Be the first to like this
Buy early on so that you are fortified and well prepared. The earlier you get insured and the healthier you are, the lighter it will be on your pocket.
Rahul Gupta, a young thirty year old had a good healthy life. He had a good steady job and a sporty lifestyle – weekends in the squash courts and a daily routine on the treadmill. A friend of his suggested that Rahul buy a health insurance policy. Rahul procrastinated (after all what could possibly go wrong) for a while but finally on his 33rd birthday his friend managed to persuade him to buy a health insurance policy. About two months later he felt a heavy uncomfortable feeling in the gut, particularly when bending over. This pain persisted and when he finally went to a doctor, it was diagnosed as hernia, which required a surgery. Rahul was silently thankful of the fact that he had taken the insurance. However, he was in for a rude shock. He was informed that the mediclaim policy he had taken did not cover hernia for a full one year. The insurance was of no use.
This is not an isolated instance. Medical healthcare policies routinely have exclusions, which a buyer needs to be aware of. For instance, did you know that expenses on treatment of diseases such as cataract, benign prostatic hyperthrophy (how many people know what it means?), hernia, piles, sinusitis and related disorders, congenital and internal diseases and a few more are excluded for the full first year of a mediclaim policy. It is only when you renew a policy that these covers kick in. And, if these diseases are pre-existing at the time of your proposal, they will not be covered for a few specified years.
But before you jump to conclusions, let us tell you that insurance companies are not indulging in any subterfuge or misinformation. These diseases are excluded because some buyers have the tendency to take the insurance companies for a ride and purchase insurance only when they are certain that they have a disease. This is patently unfair to other buyers of insurance. It is their money which is being used to subsidize such blatant misuse.
"There are several diseases and treatments that are not covered during the first year of an insurance policy."
Health Insurance policies are meant for to provide coverage to policy holders for genuine medical exigencies. Some common frauds are to take a policy after the disease has been diagnosed or try to claim cosmetic medical procedures or claim for self-inflicted injuries etc. Hence most policies have adopted certain standard exclusions to prevent such fraud.
"Remember that insurance claims are paid out from a pool. Higher the incidence of wrong claims the higher is the likelihood of increased premiums for genuine policy holders"
It does not matter how healthy you are. Health emergencies are emergencies – they do not come with a warning signal. The only protection you can have is to have the foresight and humility to purchase health insurance much before the event occurs. Treat healt