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Tips When Buying Health Insurance In financial planning, one vital part that should not be disregarded is health insurance plan, given the fact that there’s skyrocketing medical cost. Medical inflation has been aggravating, making it more important than ever to get a health insurance policy which could cover medical treatment and hospitalization bills or expenses. It is more important to evaluate and search for following parameters in order to get the best plan both for you and for the entire family. To ensure that you’re making the right selection for such policy, here are some points that you have to take into account. 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. The waiting period will range from 2 to 4 years depending on the condition implemented by the insurance provider.
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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. As a result, it is so important to check the waiting period clause first before finalizing the health plan.
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Number 2. Check for sub-limits – there are some capping or also known as sub-limits to your health insurance, which states that specific types of expenses will be paid by the provider up to 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 – the insurance companies that are offering health insurance 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. Also, treatment in non network hospitals may not provide cashless treatment and there are some insurers have co-pay clause in case you have to take treatments in non network hospital.