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Health Insurance Hacks: Here's a list of dos and don'ts when buying a medical policy

The article from Moneycontrol outlines several key dos and don'ts for purchasing health insurance in India. It advises individuals to thoroughly understand policy terms, including waiting periods, exclusions, and coverage limits, before buying. Key recommendations include opting for policies with restoration benefits, ensuring coverage for pre-existing diseases after a waiting period, and choosing plans that cover non-medical expenses like room rent. It also suggests considering family floater plans for cost efficiency, checking the insurer's claim settlement ratio, and understanding the co-payment clause. On the flip side, the article warns against underestimating insurance needs, ignoring policy renewability, neglecting to read the fine print, and not disclosing pre-existing conditions, which could lead to claim rejections. Additionally, it cautions against buying policies solely based on premium costs without considering the coverage offered, and stresses the importance of not delaying the purchase of health insurance, as premiums increase with age and health conditions might worsen.

Read the Full moneycontrol.com Article at [ https://www.moneycontrol.com/news/business/personal-finance/health-insurance-hacks-heres-a-list-of-dos-and-donts-when-buying-a-medical-policy-12875621.html ]