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Health Insurance – What You Need to Remember Before You Buy One You must know that the health insurance plan is quite essential for financial planning in this period of increase in medical costs. You should know that the medical inflation has been increasing at full spree which makes it very important to buy a health insurance policy which could deal with the hospitalization and also the medical treatment expenses or bills. It is imperative that you evaluate and also look for these things to get the most excellent health plan for you and your family. You first need to check for the waiting period clause. You should feel care free after you take a health insurance, but such comes with a waiting period clause for certain conditions. Know that there is an initial period clause saying that any hospitalization claim won’t be admissible in the first thirty days of the policy commencement other than the accidental hospitalization. You should be aware that pre-existing conditions or diseases aren’t covered at once after you purchase a policy. Also, there is a waiting period that ranges from two to four years based on the plan conditions in the industry. Also, there are particular surgeries as well as treatments like hernia, joint replacement, cataract as well as other things that can be treated following the waiting period of 1 to 2 years. This is the reason why you have to check for the waiting period clause before you finalize the health plan. Ensure that you check the sublimits too. There are certain capping or sublimits in health insurance saying that certain kind of expenses are being paid by the health insurance company up to a particular limit and after that the customer must bear the costs. Know that some health plans that come with mandatory co-pay in the portion of admissible claim should be borne by the insured and also the others must be paid by the health insurance company.
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You should also check out the network of hospitals. Get to know that the insurance companies provide health plans with empaneled network of hospitals in which they must tie up. Know that any hospitalization or treatment which is taken in the specified or mentioned network hospital list is actually done on the cashless basis subject to those policy conditions.
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You have to go through the list of hospitals which they are working with and ensure that you have such network of hospitals of the insurer which is close to your house in case you need emergency hospitalization. Also, know that the treatment in the non-network hospital may not provide such cashless treatment and some of the insurers have that co-pay clause when you take a treatment in the hospital that doesn’t belong to a network. Ensure that you also check the claim process too.