Srishti Gosavi Exposes Hidden Health Insurance Clauses

Srishti Gosavi, a finance expert, recently shared a shocking event in one of her reels. Despite having health insurance, she had to spend Rs. 2 lakhs on medical fees. Anyone who is not completely aware of the fine language in their insurance policy is at risk of experiencing this. Insurance is meant to shield us from unexpected financial difficulties during crises, but we sometimes overlook essential clauses that result in unexpected charges.

Here are the key things you need to check in your insurance policy today:

1. Watch Out for the Co-Pay Clause

Ensure that you have a policy that does not have something called a ‘co-pay' clause as this clause means a certain percentage of a bill will be paid by you and the rest of the balance by the Insurance Company. Suppose your bill is Rs. 2 lakhs and you have a co-pay clause of 10%, then you will have to pay the cost of Rs. 20,000 and the insurance company will bear the balance of Rs. 1,80,000.

2. Pre-Existing Disease Clause

Check for a pre-existing disease clause as most of the companies do not cover diseases that you already had when you bought the policy. If you have any pre-existing medical conditions, make sure to check whether they are covered. Otherwise, you will have to pay for treatments that you thought would be covered by insurance.

3. Check the Waiting Period

Check if your policy has a "disease waiting period." Most insurance policies have a waiting period, usually from 30 to 90 days, during which no claims can be made. This means that even if you have a medical emergency during this time, your insurance won't cover the costs.

4. Beware of Sub-Limits

Always check the sub-limits in your policy. Sub-limits are limitations on what the insurance company will pay for specific services, like room rent. For example, if your policy has a room rent sub-limit of Rs. 2,000, anything above that rental amount is not covered by the insurance policy. Always check the sub-limits in your policy.

5. Understand the Exclusions

Certain treatments, like dental care, pregnancy-related expenses, and others, are often excluded from coverage. Make sure to get the entire list of exclusions to ensure you are aware of what is covered and what is not. This will allow you to prevent surprises during medical situations.

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A post shared by Srishti Gosavi | Finance & Travel (@nerd_in_you)

Insurance companies do not want to defraud you, but it is critical that you completely understand your policy. Missing these details might cost you lakhs as Srishti did. Take some time now to review your insurance coverage and verify that you are fully insured with no hidden expenses!