FinSort Health Insurance Checklist

Some insurers won’t let you pick a room you like. Instead, they’ll have a limit on room rent.
And in the event, you breach this limit, they’ll make you pay extra for every little service rendered in the room and not just the rent.
At the end of it all, you’ll end up paying a good portion of the bill. So opt for a policy that doesn’t have too many restrictions on this front.

Insurers might nudge you to consider a co-payment clause, in which case, you'll be forced to foot a part of the bill each time you make a claim.
Copayments are where the insurance provider pays only after medical costs is beyond the set limit, could be 10% or could be 20% or could even be 30% of the bill.
Policies that do not feature copayments or deductibles might be expensive; however, they offer the advantage of medical coverage during emergencies. It is better to select a plan that does not come with any limitations so that you get the maximum during claims.

One of the primary requirements is if the health insurance scheme is for you or your family as well.
You can buy an “individual” health insurance policy for each of your family members, or you can buy a “family-floater” policy to include all members in a single plan.
The individual policy is an excellent resource during all situations; however, it is expensive compared to the family-floater policy.

Health insurance comes with a waiting or cooling period before any critical illnesses can be covered under the policy.
It’s what happens when the insurer offers you a massive cover (say 10 lakhs) for a modest fee, only to include restrictions on how much of this cover will be available for each disease.
In effect, you’ll likely end up having only a part of the 10 lakhs available in most cases.
Select a policy that does not have sub-limits on critical illnesses for comprehensive coverage.

All types of insurance policies come with certain exclusions. You must know about the list of exclusions before you choose the plan.
This will avoid unforeseen medical expenses for a service that is already covered or after the treatment you realize that the policy does not cover the treatment of the specific illness.

Nobody falls sick right off the bat. You’ll likely have to go through a host of diagnostic tests before you’re hospitalized.
Once you’re discharged you’ll have to worry about medication. And these costs can add up.
So it’s always best to pick a policy that covers pre & post-hospitalization care.

Chemotherapy, dialysis, a quick appendectomy. All of these procedures might last less than 24 hours.
And even if you’re hospitalized to avail treatment, some insurers might not cover these claims, because they don’t do “daycare treatments”.

Choose policies that have the option to upgrade the coverage amount in the future offer you the flexibility to increase the coverage amount when medical costs are on the rise.
Your insurer should restore your cover each time you make a claim. If not every time, maybe at least once? It’s possible. You need only ask.

Find a policy that provides cashless hospitalization at a preferred and nearby hospital.
Additionally, it will be beneficial if multi-speciality hospitals are part of the insurer’s network of hospitals. This way you have the benefit of getting superior medical care for specialized treatments.

The sum insured and the premium is not the only criteria while selecting the policy.
You need to know the reputation of the insurance provider and how they service their clients. Study about the insurer’s claim settlement process and how many genuine claims have been settled by them.
The reviews and ratings of the company’s policyholders will help you know more about the reputation of the company among existing customers.

Some insurance policies pay for your health checkups each year.
So if you are looking to make sure you’re always in tip-top shape, these health checkups might come in handy.

What if the insurer offers you extra cover every year you go without making a claim?
Wouldn’t that be nice? Well, guess what? Some insurance policies do offer a lot of bonus cover. So maybe it makes sense to check if your policy extends these benefits too.