Nowadays, health has become equivalent to the value of wealth in all societies around the world. A good health must be one of the most important priorities in our life because without it, no one can appreciate anything in life. For instance, you can't work and provide the needs of your family if you are unhealthy.
So, choosing the right health insurance plan is actually a tough decision to make. It can provide you and your family the feeling of comfort and safety. In case someone in your family got sick or has an accident, you want to give them the best chance of getting well.
Based from the review of Harver Group based in Tokyo, more than eighty percent of financial crisis comes from health emergencies. For this kind of emergency, you will not only need money for the treatment but for most individuals, it will also damage their ability to earn which results to hitting them with a double impact.
So health insurance is really a must right now because you don't want to lose a family member just because you can't afford to give him the best medical treatment.
Once you have some health issues like diabetes, the possibilities of having a health insurance goes low and the price goes high. So it is advisable that you should get a health insurance as soon as possible because what is the worth of paying a small amount in exchange of getting a peace of mind.
Harver Group provided some important tips below that you need to consider before buying a health insurance:
Get an individual health insurance
Even if your company provides you a corporate group health insurance, you should get an individual health insurance. Because once you quit or retire from your job, there might be a chance that your corporate cover will end. The company could also choose to withdraw this benefit or decide to leave other family members out from the insurance coverage.
If you can't afford a full individual Mediclaim, you can get a Super Top Up instead in which it provides additional protection at an affordable price when hospitalization costs are very high.
Choose as soon as possible
It is important that you get a health insurance before you turn forty or as early as possible. You can have the benefit of no-claims bonus and combine to the original insurance coverage every claim-free year, since you are possibly to make no or few claims in earlier stages of life.
Buy a health insurance that is renewable for lifetime
Your objective is to get a health insurance which provides lifetime renewability. Once you get older and have illnesses, protection is possible if only your policy offers lifetime renewability.
Don't buy a health insurance with claim loading
In case you get a serious illness that needs a long-term cure then with claim loading, your premiums keeps on growing and shortly can become unaffordable.
Buy from a reputable and trustworthy broker
It is necessary to purchase from a reliable and reputed broker that has a wide selection of insurance plans and can recommend you for the most ideal plan and works in your best interest, and doesn't prefer one company over another.
Don't buy direct and online. You can choose a plan or review services online but only buy the health insurance through an entity which has the means to assist you with claims.
Do not lie or hide information
Just in case you have an illness, see to it that you state it in your application form. You can have the broker to help you get a plan that will cover the illness even after a waiting period. Most of the plans nowadays also covered pre-existing conditions after 3 to 5 years based upon the plan.
Choose a health insurance that offers a short waiting period
All health insurance have a waiting period for pre-existing conditions. It is usually recommended to choose for a company that provides minimum waiting period. Don't forget to determine the waiting period of the health insurance that has been advised to you. Varying from company to company, waiting period usually extends from 2 to 5 years. Don't include companies that offer you insurance coverage with lifetime exclusions from your choices.
Choose a policy with no or minimal sub-limits
Sub-limits clause is used by some insurance companies to reduce their claims cost and is restricted to some common diseases. The list of diseases under sub-limits and restriction in treatment costs varies from company-to-company.
Room rent, diagnostics and doctor's fee are the most commonly introduced sub-limits. You need to understand the sub-limits clause to avoid paying from your own sources and, thereby, defeating the very purpose of buying health insurance.
You must read all your insurance policy documents all over again before having the final decision of buying a health insurance. Ask your insurance advisor or the insurance company as many questions as possible to clarify all your concerns. It will solve any misunderstandings or uncertainties that might exist.