10 Points to Check After You Have Bought Your Health insurance Policy
- Is the coverage level sufficient?
If the rising medical expenses are an indication, a financial doom is around the corner if you suffer any medical contingency. An optimum level of coverage is, thus, required to meet any resultant claim sufficiently. Sometimes, when we buy the plan, this crucial factor is overlooked and we get influenced by the premium rate. Review of the opted cover is, therefore, required after the policy has been bought. If not sufficient, you should aim to increase the cover on next renewal or by buying another supplementary health plan.
- Are all the members included in the cover?
Every member of your family should be covered in your health insurance plan. If you have left out any member or if a new member (wife or a new child) is added to your family, the addition of such member should also be done to your health plan. This addition can be done either during the plan tenure or at the next renewal.
- Are the policy benefits correct?
Often at the time of purchasing the policy, we get overwhelmed with all the policy features and do not understand the plan benefits correctly. Similarly, we might also be confused in understanding the plan benefits correctly. After you have bought the policy, you should take time out to correctly understand the policy benefits and see if you are satisfied with the promised benefits. If not, you always have the choice of cancelling the policy within the free-look period. So, checking the policy benefits should be your first post-purchase check.
- Are the policy details correct?
Though not very common, there might be some concerns if the details you filled in the proposal form are incorrectly represented on the policy bond. These details should also be checked besides checking the plan benefits. So, after buying the policy, you should check the policy bond thoroughly for any ambiguity and ensure its clarity.
- What is the claim procedure?
Buying the policy is easy. It is raising a claim and getting it settled which is difficult for most of us. Every policy has a set of rules to be followed at the time of claim settlement. After you have bought the policy, you should educate yourself on such a set of rules and understand the claim process under the policy so that you can easily make a claim when the need arises. The company’s contact information, list of network hospitals, claim-related documents, etc. should be checked after buying the policy.
- What is the renewal date?
Though health plans are a one-year contract, some plans also allow you to pay two or three years’ premiums at one go. Whatever is your policy tenure you should check for the renewal date and also remember the same. It's good if you can keep aside a certain sum of money every month to pay the yearly premium.
- Did you receive your health card?
Your health card is the proof of your health insurance, besides your policy document. The health card is required to be produced to the hospital when you are availing a cashless treatment. This card is usually sent attached with the physical policy bond. You should check for such health card in your policy bond kit and keep the card handy to be produced whenever required.
- Do you keep a scanned policy copy in a secure place in the cloud?
It is always a good idea to keep a copy of your necessary documents like PAN Card, Aadhar Card, Health Card, Policy Documents at a particular place in the cloud. Nowadays, there are free cloud storage services like Google Drive and Dropbox where these secured documents can be kept safely. As an additional measure, you should also scan and keep a copy in an emergency kit.
- Are your family members aware of the benefits of the plan?
You have taken a great step in securing your family by buying a good health plan. However, your family members may not be aware of the benefits of the plan. Your family members need to know about the benefits, terms and conditions, etc. of the plan. Further, they need to know where you have kept the policy copy so that in case of an unfortunate accident, they know how to use the plan and cover up medical expenses.