Dos and don’ts of health insurance

When you take health insurance, you need to know is what to do to continue the plan and get the most out of it:

• First of all, identify your needs so that you can buy a policy that serves your specific purpose.
• Remember that there is a limit to the coverage of every plan (Read more: What does health insurance cover).
• Carefully read and understand the terms and conditions of the policy, especially those regarding the following:
  • Pre-existing diseases that will not be covered by treatment
  • Waiting period before getting coverage for a disease
  • Limit on various expenses related to hospitalization
  • Room rent capping, capping for ICU and ambulance charges
  • Copayment, which is when you have to pay some part of the total cost of treatment.
• Inquire about the conditions for policy renewal, including what the maximum age for purchase and renewal of a new policy is.
• If you already have a health-related problem, then definitely mention it in the form while taking the policy. If you have major diseases like high blood pressure or diabetes, then inform the insurance company about this in advance.
• Find out more details about their requirement for a medical test report:
  • Before issuing an insurance policy based on your age, the company may want to see your medical report. You should complete all the necessary procedures and documents for this. 
  • You must ask when and where this medical test will be done.
  • You should also confirm whether you will pay the bill for the medical test or the insurance company will bear this cost.
• Pay the premium only if the insurance company is ready to issue the insurance policy after going through your complete documents.
• Renew your insurance on time in the coming years i.e. keep paying premiums on time.

(Read more: What is a Hospital Cash Policy)

If you have made up your mind to take a health insurance policy, then you should also be aware of the things you must not do:

• Do not hide any health conditions while taking the policy. If you do, your claim can be rejected in your time of need.
• Do not delay even a day in renewing the policy or your health cover may be completely wiped out.
• Do not take any health insurance plan at the behest of anyone. Do not buy a policy until you understand all aspects of it extremely well.

(Read more: Daycare treatment in health insurance)