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How To Buy Health Insurance? Health insurance plan is a vital part of financial planning, given the fact that there’s a skyrocketing medical costs. Medical inflation has been aggravating which makes it more important than before to get health insurance policy that can cover medical treatment and hospitalization bills or expenses. It is more important to assess and search for following parameters to be able to get the best plan for you and for the entire family. Well, for you to be certain that you are making the right decision of which policy to get, here are a few points you must remember. Number 1. Check for waiting period clause – you must feel care free after taking such insurance however, your health policy comes with a waiting period clause that’s intended for specific conditions. There is an initial period clause which says that any claims aren’t going to be admissible in the first month of commencement of policy in addition to accidental hospitalization. After buying the policy, pre existing conditions or diseases are not covered immediately. The waiting period will range from 2 to 4 years depending on the condition implemented by the insurance provider.
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What’s more, there are treatments and even surgeries such as cataract, hernia, joint replacement and so on, which can be treated only after the specific waiting period of 12 to 24 months. So before finalizing the health plan, it is vitally important that you check for the waiting period clause first.
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Number 2. Check for sub-limits – there are sub-limits or capping in your health insurance, which states that specific type of expenses are paid by insurance provider up to certain limit and beyond to the customer or insured has to bear. Moreover, there are health plans that come with a mandatory co-pay in which the portion of claim admissible is to be borne by insured while the remaining should be paid by the insurance provider. Number 3. Check for network hospitals – there are instances to which the insurance companies have empanelled network hospitals to which they are tied up with. Any treatment or hospitalization taken in the specified or mentioned network hospital list is done on cashless basis subject to the policy conditions. It is going to be a smart move if you will go through the list of network hospitals of your insurance provider and see to it that you have a network hospital of the insurer that is near your local area in the event that there’s a sudden hospitalization. In addition to that, treatment in non network hospitals might not offer a cashless treatment and some insurers have co-pay clause in the event that you take treatments in non network hospital.