What is the checklist for buying health insurance?

In your search for an affordable health Insurance in India, there is a very high possibility that you end up focusing on the premium cost alone and ignore the other requisites such as waiting period, policy sub limits and so on.

• Waiting Period

Many Health Insurance Companies have a ‘Waiting Period’ when it comes to Pre existing Illnesses – Illnesses that the Insured had prior to buying the Mediclaim policy. The Waiting Period is mainly between 1-4 years, varying from company to company. One must remember to choose the Health Insurance Company judiciously, as in case of a change to another Health Insurance Company, the waiting period will be lost.

What to look out for: Health Insurance Companies that offer a lesser waiting period. (in terms of years when it comes to pre-existing illnesses)

• Policy Sub-Limits

It is important that you inquire about policy sub-limits before you buy the mediclaim policy as these sub-limits break the amount to be paid into smaller fractions wherein the Health Insurance Company bears some of the cost, while the insured bears the rest.

For E.g: Many Health Insurance Companies have a cap or a sub limit on the room rent, i.e. they will only an x amount for the room rent, while the insured has to pay the remaining.  

To read more such tips see Checklist for Buying Health Insurance