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Tips When Buying 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. Here are some points that you must take into account to ensure that you’re making the right selection for such policy. Number 1. Check for waiting period clause – you must feel care free after taking such insurance but, your health policy comes with a waiting period clause that is intended for specific conditions. There’s initial period clause saying that any claims won’t be admissible in the first month of commencement of the policy aside from accidental hospitalization. After buying the policy, pre existing conditions or diseases are not covered immediately. As for the waiting period, it will depend on the condition implemented by the insurance provider which ranges from 2 to 4 years.
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In addition to that, there are treatments and surgeries like cataract, hernia, joint replacement and so on which can be treated only after the specific waiting period of 12 to 24 months. Thus, it is vitally important to check first the waiting period clause prior to finalizing the health plan.
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Number 2. Check for sub-limits – there are some sub-limits or capping in your health insurance, saying that specific type of expenses are paid by the insurance provider up to a certain limit and beyond to the customer or insured has to bear. There are other health plans that come with mandatory co-pay to which the portion of claim admissible is to be borne by the 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 hospitalization or treatment taken in specific or mentioned network hospital list will be 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. Not only that, treatment in non network hospitals may not offer cashless treatment and some insurers have a co-pay clause in case that you take treatments in a non network hospital.