatisfied with your current insurer, consider porting your policy to another provider during the renewal period to retain benefits like waiting period credits.
7. Keep Documentation Organized
Maintain records of all policy documents, premium receipts, and medical reports to facilitate smooth claim processing when needed.
Don’ts
1. Don’t Conceal Medical Information
Avoid hiding any health-related information during policy application or renewal, as this can lead to claim denials.
2. Don’t Choose Policies Based Solely on Low Premiums
Selecting a policy just because it has a low premium might result in inadequate coverage. Assess the benefits and coverage limits before deciding.
3. Don’t Ignore Policy Exclusions
Be aware of what your policy does not cover, such as certain diseases or treatments, to prevent surprises during claim time.
4. Don’t Delay Renewals
Missing renewal deadlines can lead to policy lapses, resulting in loss of coverage and accumulated benefits.
5. Don’t Rely Only on Employer-Provided Insurance
Employer health insurance may not offer comprehensive coverage and ceases upon job change. It’s advisable to have an individual policy as well.
6. Don’t Overlook Network Hospitals
Ensure your preferred hospitals are within the insurer’s network to avail cashless treatment facilities.
7. Don’t Forget to Update Policy Details
Inform your insurer about any changes in personal information, such as contact details or addition of family members, to keep the policy updated.
By adhering to these guidelines, you can make informed decisions regarding your health insurance policy, ensuring comprehensive coverage and peace of mind.
