Adequate health insurance can help protect your savings when medical costs are high. The right policy is not only about the premium; coverage terms and claim conditions matter too.
What should you check?
- Sum insured: Consider whether the cover is adequate for the healthcare costs you may realistically face. The appropriate amount depends on your circumstances and location.
- Co-pay: Understand whether you must bear a percentage of eligible claims yourself.
- Restoration: Check whether the policy provides restoration of the sum insured and understand the applicable conditions.
- Waiting periods: Read the waiting period for specified illnesses and pre-existing conditions before buying.
- No Claim Bonus: Understand how the policy increases or rewards the sum insured after claim-free periods.
- Hospital network: Check whether hospitals you may realistically use are included in the network.
- Claims: Look beyond headline ratios and read the policy wording, exclusions and claim process carefully.
- Disclosure: Disclose relevant pre-existing conditions accurately and complete medical tests when required.
Key takeaway
Do not choose health insurance only because it is cheap. Compare the coverage, exclusions, waiting periods, network and claim-related conditions.
Policy terms, premiums, tax treatment and applicable rules can change. Review the current policy wording and seek qualified advice for your individual situation.