The frenetic pace of life that most of us lead today has, unfortunately, given rise to many lifestyle diseases. And, with healthcare costs surging, it is only prudent that we be proactive and purchase a comprehensive health insurance policy to cover us for any eventuality.
However, with hordes of medical insurance plans available in the market, you must be vigilant in buying one. Here are some considerations to bear in mind before buying a medical insurance policy.
- Your requirement
Before you purchase a medical insurance policy in uae, you must be clear about your requirements. Are you applying for a policy for only yourself or do you need one for the entire family? Does your family consist of senior citizens, who might require a higher coverage? Are you planning to have a baby in the near future and would you like your policy to cover maternity expenses?
- Network of hospitals
One important factor in selecting a health insurance policy is the network of hospitals that it covers – the bigger the network, the better. Also, it is imperative that you check the network of hospitals where you can avail the cashless option, whereby the hospital settles the bill with the insurer directly. You will have to pay only the amount that exceeds your coverage sum.
This factor is important because the process of you paying the medical expenses and subsequently applying for a reimbursement with the insurer could be cumbersome, time-taking, and tedious.
- Process to apply for claims
Before purchasing medical insurance, it is important to research the process that the insurer uses to settle the claims. How simple the claims application procedure is, how long the insurer takes to settle claims, and how accessible the insurance provider is are a few questions that you must have answers to.
- Inclusions, exclusions, and limitations of the policy
Often, we fail to look closely at the finer details of a health insurance policy. It is paramount that you are aware of what is included and excluded in a policy before purchasing it. For instance, in some policies, pre-existing conditions are not covered. Similarly, physiotherapy, dental treatments, cosmetic procedures, and sexually transmitted diseases might not be covered under conventional health insurance. Also, many policies cover only a meager amount of the total room rent of a hospital.
- Settlement ratio
You want to pick an insurer that has a high claim settlement ratio as you do not want to be left in a lurch when you need help the most. This information is generally available on the website of the insurer.
- Premium and coverage
Premium is the amount that you pay to purchase health insurance while coverage is the amount that you are covered for as part of the insurance. Do a thorough analysis of the premium and coverage of various health insurance providers and pick the one that gives you the best deal on your requirements.
Also, the premium to be paid annually generally increases with time. Be aware of the frequency and the amount of increase that you would have to bear.
- Reviews of insurance provider
“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” ~ Jeff Bezos, Founder and CEO, Amazon
Today, we all have access to the internet, a potent tool to understand how much an insurance provider cares about its customers. Existing customers of an insurance provider would be the best sources of feedback on the provider. Ensure that you read detailed and comprehensive reviews of your provider before you purchase a policy.
- Pre and post hospitalization coverage
Even before you are admitted to a hospital, you will have to bear other expenses. For instance, before hospitalization, you might have to pay towards doctor fees, various tests, and medicines in the pharmacy. Similarly, post hospitalization, you might have expenses such as follow up with the doctor.
Ensure that you pick an insurance that covers all such expenses and not merely the hospitalization costs.
- Waiting period
Many medical insurance companies in dubai have a waiting period before they cover you for certain conditions and illnesses, and the benefits cannot be availed as soon as you have purchased the policy. For instance, pre-existing conditions such as diabetes might be covered only after a wait period of two to four years.
Now that you are aware of the factors that must impact your decision in purchasing a health insurance policy, go ahead and make that decision! Better safe than sorry.
