Tips for buying medical - health insurance in India

Here are some points to remember when buying medical insurance in India.

Tips and Suggestions

  • Never take the word of any insurance agent or broker and assume insurance coverage for most scenarios. If itís not stated in writing in the policy document, then the chances are that you do not have insurance coverage for it and wonít be reimbursed by your medical insurance company.
  • Donít buy an insurance policy with the attitude that you can change to another company if you are not satisfied with the present one. If you do this you lose in a big way because just about every medical insurance company in India does not pay for pre-existing disease treatment for four years.
  • Suppose you change to a new company after one year. You have to wait another four years to get coverage for your pre-existing disease.

    The more often you change medical insurance companies; the worse off you will be as the four year waiting period will start every time you switch to a new health insurance company.
  • Many medical procedures, such as for example surgeries for cataracts may not payable for the first two years of your policy and payments may also be restricted by a certain amount set by the health insurance company. Check the insurance companyís master policy to identify what procedures are not covered during the first year or two of your policy and the amount set by the company as payment for such medical treatments.
  • Donít get a false sense of security if you have family medical insurance in India. Always keep some money aside for medical expenses which may occur unexpectedly as not all types of medical expenses are covered.

    For Example:
  • Suppose due to an accident you are taken to hospital for treatment and discharged after five hours after getting your wounds attended to. Even though you have a health insurance policy that covers sums of up to five or ten lakhs, your medical insurance company will not pay for this type of treatment as they pay only if you are hospitalized for at least 24 hours.
  • Choose the sum assured taking into careful consideration what you can afford. Companies usually reserve the right to increase premium rates. Remember check the policy wording before buying medical/health insurance in India.
  • Never take the word of any insurance agent/broker or other insurance sales people. Unless it is clearly stated in writing by the company.
  • Remember your medical insurance policy is valid only within India. In case you travel abroad you need travel medical insurance.

Spend some time comparing medical insurance companies in India. Donít just look at the premium rates but study the policy.

If you donít understand something in the policy it is always better to ask for clarification and get answers in writing.

In the unfortunate circumstances that you or your family ever needs medical care, you donít want the added pressure of being faced with denials of your medical claims.

The internet is full of complaints from frustrated people who had to suffer because their claims were either denied or delayed.

Read the master policy before buying insurance and pay special attention to what is not paid for by the insurance companies.

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Donít assume all insurance companies are the same, do your homework and find the best suitable plan for yourself and your family.