The How Why and What
Things to do after buying a Health Insurance
As the popular saying goes, “Health is Wealth”, it couldn’t have been more important than now. The world is grappling with a pandemic like never before and struggling to get back on its feet. In these times, purchasing Health Insurance is essential. Just like how we get back home and try on our new shoes or do a sanity check on the oven we bought, we have to check on our policy after purchasing. Follow these steps after buying Health Insurance.
- Read through the policy documents – After your purchase, you will be given a policy document containing all the details. Don’t sock it off safely inside; read the document.You are provided a free look period, during which you can review the document and, if you are unsatisfied with its content, return the policy.
- The Detailing Matters - Check them thoroughly
- Personal Details – Ensure that all your details, like name, age, and address, are entered correctly. If not, it won’t be smooth sailing when the time comes to claim
- Pre-existing exclusions and inclusions – Each policy has a list of scenarios that are counted as inclusions or exclusions. You should go through the documents thoroughly to get an understanding of what it covers and does not.
- ID card – Your insurer will send you an ID card within 15 days of issuing the policy documents. It is mandatory to show your ID card to avail the cashless hospitalisation facility, if not, you will have to shell out the money from your pocket when claiming it. If you haven’t received the ID card, then religiously follow up with your insurer for the same.
- Familiarise yourself with the claim procedure – You must understand every step of the claim process and the documents required for the claim so that you are well prepared in an emergency. This will ensure a smooth and hassle-free hospitalisation and claim process.
- Inform your family of the policy – It is important that your family is aware of the policy and familiarised with the claim process, benefits and where the ID card is. This will help them in an emergency and will avoid a lot of panic and anxiety.
- Premium readiness – Ensure you are setting aside money for the insurance premium because non-payment can lead to loss of the accrued benefits and termination of the policy.
- Contingency funds – Assess what is covered by the policy and start a contingency fund for those that are not. Non-medical expenses like administration charges, equipment, etc, will have to be borne by you.
- Regular review – As and when there are changes in your family, make them in the policy too. Include your spouse on getting married and your children. If there are any changes to your health, please inform your insurer, who will make changes to the policy, payable premium and will ensure a smooth claim process later on.
- Claim your Tax Rebate – Health insurance is eligible for a tax rebate under Section 80D of the Income Tax Act. Ensure you are claiming this, and also for the premium paid for your family.
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