The recent increase in hospital costs has caused concern among the average middle-class worker. They fear that the money they have saved over the years could be depleted in the event of an illness.
In this situation, market experts suggest that health insurance can provide access to medical treatment during illness without spending personal savings.
However, with the many health insurance policies available, many people still need to decide which one to choose.
Experts caution that making mistakes when selecting a policy can carry significant risks. Therefore, taking precautions when choosing health insurance is essential to avoid pitfalls.
When paying for a health insurance policy, it is generally best to make payments monthly or yearly. Experts also recommend being mindful of the insurance amount.
Some policies require the insured to pay for medical expenses and then make a claim along with the relevant bills. However, insurance companies now offer cashless services, which may be a better option.
For cashless treatment, seek treatment at hospitals tied to the insurance company. Additionally, disclose any existing illnesses before purchasing an insurance policy, as policies often have waiting periods for coverage of these conditions.
Some policies offer a bonus if health insurance is obtained and no claims are made during the policy year. This bonus may reduce the premium or increase the sum insured.
It’s crucial to note that benefits do not apply if the relevant illness is treated during the waiting period, although insurance covers treatment for other unexpected problems.
Reading the policy document is not only recommended but essential for understanding these exclusions and making informed decisions.