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Best Ways to Buy Health Insurance Given the fact that there’s skyrocketing medical costs today, health insurance plan has become a vital part of financial planning. We can’t deny the fact that there’s an aggravating medical inflation, making it a lot more important than before to get health insurance policy which covers 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 initial period clause stating that any claims will not be admissible in first month of commencement of policy in addition to the accidental hospitalization. Any pre existing conditions or diseases are not covered immediately after buying the policy. Waiting period is going to range from 2 to 4 years which depend on the condition that’s 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. 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 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 – the insurance companies that are offering health insurance 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 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. 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.