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Tips When Buying Health Insurance Given the fact that there’s skyrocketing medical costs today, health insurance plan has become a vital part of financial planning. 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 a lot important to review and search for following parameters in an effort to get the best possible plan for you and your 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 should feel care free after you take such insurance but, your health policy comes with waiting period clause 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. Pre-existing conditions or diseases aren’t immediately covered after you buy the policy. The waiting period will range from 2 to 4 years depending on the condition implemented by the insurance provider.
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Apart from that, there are some treatments and surgeries similar to cataract, hernia, joint replacement and so on, which could be treated 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 some other health plans that come with a mandatory co-pay which the portion of claim admissible is 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 will be a smart move if you are going to go through the list of network hospitals of your insurance provider and make sure that you’ve got network hospitals of the insurer that’s near your area of residence in case of 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.