Are you planning to buy a new insurance plan after the GST is lifted? Don't make this mistake...

New GST rates have come into effect in the country since September 22nd. Under the Next Generation GST reform, GST rates on many everyday items have either been reduced or set to zero. Insurance is one of the products on which GST has been eliminated, whereas previously, its premiums were subject to 18% GST. The aim is to make health insurance affordable and accessible to the common man. If you are planning to purchase health insurance after it has become cheaper, be sure to consider these seven things. Ignoring these could cause problems later.

1. Check your family's medical history first

It's not enough to simply purchase health insurance; it's crucial to ensure you're getting the right health insurance for your family. To do this, check your own and your family's medical history beforehand. This will give you an idea of ​​what challenges you may face in the future. This will help you choose an insurance plan that best suits your needs.

2. Understanding the Waiting Period is Important

Health insurance has a waiting period during which you cannot apply for a claim. Therefore, before purchasing a new health insurance policy, check with your provider about the policy's waiting period. Most companies generally follow 30 days. This period may be longer for certain illnesses, so be sure to obtain complete information.

3. Don't Forget to Check the Company's Claim Settlement Ratio

It's crucial to know the company's claim settlement rate. A low settlement ratio could lead to claims later. Therefore, purchase new health insurance from a reputable company that offers easy claim settlements.

4. Strike the right balance between premium and coverage
Try not to opt for a policy with a low premium. This could leave out essential coverage, leaving you with a significant hospital bill in the event of a major illness. Always choose a plan that adequately covers your health needs, even if the premium is slightly higher. Striking the right balance between premium and coverage is crucial.

5. Be sure to check the list of network hospitals
Before purchasing health insurance, check the number of network hospitals the company has. This allows you to avail a cashless treatment at a network hospital. Therefore, the more network hospitals a company has, the better its policy will be. Be sure to check the list of major hospitals near your home and in your city.

6. Also, check if there is a day care facility
The policy must include a day care facility, as some companies require a minimum hospitalization period of 24 hours for claims, but this condition is eliminated with day care facilities. Nowadays, many medical procedures are completed in less than 24 hours, so this feature is very useful.

7. Read the policy terms and conditions carefully
Before purchasing any insurance plan, be sure to carefully read the policy terms and conditions. These include important information such as exclusions, sub-limits, and co-payments, which can cause problems later if not understood. It is very important to understand every little detail.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.