7 Things to Remember Before Buying Cardiac Insurance

By siliconindia  |  Monday, 14 June 2021, 03:03:38 PM IST

7 Things to Remember Before Buying Cardiac Insurance

The cardiac ailments in India are rising at an alarming pace. That is why expert insurance providers recommend people to invest in a cardiac insurance to protect their finances if they ever get diagnosed with heart disease. However, not investing in the right insurance cover at the right time can expose you to the risk of paying high costs for the low coverage. 

But before you buy a cardiac insurance, here are some things you need to keep in mind.

  1. Get an individual cover even if your company offers you corporate health insurance

Many people lose their corporate health insurance cover when they leave their jobs. Additionally, most of these insurance plans are basic covers that do not provide exceptional coverage for chronic diseases, such as heart conditions. So, it is best to invest in an individual cardiac insurance, especially if your family has a history of heart diseases.

  1. Choose the correct sum assured

When you buy cardiac insurance, it is important to choose the right sum assured that is inflation-adjusted and will pay for your medical expenses when the need arises. For example, a person living in a small city must have a sum assured of at least Rs 5 Lakhs and the ones living in the cities should have at least 5-10 Lakh heart insurance cover. At the same time, remember to increase your cardiac insurance from time to time to account for inflation.  

  1. Get insured at a young age

You may think that a young person does not need cardiac insurance, but this is the biggest fallacy. A health cover, especially for heart diseases, at an early age would mean larger cover at a lower premium. Besides, you can also benefit from no-claim bonus for a claim-free year.

  1. Always buy from a reputed insurance provider

Never buy your cardiac insurance, or any insurance for that matter, from an unreliable insurance provider. The insurance company should have a solid reputation and ability to help you with claims. Remember, if you are having a heart attack, you should be able to pay for your treatment with the help of your insurance. Study the policy features, compare policies, and review premiums of all cardiac insurance plans online before investing. This will help you choose the most comprehensive plan at a premium that you can easily afford.

  1. Always reveal true information when buying insurance

You may be tempted to hide your pre-existing health conditions just to get a small discount on your premium. However, failure to divulge that information can lead to claim rejection when you need it. Cardiac insurance is specifically designed for patients with existing heart diseases so you have no reason to hide your medical information from the insurance provider.

  1. Waiting period

All health insurance plans – including cardiac insurance – have a waiting period for pre-existing health conditions. It is important to see the waiting period of these policies before making an investment decision. It is always better to choose a company that offers the least waiting period.

  1. Check the inclusions

When choosing an insurance plan, it is important to check what the insurance policy provides to the insurer. For starters, look for in-hospitalization expenses and the conditions. An ideal cardiac insurance plan will cover all the expenses that arise out of hospitalization treatment that lasts more than 24 hours. Additionally, you should also look for annual health check-ups, ambulance expenses, cover for pre-hospitalization and post-hospitalization expenses. These are just some of the many expenses that are not directly associated with your hospitalization but can soon add up to become a huge sum. So remember to check these features before buying a policy.

These are some of the many things you need to keep in mind when you want to buy a cardiac insurance for yourself. As more and more people in India become vulnerable to heart diseases, it has become necessary to get the protection of a comprehensive insurance plan. Be sure to use these tips when you are shopping for a cover online. Experts like Care Insurance, recommend first-time buyers to compare policies and review all options before making an investment decision.

ON THE DECK

siliconindia