The 4 Most Unanswered Questions about Insurance

Health Insurance – What You Need to Remember Before You Buy One A health insurance plan is quite important for financial planning in this period of skyrocketing medical costs. You have to be aware that the medical inflation has continued to increase that makes it quite important to purchase a health insurance plan that could sponsor the medical treatment costs and hospitalization . 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. You have to be aware that there is an initial period clause which says that any hospitalization claim won’t be admissible in the first thirty days of the policy commencement aside from the accidental hospitalization. Know that pre-existing conditions or diseases are actually not covered immediately after you buy a policy. You have to know that there is a waiting period that ranges from two to four years according to the plan conditions. There are specific surgeries and also treatments such as joint replacement, cataract, hernia and other issues that can be treated after the waiting period of 1 to 2 years. This is why you must check the waiting period clause prior to finalizing the health plan. Ensure that you check the sublimits too. There are sublimits or apping in the health insurance in which some of the expenses will be paid by the health insurance company depending on the limit and you will then have to bear the rest of the payments when you reach the limit. 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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Know that it is very important that you check for the network of hospitals. You must know that the insurance companies offer health plans that have an empaneled network of hospitals of which they would 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. Also, you have to check the claim process as well.