Things HNWIs Should Check Before a Health Insurance Purchase

The High Net Worth Individuals (HNWIs) are known for keeping a portfolio of diverse insurance purchases. While many of us take for granted the utility of insurance, these individuals, in particular, will keep exploring better opportunities where they can get the most out of these policies. Why? Because they understand the risks and want to avoid experiencing the after-shocks of the same. One such insurance policy they would run to purchase at first instance is health insurance.

Now, what policy you purchase depends on what antecedents you have and what your requirements are. In case you are an HNWI and haven’t yet purchased health insurance or want to switch to another, then this article can be of good use to you. I have enumerated a handful of suggestions on what to consider before a health insurance purchase.

What is the coverage amount?

To begin with, one must look at what amount of coverage the policy offers. You will have to consider your budgetary requirements, your health requirements, and the family members’ health requirements. The bigger the family is, the more coverage amount should be. The coverage amount will increase in case the family members are aged and/or ill. 

What the policy does not cover

At some point, you will hear the agents claiming that the concerned insurance policy is all-encompassing. In fact, there will, in all likelihood, be exclusions. Of course, the number and kind of exceptions depend on the policy. However, generally, you will find certain exclusions almost in every health insurance policy, such as AIDS, STDs, and cosmetic surgeries. Certain exclusions could also be time-bound or come with waiting periods, such as cataract surgery and knee replacement surgery. So, check the policy and ask about the exclusions before you sign up for any policy. 

How much premium is to be paid?

You will have to periodically pay the premium, and the amount paid will vary. The amount will increase or decrease depending on the health and age of the insured and the kind of coverage being sought, among many others. Even though you are wealthy, you don’t have to unnecessarily pay more than you should as a premium. For that, it is strongly advised that you compare multiple policies and figure out the ones which offer the most with a reasonable premium. Trust me; extravagant premiums can be really burdensome and an unnecessary commitment. Thus, do not take this matter lightly. 

Cashless Network of Hospitals

You may have a certain network of hospitals in mind; even if you don’t, you would want to avail yourself of the insurance benefits at the best hospitals. Moreover, you wouldn’t want to be standing in a queue outside an ATM cubicle in the event of a medical emergency. You must go for a policy that offers cashless services, which means that the insurer will be able to settle the bills directly with the insurer. Also, you must check with the agent, the policy, and the official website to know the list of hospitals and benefits offered. Why would you want to pay premiums for a policy that does not even work in good hospitals? 

Lifetime renewal offers greater protection

There is no formula to ascertain when you may fall sick. It can happen anytime and anywhere. It will be a really troubling matter if your health insurance has expired by then or the policy doesn’t cover much. Thus, you should go for policies that come with lifetime renewal. These policies will keep you prepared for any eventuality at any stage of your life. 

Easy Claim Process is a must

If your insurance policy is hassle-ridden, then there is no point. The point of having an insurance policy is to be able to be not burdened by medical bills every now and then. These policies come as a guarantee that when the time comes, you will not have to struggle with medical bills. Therefore, it is natural to expect the claims process to be fast. The easier the claims process is, the faster the claims will be settled. This will help the insured from not getting their time wasted into running to and from insurance offices to get claims settled. 

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