In today’s unpredictable world, a health emergency can impact any of us and our families. The endless work hours, strenuous commuting schedules, sedentary lifestyle, and unhealthy eating habits are taking a toll on our health and resulting in more lifestyle diseases than ever before.
And with healthcare becoming more expensive with each passing day, a health insurance policy is an indispensable asset. It serves as an armour that would protect you from possible financial setbacks.
However, before you purchase a medical insurance policy in uae, you must be aware of some salient features of these plans.
Here are 11 important features of health insurance to look out for.
- Worldwide coverage
The world today is a global village and people are on the move constantly. In such a scenario, it is important that a health insurance policy provides coverage across the globe. Worldwide coverage would ensure that you have access to the best healthcare facilities all across the world and that you are covered in the event that you need to travel abroad for any medical procedures.
- Maternity and newborn coverage
Many policies exclude maternity and neonatal care coverage, however, these costs could be excessive. So, this feature is important in case you are planning a baby in the near future.
- Emergency ambulance services
Calling in an ambulance to ensure that a patient reaches the hospital promptly is imperative in case of a medical emergency. But, this could be an expensive business. Hence, it is crucial that your medical insurance policy covers ambulance expenses too.
- Pharmaceutical expenses
A health emergency involves many other expenses than just those related to hospitalization. One such significant expense that could also end up being prohibitive is that of medicines and consumables. Do ensure that your medical insurance policy would provide coverage for these expenses.
- Diagnostics and pathology coverage
Many insurance providers do not cover for charges related to pathology and diagnostic tests. So, blood tests, scans, X-rays, biopsies, and electrocardiograms could be excluded from coverage. Again, like pharmaceutical expenses, these expenses could also put a strain on your budget, making it imperative that you pick an insurance provider that covers such costs.
- Lifetime renewability
Unfortunately, some insurance providers have an age cap of 65 to 70 years for a customer, beyond which they do not renew the insurance policy. But, isn’t old age when you require the insurance most? Do check on this important clause before finalizing your insurance provider.
- Daycare and Outpatient department (OPD) charges
Some providers have a mandatory condition of a minimum 24-hour hospitalization period for a customer to claim insurance. However, procedures such as chemotherapy, dialysis, dental treatments, and cataract surgeries do not require hospitalization. Similarly, outpatient department (OPD) services – where a patient is not admitted to the hospital – such as doctor or specialist consultations are excluded in certain policies. Do remember to be aware of such conditions before selecting your provider.
- Pre-existing disease cover
A pre-existing disease cover in a health insurance policy is the coverage provided for an illness, condition, or an injury that you are affected with before purchasing the policy.
Now, this is also a tricky clause in some insurance policies as they either do not provide complete coverage for such conditions or have waiting periods that are extremely long.
You must ensure that you read the fine print meticulously and that there are no ambiguities in this clause before you purchase a health insurance policy.
- No-claim bonus and additional benefits
If you have not filed a claim for a certain period, many medical insurance providers recognize this with benefits such as increasing the coverage by a certain percentage of the original coverage amount. This will come in handy as healthcare expenses are only going to increase in the near future.
- Waiting period
Generally, there is a waiting period from the date of inception of the policy, before which you cannot avail of insurance. Pick the provider that has the least waiting period because a medical emergency can strike any time.
- Sub-limits on specific procedures
A sub-limit is a monetary cap that is placed on your claim by your insurance provider on certain treatments, whereby you can avail only a part of the coverage amount and the rest has to be borne by you. Such sub-limits defeat the purpose of insurance and you must be mindful of them.
Do keep an eye on all these features, and they will help you purchase a comprehensive medical insurance plan for you and your family.